cash flow
18 August 2009
FoxMandal Little's Delhi office has paid its fee-earners the salaries it owed them, after the firm was unable to pay for two months due to cash flow difficulties.
20 July 2009
Long delays in recovering fees has become an increasing a problem for law firms whose clients are caught in the credit crunch, most recently preventing FoxMandal Little in Delhi from paying some of its staff their salaries.
"Lock-up is a big issue for most firms these days in particular collections on long-overdue invoices," says Kerma Partners legal consultant Friedrich Blase in New York and adds: "It's become harder for firms to collect on the work produced."