Lock-up is not something firms can afford (literally) to stick their heads in the sand about, yet the number of firms struggling with lock-up (unbilled work in progress plus debtors excluding VAT) is staggering.
Crowe Clark Whitehill surveyed over 60 law firms recently, asking them to input data based on their recent annual results (normally to March or April 2011). The survey contained a good spread of firms in terms of size, with small firms to firms with a turnover of over £100m all well represented.