According to a survey recently conducted by PricewaterhouseCoopers, fee collection amongst UK law firms is worsening.
The poll, based on responses from 47% of the UK's top 100 firms and 72% of the top 25 firms, showed that in 2004, an average of 42% of firms' total funding requirements were provided for by equity partners' current accounts, compared to 34% the previous year.
The survey additionally revealed that among the top 25 firms, the value of debts more than three months old increased to 24% in 2004 from 19% in 2003.
Speaking with regard to the results, PwC partner, Peter Buckle observed that:
"Partners are feeling the pinch of poor fee collection rates. More attention should be paid to integrating the fee-earners into the collection process as working capital management continues to underpin profitability."
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