Bridging Compliance, Risk and Performance: A Seat at the Legal Roundtable
Years ago as we started to grow our business, we wanted to find entities within the legal sector that could amplify and give credibility to our message – that our outsourced finance function solution was precisely what the legal sector needed.
We actively sought out input and endorsement from both the PII and the Compliance worlds.
I was delighted, therefore, to have reached a point where two of the most respected entities in each of those fields – Robert Blech of MHA and Sharon Glynn from Travelers – invited me to take part in a round table discussion in London, along with a lineup of lawyers from Capsticks LLP, CM Murray, Fieldfisher, Freemans Solicitors, Kingsley Napley, JMW and Vedder Price.
A lively and varied discussion around topics of risk and business performance ensued, with a particular focus on the requirements and interests of the PII world, and how that dovetail with compliance and efficiency.
There were fascinating insights from Sharon with her review of the insurance market- words of caution about the apparent softening of the market. She spoke of the focus on law firms’ business performance, and the fact that the hardening economy brings with it pressure which translates into difficult times for business stability.
The prevalence of M&A activity in the sector is another area of concern- are firms doing sufficient due diligence? Are they planning carefully for the cultural and business impact of joining or acquiring another practice?
The spectre of AI and its relatively unknown consequences or applications is of course a hot topic. For now, the feeling in the room was that while it was important to proceed with caution, proceed we must! The impact of wellbeing and culture issues on claims is also being considered, but it is very much felt that just as awareness of the issues grows, the potential for claims is similarly on the rise.
For me, an event like this is a reminder of how far Cashroom has come. We have experience unique in the sector- knowledge of risk, efficiency and compliance, and its specific application to law firms. A huge thank you to Rob and to Sharon for involving me in such a fascinating event.
Chief Revenue Officer
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About Cashroom
Cashroom provides expert outsourced accounting services for Law Firms including Legal Cashiering, Management Accounts and Payroll services. Our mission is to free lawyers from the complexities of legal accounting by supporting the industry with accurate management information and allowing lawyers to do what they do best – practice law.
‘The Cashroom have been an integral part of MBM from their inception. They has supported the growth of MBM from a small firm of 15 people all the way to the 70+ partners and staff now working in the firm. I have first hand experience of the wealth of skill employed within the business and the cashiering knowledge is unrivalled. The fluid ability of Cashroom to adapt to the changing requirements of a firm on a daily basis, as well as the ability to cover holiday periods seamlessly would be a benefit to any law firm. The Cashroom portal provides a first class workflow system for all cashiering requests and, more importantly, provides the level of security that email instructions do not. Cashroom provide both a cost effective fully outsourced service that can deliver almost everything that an internal finance team would be charged with, as well as a wraparound service to support an internal finance team.’
