Op again. I posted before I saw this. Why is it such a big push? You can book the revenue and then have an a/r. This is a tiny bill fwiw. |
That's not how Big Law operates. If the money doesn't come in by the end of the fiscal year it's not counted in the firm's revenue for the year and therefore can't be included in calculating profits per partner. Any A/Rs aren't counted as revenue until the year they're received. It also doesn't matter how "tiny" the bill is. As my firm's management is quick to say, no bill is too small not to collect. |
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Sorry. I'm new to what Big Law is. So, basically old men can harass young women with stupid, irrelevant, and sometimes toxic emails and calls - and these old men get paid per 10 minutes for their harassment and annoyance?
Is this correct? This is what Big Law is? |
Hmmm as I said…. Lawyers are not good with accounting. Cash collection is not the same as revenue recognition. I’m 99.99 % sure your accounting is accrual based so yes, it does count as revenue. But you are probably right in terms of payout comp. An a/r won’t be factored in for cash payouts this year. So I see why he/the firm cares, but we have net 60 terms so there’s not much I can do. The business/me approved it in legal tracker immediately so it went on to the next step and that’s as far as I can take it. |
And I’ll snipe more and say you can charge 1k/hour and not understand accounting 101
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How is what you said different from what PP said? It sounds like he's desperate to have the money in by the end of the year, whether from firm pressure or because he needs the money. Ideally he would be bothering an administrator about this and not the GC. |
| This sounds annoying. Keep track of the times he's bothering you about nothing and make sure it's not billed. If it is, strike through it. If you want to see it changed, you need to be willing to do something about it. |
Big Law is very expensive legal counsel. 1k hr/can equal a $300 bill since he is probably putting down 18 minutes (6 minute increments) of follow up for each time he reaches out. .1 account review .1 phone call with voice memo .1 email follow up = .3 billable hours = $300 every week doing absolutely nothing other than following up on outstanding invoice. Maybe more than that if he reviews client matters. It's a crock. |
Wow. You really want to play the victim role here, OP? |
The youngest boomers are in their 60s (Barack and Michelle Obama) parents of the millennials and just starting to have grandchildren. Nancy Pelosi is not a boomer (born in 1940) nor is Trump technically since he was born before the second half of 1946, the official start of the baby boom. Schumer and Warren are boomers. |
You're an in house lawyer, right? Did you start at a law firm? Because, I have to tell you, you really don't seem to understand how a law firm works. Law firms do not practice accrual accounting . . . |
OP isn't the GC. And, no, outside counsel doesn't typically go to a client's "administrator" to get their bills paid. They go to the in house counsel who they work with. Are you with Big Law? |
Big Law lawyers don't bill for collecting bills. |
Sure they don't. They code it as other client matters and move forward |
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OP look over the bills and strike all the extraneous calls, he may be billing every Larla call me. Keep records.
For January send him a letter by email reiterating guidelines: you say when and what he works on, you tell him when work is needed, communication is by email not telephone. |