Legal sector known for its slow payment patterns

The average law firm waits nearly three months - 83 days - before it gets paid on its invoice, according to LexisNexis - and exists in a sector 'known for long invoice net terms' in the words of Fundbox.

The statistics are quoted as part of a statement to mark the partnership between Fundbox (a cash flow system) and Clio (the cloud-based legal practice management platform). Eyal Shinar, chief executive of Fundbox, said: 'The time it takes to get paid is a huge issue among small and medium-sized law firms.  Given the rich data that sits in the practice management system, we are able to leverage our technology to quickly put the firm back in control of their cash flow.' Source: PRNewsWire

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