Do Discounts Lead to More Past-Due Accounts?


Personal Productivity for Lawyers

This quick-start guide to Getting Things Done and Inbox Zero also includes two shortcuts for those who want the benefits of GTD without having to learn the system.

The infographic below is from Lexis Nexis and is based on a survey of Lawyerist Insider subscribers this past July. The gist: for the majority of solo and small firms, past-due accounts are a big problem that few seem able to solve. But the most interesting part is almost certainly this:

An analysis of the survey data found a correlation between law firms that discount and an increased number of past due client accounts.

If that’s true, it supports something I have long believed about offering discounts: don’t. My theory is that clients who ask for a discount have a tendency to devalue your services. If I am right, it seems reasonable to expect those clients to place a lower importance on paying you when the bill comes due.

Check out the infographic, though. The whole thing is worth a look/read:



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