It takes more than four months for law firms to be paid for the work they do, according to chartered accountants Hazlewoods. However, payment times have improved by seven days since last year—125 days in 2017, compared to 132 in 2016. Moreover, fee earners are being more proactive about raising bills earlier when work is completed rather than waiting until the month end, asking for payments on account and raising interim bills as each stage of a matter is completed. Associate partner Andy Harris said: ‘The issue of turning “locked up work” into cash has troubled the legal industry for years.’
31 October 2018
Pay delays on the way out
MOVERS & SHAKERS
Clyde & Co—Suriya Ashok
Clyde Co strengthens energy transition and construction offering with hire of Suriya Ashok
Jurit—Nicole Gallop Mildon
Jurit appoints rare dual-qualified lawyer to expand Anglo-French private wealth expertise
Twenty Essex—Thomas Hibbs, Jack Hollingworth & Sam Pearce
Three new tenants join Twenty Essex
NEWS
The Financial Reporting Council’s revised Audit Enforcement Procedure will alter the balance of power in corporate investigations
A telecoms operator may be able to hold over under the Landlord and Tenant Act 1954, yet still be unable to secure a renewal: an outcome described as a legal ‘paradox’
Safety fears do not automatically justify shutting an interested person out of a statutory will application
Consumer credit law is heading for its biggest shake-up in 50 years, with the Consumer Credit Act 1974 set to yield much of its detailed statutory machinery to FCA rules
The Supreme Court has settled a long-running dispute over part-time workers: unfavourable treatment need be a significant or effective cause, not the sole cause
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