Billing is probably the least favorite task on an attorney's to-do list. This often leads to an erratic billing “system” with unintended consequences. One factor you may not have considered is when it's best to send out your statements. If you bill once a month, when should the bills be mailed to your clients? Ed Poll, author of The Business of Law, recommends that “Billing statements should be mailed so that they reach the client on or before the first day of the month.” Since many people pay their bills on or shortly after the first of the month, you want your bill to be on the top of the pile! According to Mr. Poll, “All statements received after about the fifth of the month are usually considered for payment in the following month.” Establish a date around the 25th of each month where you reserve time to do your billing. Billing predictability, combined with an end-of-month arrival date, will help reduce the firm’s receivables.

Additional resources to help you develop billing policies for your firm:
Winning Alternatives to the Billable Hour, Strategies That Work by James A. Calloway & Mark A Robertson; How to Draft Bills Clients Rush to Pay by J. Harris Morgan & Jay G. Foonberg.