In a survey of LLP accountants, they identified that solicitors wait an average of 3 months for payment of an invoice, although payment terms are likely to be a lot shorter than that.
So whilst solicitors may stress the importance of terms and conditions and taking swift and effective action, they fail to put it into place themselves.
The survey consisted of 321 firms and was conducted by LDF, which found an average delay of 94 days. This is much higher than the average across business, which is 41 days.
