New data from 8am, drawn from millions of invoices across tens of thousands of SMB firms using its MyCase platform, shows small law’s overdue invoice rate is essentially flat at around 52% year-on-year, with 63% of invoices now collected within 30 days. The trend contrasts with Big Law’s collection pressures flagged in the Q1 Wells Fargo Legal Specialty Group report. However, small firms’ overdue receivables total $7.04 billion, with unpaid bills at a median 131 days past due. Firms enabling online payments collect 4.5x faster; autopay recovers 79 cents on the dollar for bills over $5,000.
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