A recent survey of major law firms by Citi Global Wealth at Work Law Firm Group found collection cycles are lengthening this year, according to a June 23, 2023, article in The American Lawyer titled “Big Law Collections Slow Down as Clients Hold Onto Cash Longer.”
In an interview for the article, Chairman Paul Schmidt said he has noticed client payments beginning to slow. “People are getting concerned about a recession,” he told the publication. “They start to quietly pay us a little bit more slowly, hang onto their cash a little bit longer.”
While the sense of volatility is a little bit concerning, BakerHostetler hasn’t experienced a big financial impact, he said.