The article outlines the financial challenges faced by small and midsize law firms, contrasting their experiences with those of larger firms. While Biglaw firms often have reliable corporate clients, smaller firms can struggle with payment reliability, especially when clients underestimate litigation costs. The author recounts personal experiences of being unpaid and emphasizes the importance of having adequate retainer deposits. It highlights common pitfalls small firms face in litigation strategy, urging better financial management and client vetting to avoid significant losses.
If you're in Biglaw, unless you're representing Donald Trump or Rudy Giuliani, you generally don't have to worry too much about getting paid.
Fortunately there is a reasonable solution to this problem, and it is easier to implement than you might think.
Your relatively small bills for the first couple months might get paid. However, at some point, you might encounter serious financial issues.
The big problem for the lawyer, however, doesn't take long to surface.
Collection
[
|
...
]