Revenue for major law firms (Am Law 200) surged by 12.4% through June, marking one of their best periods ever. However, despite high billing rates and increased revenue, collection challenges persist with slower payment cycles and growing unbilled work inventories, largely attributed to the AI boom's impact on complex transactions like data center deals and pre-IPO activities.
This trend highlights the need for law firms to improve cash flow management as they navigate the rapid technological changes in their industry.
Read the full article at Above the Law
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