Compliance, regulation, risk and the threat of an SRA intervention; Compliance with the Solicitors Accounts Rules, abiding by Outcome Focused Regulation and COLP & COFA responsibilities add to the burden of running any legal practice, large or small.
For larger firms with teams of legal cashiers to maintain day to day records, monitor irregularities and report breaches to financial controllers or superiors, the burden is of administrative cost, but the firm is safe in the knowledge that they are self sufficient, autonomous and regulatory compliant.
Smaller firms however may employe a full time financial controller which is not commedrcially viable for the small number of transactions being processed or the managing partner may try their hand at processing the legal accounts themselves with sometimes disastrous results.
What could possibly go wrong?
Recent rulings by the Solicitors Disciplinary Tribunal have shown a growing trend of solicitors being struck off for breaching the Solicitors’ Accounts Rules, from using client funds to fund office account transactions, using client accounts as banking facilities or not having proper and correct accounting records. It is clear that some practices need support. But from where?
The question of data protection and confidentiality is addressed at the outset of any engagement, whereby a confidentiality agreement is signed by the remote legal cashier and firm.
The benefit of a remote legal cashier is that they can work offsite and for as much or little time as required. A practice may only need a legal cashier for a few hours a day or a few days a week. The cost savings compared to employing a full time financial controller quickly appreciate and the practice has peace of mind. Savings by not directly hiring a Legal Cashier include employer NI, staff benefits, auto enrolment, pension contributions, overheads and office space.
Ascentant Cashiers are highly experienced in Outsourced Legal Cashiering, and you can have perfect confidence in utilising our Outsourced Legal Accounts Managers
For further information please ring us on 01332 981920 or use the contact form.