While many dread networking events and conferences, for me, they’re the highlight of the year. Here’s why surrounding yourself with the right people, your tribe, can transform your career and your happiness.

Spring and Summer is one of the busiest times of year for me. I love it.

While some people dread events and conferences, for me those diary slots are bright points in my calendar. The reason is simple- I found my tribe a long time ago.

For those who know me, the role I’ve been in for the last 20 or more years is pretty much perfect. I’m CRO and basically my main role is engaging with prospective new clients and building and maintaining relationships with suppliers to the legal sector…my network. The reason it’s perfect is that I love meeting people. Always have.

For many, the idea of networking is terrifying. Finding your tribe can ease that terror and possibly even allow you to enjoy the experience.

Colleagues: look for a business where you believe in what you’re doing. Where your colleagues are people you like working with. You trust them. You laugh with them. The culture suits you and your values.

Clients: find people you want to work with/for. Build relationships with them that make the day to day interaction pleasant. Get to know them.

Contacts: build a network of people who share your values. Who are credible and who understand the value of what you do, and where you in return are able to articulate (and believe in) what they do.

Just a few of some of great events and people I’ve met with in the past year.

When I walk into a networking event, contrary to popular opinion, I don’t know everyone in the room! I may well know some of the attendees, and it’s always great to reconnect, but I’m also looking forward to meeting new people, and the presence of some existing contacts can be a real help. If you follow the rule of working and connecting with people that you know, like and trust, then those same people will be able to help introduce you to people that they know you will get on with. A warm introduction like that is always exciting because it means even more friends!

I think a key element of ‘know, like and trust’ is a shared set of core values. It doesn’t have to be the case that you agree about everything, but fundamental differences are of course a problem.

Working with colleagues, clients and contacts that are also, to one extent or another, friends simply make life better. Such friends help and support each other, so it makes the world a slightly better place too, in my view.

Every law firm has them, the one person everyone turns to for answers. It might be the finance manager who handles your client account reconciliations, the office administrator who remembers how everything runs, or the senior partner who has the billing history of every major client committed to memory. 

But what happens if they leave? 

This is a scenario many firms prefer not to think about. Yet over-reliance on one or two key individuals is surprisingly common and risky. 

The Hidden Risk No One Talks About 

When we think about risk in law firms, we usually focus on professional indemnity insurance, client confidentiality, or regulatory compliance. However, operational risk, specifically key-person dependency, is often overlooked. 

If a crucial team member resigns, becomes unwell, or takes an extended holiday, what happens to the knowledge they take with them? In many firms, that knowledge is not documented, shared, or systematised. It lives in someone’s head and creates a single point of failure. 

For example, if your finance manager leaves suddenly, can someone else step in and maintain daily reconciliations, ensure SRA compliance, and manage payroll without disruption? If the answer is no or not easily, your firm could be more vulnerable than you think. 

Real Consequences Beyond Inconvenience 

When a key person leaves, the impact can ripple across the entire firm: 

• Compliance deadlines may be missed 
• Invoices go unpaid or paid twice 
• Fee earners get dragged into administrative tasks 
• Morale dips as teams scramble to cover gaps 
• Clients notice delays or mistakes 

If you deal with regulated finances like client accounts, these are not just internal issues but regulatory risks. 

What Forward-Thinking Firms Are Doing 

Progressive law firms are recognising this and taking proactive steps to reduce their exposure. This does not mean replacing valuable staff but building resilience into operations, so the firm does not grind to a halt when someone leaves. 

Some practical steps include: 

• Documenting processes to ensure key workflows are written down and regularly reviewed 
• Cross-training staff so more than one person knows how to perform essential tasks 
• Outsourcing specialist areas like finance, cashiering, and compliance to ensure continuity and reduce reliance on internal knowledge 

 Outsourcing offers a smart solution. With a partner like Cashroom, your firm gains access to a team of experts, not just one person. This ensures your finance function runs smoothly no matter what changes internally. 

Final Thoughts 

The legal sector is built on trust, precision and professionalism. All of that can be undermined if your operations rely too much on a single individual. 

Take steps now to make your firm more resilient, more compliant, and more future-ready. 

Running a successful law firm requires more than great lawyers. Strong financial management is essential, and that starts with the legal cashier. But what exactly does a legal cashier do, and why is this role so important for law firms? 

In this article, we explain the responsibilities of a legal cashier, how they support compliance, and why many firms now choose to outsource their legal cashiering for better results and peace of mind. 

What Is a Legal Cashier?  

A legal cashier is a finance professional who manages the day-to-day financial transactions within a law firm. Unlike general bookkeepers, legal cashiers have specialist knowledge of the Solicitors Regulation Authority (SRA) and Law Society of Scotland Accounts Rules and the unique financial practices of the legal sector. 

They ensure that all financial activities are compliant with the accounting regulations, and that client money is handled with accuracy, care, and transparency. 

Key Responsibilities of a Legal Cashier 

Legal cashiers are responsible for a wide range of financial tasks, including: 

1. Processing Client and Office Transactions

Legal cashiers ensure all payments in and out of the firm are set up and recorded correctly. They manage both client and office accounts and make sure the two are kept separate, as required by the SRA and Law Society of Scotland. 

2. Bank Reconciliations

They carry out regular reconciliations of bank statements against financial records. This helps identify errors or discrepancies quickly and keeps the firm’s financial data accurate. At Cashroom we do this daily – no exceptions. 

3. Compliance with SRA and Law Society of Scotland Accounts Rules

One of the most important parts of a legal cashier’s role is ensuring full compliance with the Law Society of Scotland and SRA Accounts Rules. This involves proper handling of client money, accurate record-keeping, and monitoring of transactions to avoid breaches. 

4. Preparing Financial Reports

Legal cashiers often support firm management by preparing reports such as client balances, daily and monthly cashflow, and aged debt summaries. 

5. Supporting Audits and Accountants’ Reports

They help prepare the required documentation for SRA audits and Accountants’ Reports. Accurate and up-to-date records are essential for these processes. 

6. Billing and Invoicing

Legal cashiers may also assist with billing clients, recording payments, and supporting credit control efforts by monitoring outstanding invoices. 

Why Legal Cashiering is Crucial

Legal cashiering plays a vital role in ensuring law firms operate compliantly and efficiently. Even small errors can lead to regulatory breaches, financial risk, and damage to a firm’s reputation. 

Having a qualified legal cashier in place helps your firm: 

• Stay compliant with regulations 

• Reduce the risk of costly mistakes 

• Maintain trust with clients 

• Keep financial operations running smoothly 

Why Outsource Legal Cashiering? 

Many law firms now choose to outsource legal cashiering to experienced providers like Cashroom. We specialise in outsourced legal cashiering for law firms across the UK. Whether you are a small team or a large multi-office firm, we can support your financial operations with professionalism and care. 

By outsourcing to Cashroom, firms benefit from: 

• Access to trained experts who understand legal finance 

• Continuity and cover during holidays or absences 

• Scalable support for growing practices 

• Access to the latest legal accounting expertise 

• Reliable, accurate, and fully compliant service 

“I outsource all my legal cashiering to Cashroom and they also provide additional support when needed for law society inspections, which is a huge benefit and help to me. Having them to call when needed provides me with peace of mind, I can’t fault their customer service, they are efficient, responsive and great to work with.” Mubasher Choudry Family Law Solutions

Our team is made up of experienced professionals, many of whom have previously worked in law firms and are all trained in-house through The Cashroom Academy. We work in partnership with both The Society of Law Accountants in Scotland (SOLAS) and the Institute of Legal Finance & Management (ILFM) to ensure our staff meet the highest professional standards. 

Summer holidays are a well-earned break for all of us in the legal industry. As much as we all need them, they can also create operational pressure if your finance function isn’t prepared for staff absences. 

From partners heading off on annual leave to stretched support teams juggling extra responsibilities, even the most efficient firms can feel the impact. So how can you ensure your legal finance operations stay compliant, efficient and stress-free while key people are out of the office? 

Here are five practical ways to help your firm stay on track during the summer season.

1. Plan Holiday Cover in Advance

It might sound obvious, but early planning is crucial. In smaller firms where individuals wear many hats, even one absence can have knock-on effects. Ask yourself: 

• Who is responsible for authorising urgent transactions? 

• Is someone assigned to monitor the client account? 

• Does anyone else have access to payroll/practice management systems/online banking? 

Have clear internal documentation, identify backup contacts and make sure procedures are understood across the team. 

2. Automate Routine Tasks Where Possible

Take advantage of technology and systems that can handle recurring finance tasks without daily manual intervention. From scheduled payments to automatic report generation, a little preparation can save a lot of stress. 

Using an integrated outsourced provider like Cashroom can also reduce reliance on internal teams, with automated workflows and real-time updates via our portal. 

3. Stay on Top of Compliance

Client money regulations don’t take holidays. Make sure key deadlines and approval processes are covered while staff are away. Whether it’s reconciling ledgers or submitting VAT returns, compliance must remain a priority during the summer months. 

Having access to an experienced legal finance team can make all the difference. At Cashroom, we ensure no matter who is away, your firm stays fully compliant and in control. 

4. Review Delegated Authority

Ensure temporary delegates have the appropriate permissions and understand the firm’s processes. The last thing you want is delayed transactions resulting in unhappy clients or compliance breaches because someone doesn’t know the process. 

A short briefing before the holiday period starts can prevent confusion and reduce unnecessary risk. 

5. Outsource with Confidence

This is where an outsourced finance partner really proves its value. With a provider like Cashroom managing your legal cashiering, payroll, management accounts, and more, you don’t have to worry about staff absences or cover during holidays. 

Our experienced team operates as an extension of your firm, ensuring continuity and peace of mind—while your staff enjoy a well-earned break. 

We also support many in-house finance teams, offering a flexible service that can scale up or down to match demand during busy periods or when cover is needed. 

Ready for a Stress-Free Summer? 

Holiday cover doesn’t need to mean compromise. If you want to learn how outsourcing can keep your finance function running smoothly through the entire year and beyond, get in touch with our team today. 

We’ve all witnessed the dynamic marketing rivalry between Aldi and Marks & Spencer, where both brands cleverly mimic each other’s campaigns and exchange playful jabs on social media. This strategic competition not only captures public attention but also reinforces their brand identities, demonstrating how businesses can leverage rivalry to drive engagement, spark conversations, and maintain a strong market presence.

In the world of business, competition is inevitable. Law firms, like any other industry, face rival firms eager to attract the same clients, showcase similar services, and establish their market presence. Healthy competition drives innovation, improves service offerings, and ultimately benefits clients. However, there are times when competition crosses the line into direct imitation or even unethical behaviour.

When Competition Becomes Flattery Or a Legal Concern

We’ve all seen it happen. A law firm develops a strong marketing campaign, only to find that a competitor has copied it—word for word. Social media posts, website content, even entire advertising strategies can be duplicated by rivals looking to ride on another firm’s success. While it’s flattering to be seen as a leader worth copying, such actions can also be frustrating and misleading to potential clients.

One of the most blatant examples that we at Cashroom know of this happened when a competitor went as far as registering a domain name that included a firm’s actual business name, then used this URL to redirect visitors to their own website. Not only was this a clear act of deception, but it also violated competition laws and could have landed them in serious legal trouble. Cases like this serve as a warning that some firms may go beyond ethical business practices in their attempt to gain an edge.

The Hidden Benefits of Being Imitated

While imitation can be aggravating, it also presents unexpected benefits. Believe it or not, when competitors copy your content and link back to your brand (even unintentionally), it can boost your search engine rankings. Search engines recognize your firm as the original source of high-quality content, enhancing your authority and online visibility. In short—our competitors’ efforts to duplicate our work actually help us grow and your competitors’ efforts to mimic you will do the same!

So, a special shout out to those who have borrowed your marketing ideas, duplicated your social media posts, or even tried to capitalize on your name – thank you! Your actions confirm that we are setting the standard in legal services and that our brand is one worth emulating.

Staying Ahead with Innovation and Integrity

Rather than getting caught up in frustration, choose to focus on what truly matters – continuing to innovate, providing exceptional legal services, and maintaining the trust of your clients. While others copy, you lead.

If your law firm has faced similar challenges, remember that staying ahead means staying true to your values. Imitation may be the sincerest form of flattery, but originality and integrity are what truly define success.

And remember – the time to start worrying is when nobody is copying you!

This article is inspired by the recent webinar “An Effective Board for your Law Firm” from Law Firm Ambition. 

An effective board can completely transform your legal practice. The world is constantly shifting, and running a law firm today can feel like navigating through a storm -unpredictable, with shifting winds and ever-changing conditions. In such an environment, it’s essential to stay steady and adapt quickly to maintain control. 

The role of a board is crucial in navigating the complexities of modern business. For law firms, a board serves as the steering wheel, ensuring the firm is heading in the right direction in a dynamic and often uncertain market. The role of executives and board members must be clearly defined to avoid confusion and overlap. The board provides strategic direction, while the executives maintain operational integrity, focusing on finance and day-to-day operations.  

Poll Results: How is Your Law Firm Run?

These results highlight a clear shift: only 20% of firms are still making decisions entirely within a partners’ meeting, and an increasing number are incorporating external voices in their decision-making processes. It’s an indication that law firms are recognising the value of having diverse viewpoints at the decision-making table. 

What Does a Good Board Look Like? 

An effective board should have a mix of internal and external members, including department heads and key representatives from major practice areas. Often, traditional law firms fall short in this regard, relying heavily on a small group of equity partners or department leaders without enough input from other stakeholders. 

A diverse board that includes operations lawyers, business strategists, and financial experts ensures balanced decision-making. After all, running a law firm is just as much about business acumen as it is about legal expertise. Boards should not confuse business ownership with business capabilities. Everyone on the board must understand their role within the business context, ensuring that strategic decisions are made with an eye on the firm’s overall success, not just the success of one practice area. 

The Importance of Regular and Well-Structured Agendas 

A successful board meeting requires careful planning. Regular discussions on pre-decided topics allow the board to focus on strategic issues without getting bogged down by day-to-day operations. It’s important to create a structured meeting calendar that gives enough time to address key issues, celebrate wins, and allow for open discussion. 

Boards should be proactive, setting aside time to discuss future strategies. A well-balanced meeting includes reflection on past performance but is not dominated by it. A strong agenda also avoids negative-only discussions. Celebrating successes creates an environment of positive energy, which is critical for championing a high-performing team. 

Poll Results: How Much Time Does Your Board Spend Discussing the Future?

 This shows that while most boards spend a significant portion of time discussing the past, many law firms recognise the need to dedicate more attention to future planning. Effective boards need to focus on long-term growth while managing current challenges. 

Formulating Strategy for the Future 

Lawyers often pride themselves based on intellectual expertise, but strategic thinking is a skill that some legal professionals can find challenging. Strategy is about more than just focusing on current issues—it involves thinking ahead. Having business experts on the board, such as market researchers or data analysts, can provide valuable insights to craft a powerful and actionable business strategy. 

By incorporating these insights, law firms can develop strategies that are both realistic and forward-thinking, ensuring they stay ahead of the competition. Having the right people in the right positions is key to navigating future challenges. 

Dynamics Between Board and Partners 

The relationship between board members and partners is vital to the success of any law firm. While board members make key decisions, they should always consult with partners to ensure that decisions align with the firm’s values and goals. Open, logical communication is critical, as it promotes understanding and cooperation. 

Sending out information before board meetings gives everyone a chance to come prepared. This approach ensures more productive meetings and minimises surprises. When everyone is on the same page, it’s easier to make informed, strategic decisions. 

The EOS System: A Powerful Framework 

The Entrepreneurial Operating System (EOS) is an excellent tool for law firms looking to streamline their management process. EOS helps create a common language and framework within the firm, promoting clarity and alignment across the organisation. It establishes clear goals (“rocks”) and helps track progress toward achieving them. 

By using EOS, law firms can gain traction in both their strategic initiatives and daily operations, ensuring they stay focused on growth and improvement. 

How to Evaluate Your Board’s Effectiveness 

Evaluating the performance of a board is crucial to identifying areas of improvement. The two fundamental questions for evaluation are: 

1. Does the organisation meet its obligations to stakeholders? 
2. Is the organisation effective and efficient in achieving its purpose? 

Surprisingly, 71% of boards in a U.S. poll rated their boards as either “poor” or “average.” These alarming statistics suggest that many boards could be doing more to serve their firms effectively. 

Causes of a Dysfunctional Board 

What leads to poor board performance? Often, it’s the VEG factors: 

Vanity: A focus on personal interests rather than the firm’s best interests. 

Ego: The need for power or control undermines collaboration. 

Greed: Self-serving behaviour at the expense of the firm’s success. 

A board member must possess capability, confidence, and a collaborative mindset. Dysfunction often arises from misalignment between board members, so it’s essential to encourage self-awareness and healthy communication practices. 

What Makes a Good Chairman? 

The chairman of the board plays a pivotal role in steering discussions and resolving potential conflicts. A good chairman possesses: 

• Excellent judgment and commercial acumen 

• Active listening skills 

• An open-minded approach 

• A keen sense of potential conflicts and a proactive approach to resolving them 

Managing conflict is an inevitable part of any board’s dynamics, but with the right tools, it can lead to stronger outcomes rather than disrupt the team’s performance. 

The Role of External People on Your Board 

Incorporating external individuals on your board can bring fresh perspectives and new ideas. A 50/50 mix of internal and external members often proves to be the most effective. While legal sector experience can be beneficial, it is not essential. What matters most is the diversity of thought and expertise—business leaders, financial experts, and marketing strategists can offer valuable insights for growth. 

The Next Generation of Law Firm Boards 

In recent times, a growing number of firms are increasingly seeking the input of younger, tech-savvy professionals. These “next-gen” advisors can provide invaluable insights into emerging trends and help shape the future of the firm. Incorporating younger voices helps to future-proof the firm and align its strategy with changing market conditions. 

Preparing Future Board Members 

Developing the next generation of board members starts with a skills assessment. Firms should focus on leadership capabilities, mentorship programs, and even provide opportunities for up-and-coming leaders to sit on voluntary boards. This will ensure they gain experience and are prepared to step into strategic roles in the future. 

While some law firms continue to make all their decisions exclusively through partner meetings, more are realising the value of diversifying their boards. An effective board, composed of a blend of internal stakeholders, external experts, and younger voices, can help your firm navigate the complexities of a rapidly changing legal landscape. 

Incorporating diverse skills, strategies, and perspectives will not only help your law firm stay competitive but also prepare it for the future – securing long-term success for both the firm and its clients. 

Special thanks to Law Firm Ambition hosted by Andy Poole, with speakers Carl Newton, Alexandra Hatchman and Patrick Dunne for another informative session.   

Be sure to sign up to our newsletter and follow us on LinkedIn for information about Law Firm Ambition’s next webinar and how to register. 

Keep Your Firm’s Finances in Check

As we head towards the summer holidays, many lawyers are starting to look forward to a well-earned rest after a busy start to the year. However, it’s also a period when financial routines can start to slip. With lower work volumes, staff taking time off, and a more relaxed pace, important financial tasks can be delayed or overlooked -sometimes leading to bigger issues down the line. 

Therefore, now is a great time to ensure your finance function remains steady and supported, so you can enjoy the break with peace of mind. 

Why Your Law Firm’s Cash Flow Can’t Take a Holiday

Cash flow, after all, doesn’t take a holiday. Staying on top of billing and collections during the summer is essential for maintaining financial stability. Delays in invoicing or missed follow-ups can quickly cause cash flow issues that carry over into the next quarter. 

That’s why having a well-structured credit control process is so important. By outsourcing credit control to a trusted provider like Cashroom, you can ensure timely, professional communication with clients and consistent monitoring of outstanding invoices. Ultimately, this keeps your cash flow healthy, even when your internal team is enjoying a well-earned break. 

Essential Financial Reporting for Law Firms

Beyond cashflow, it’s also important to keep regular financial reporting going. With fewer day-to-day distractions and often a lighter workload, it’s an ideal time to step back and review your firm’s financial position. Taking the opportunity to assess your profit and loss statements ensures everything is in order and aligned with your goals. 

Keeping this rhythm going, even during quieter periods, gives you a clear, up-to-date picture of your finances and helps prevent any unwelcome surprises later in the year. 

Cashroom’s management accounts service ensures that your firms financial reporting is accurate and stays up to date. By providing tailored reports including monthly profit and loss, balance sheets and key performance indicators, we equip you with the insights you need to make informed, strategic decisions with confidence, even during quieter periods. 

Proactive Tax Planning and Year-End Preparation

Another benefit of staying engaged financially over the summer is the opportunity to prepare for year-end and get ahead on tax planning. Instead of letting key tasks build up, the quieter pace allows time to reflect, review, and plan without the usual time pressures. It’s the kind of forward thinking your future self will appreciate. 

In fact, firms that stay on top of their finances during the summer are far better placed to hit the ground running in September, without the stress of playing catch-up. 

The Power of Outsourcing Your Law Firm’s Finance Function

This is where outsourcing truly makes a difference. Partnering with experienced providers like Cashroom ensures your financial processes run seamlessly without interruption. From handling daily transactions to delivering accurate, timely reports, outsourcing your finance functions keeps operations steady and reliable, even when your internal team takes a well-deserved break. 

The key takeaway? Don’t see summer as a time to slow down your finances. With proactive planning and the right support, your firm can enjoy a restful break without compromising the business’s financial health.

Being part of a business where opportunity is there for everyone is something we are very proud of.

When Cashroom started to really grow, probably around 10 years ago, it soon became apparent that we would need to be able to build a team of cashiers, but also Management Accountants and Payroll processors. There were also roles which would become apparent as we grew.

We probably didn’t envisage back then quite where we would get to from a scale perspective, however one thing that was important to us from day one was the ability for our staff to progress within the business.

There was a very practical side to this view- We speak with many prospective clients who say they have had real difficulties in trying to recruit people who have specialist expertise in legal finance function operations. Depending upon the town or city in which they are based, there simply isn’t a pool of high quality, experienced people to dip into.

Cashroom envisaged exactly the same issue on the horizon, so we created our Cashroom Academy, designed to provide structured training and development opportunities for people joining us. Those can be school and college leavers, graduates or in fact anyone at all who is interested in a career with us. We see this as a key element in our aim to attract and retain people.

That’s a key phrase – “interested in a career”.

We are proud of the fact that anyone joining the Cashroom at any level, has the opportunity to progress. Training is available and encouraged – we have a close relationship with ILFM and we have built into our progression processes the obtaining of ILFM qualification. Many of our cashiers started with no experience at all and have developed their skills with us. For example, one of our present team leaders joined Cashroom without any cashiering experience and has trained through to a position of real responsibility and seniority.

People of all backgrounds and stages of life have come into Cashroom and been able to build and develop careers. But we have more to show than cashiers becoming more experienced and progressing within that role only.

We have experienced cashiers who are now in roles within Marketing, Training, HR. We have graduates who are now in Senior Management positions. We have a cashier who has become a valued member of our Technology Development team.

It makes so much sense to invest in your people and enable them to thrive and achieve. It’s something we are passionate about, and always will be.

Alex Holt, Chief Revenue Officer, The Cashroom

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Outsourcing can offer significant benefits to businesses – cost savings, scalability, and access to specialist expertise, to name a few. But when you’re outsourcing critical functions that involve handling sensitive or confidential information, there’s one crucial question you need to ask: Is your outsourced provider doing enough to protect your data? 

Why Cybersecurity Matters More Than Ever 

Cybersecurity is no longer just an IT issue, it’s a fundamental business necessity. With cyber threats becoming more sophisticated and data breaches carrying severe financial and reputational consequences, businesses must be diligent about who they entrust with their data.

If your outsourcing partner doesn’t have the right protections in place, your business could be exposed to unnecessary risk. 

Our Commitment to Data Security 

At Cashroom, we take cybersecurity seriously. It’s built into everything we do. That’s why we’re proud to be Cyber Essentials Plus certified and even prouder to have maintained this certification for nine consecutive years. 

Cyber Essentials Plus is a government-backed, industry-supported certification that demonstrates a business’s commitment to protecting itself (and its clients) from a wide range of the most common cyber threats. 

Achieving and maintaining this certification means we: 

• Have implemented rigorous internal security controls 

• Undergo annual third-party assessments and testing 

• Ensure best practices across our systems, processes, and team 

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.

Why It Matters More Than Ever

Mental Health Awareness Week is an important moment to pause and reflect on the well-being of those around us—and ourselves. In high-pressure industries like legal services, where demanding workloads and tight deadlines are the norm, prioritising mental health is no longer a ‘nice-to-have’ but an essential part of building a sustainable, people-first business. 

At Cashroom, we understand that promoting mental health goes hand in hand with promoting a supportive and thriving workplace. The legal sector presents unique challenges—long hours, emotionally charged cases, and the constant pressure for precision—which can significantly impact mental well-being. Left unaddressed, this can lead to stress, burnout, and even long-term health issues. 

Building a Healthier Legal Workplace 

To create a sustainable and thriving legal industry, firms should look at prioritising mental health as part of their culture. This goes beyond offering token gestures—it requires meaningful, ongoing action. 

Flexible working practices are one way to support well-being. By allowing legal professionals more autonomy over their schedules, firms can help reduce burnout and promote a healthier work-life balance. This flexibility is especially important in a sector where long hours are often the norm. 

Firms should also promote open dialogue around mental health, creating an environment where employees feel comfortable seeking support without fear of stigma. Whether through mental health champions, regular check-ins, or employee assistance programmes, proactive support systems can make a real difference. 

Additionally, firms could consider mental health training for managers. Equipping leaders with the skills to recognise signs of stress and support their teams effectively helps create a workplace where well-being is prioritised. 

Practical Tips for Protecting Your Mental Health 

For those working in the legal sector, protecting your mental health is just as important as meeting deadlines. Setting clear boundaries between work and personal time can make a world of difference—whether that means switching off emails after hours or committing to regular breaks during the day. 

Taking even a few minutes away from your desk for a short walk or a moment of mindfulness can improve focus and reduce stress levels. And if you’re struggling, reaching out to a trusted colleague, manager, or mental health professional is a sign of strength, not weakness. 

Finally, never underestimate the power of self-care. Engaging in activities that bring you joy—whether it’s exercise, reading, or simply spending time with loved ones—helps recharge both your mind and body. 

Let’s Keep the Conversation Going 

This Mental Health Awareness Week, we encourage everyone to check in with colleagues, offer support, and be kind to themselves. Mental health is not a one-week conversation; it’s something we must prioritise every day. At Cashroom, we remain committed to creating a workplace where people feel valued, supported, and empowered to thrive—both professionally and personally. 

If you or someone you know is struggling with their mental health, don’t hesitate to seek support. You are not alone. 

 Where to Find Support 

LawCare – Provides free, confidential support for legal professionals dealing with mental health issues. 

Samaritans – 24/7 support for anyone in emotional distress. 

Mind – Mental health charity offering information, support, and advice. 

Shout – Free, confidential 24/7 text support for anyone struggling to cope. Text SHOUT to 85258 

Scotland’s legal aid system is facing a severe crisis. The number of legal aid practitioners is steadily declining, threatening access to justice for the most vulnerable in society.​ 

As of 2025, only 911 solicitors are registered for legal aid work in Scotland, down from 1,084 in 2020—a 16% decrease. Of these, 791 handled at least one criminal legal aid certificate last year, and only 608 applied for a summary legal aid certificate, essential for conducting trials. Alarmingly, over a third of legal aid lawyers are expected to retire within the next decade, with very few new entrants coming in to fill the gap. 

The root of the problem lies in the financial pressures faced by those working within the system. According to The Law Society of Scotland’s Legal Aid Inquiry, legal aid fees have failed to keep up with inflation for years, and many practitioners are struggling to make legal aid work financially viable. The result is a mass of younger lawyers, who are choosing alternative legal careers that offer better pay and work-life balance. 

The impact of this decline is being felt across the country. A recent example brought national attention when a woman seeking a divorce after experiencing domestic abuse had to contact 116 lawyers before finding someone willing to take on her case through legal aid. The situation is even more acute in rural and island communities—Orkney, for instance, had nine civil legal aid lawyers in 2000 and now has just one in 2025. 

The Scottish Government acknowledges the need for reform, with plans to modernise the legal aid system before the 2026 elections. However, critics argue that these reforms are overdue and insufficient to address the immediate crisis. In response, The Law Society of Scotland is calling on the profession and the public to take action through its ‘Pledge Your Support’ campaign, aimed to create meaningful, long-term change for legal aid in Scotland. You can learn more and add your support here. 

The decline in legal aid practitioners is more than a workforce issue—it is a justice issue. Without urgent intervention, Scotland risks leaving behind those who need the law most, simply because they cannot afford it. 

At Cashroom, we understand the vital role legal aid plays in making justice accessible. We stand with our legal colleagues and remain committed to supporting the profession as it navigates these challenging times. 

Property Codes Now Available in Cashroom Portal 

As part of the ongoing enhancements to CHAPS payments to bring system in line with ISO 20022 enhanced data is becoming mandatory. To support this change, property codes are now accessible directly via the Cashroom Portal. 

This important regulatory change comes into effect on 1st May 2025. From this date, all property-related CHAPS payments must include the relevant Purpose Code in the structured remittance data. 

The Bank of England is adopting new requirements under the ISO 20022 messaging standard. A key change is the mandatory inclusion of Purpose Codes for CHAPS payments relating to property transactions. 

These codes help clearly define the nature of the transaction, supporting improved data quality, enhanced analytics, and better regulatory oversight. 

What This Means for Cashroom Users 

To ensure compliance and make the process as seamless as possible, Cashroom has integrated the mandated ISO 20022 property codes directly into the portal. When making a CHAPS payment that is property-related, users must now select the relevant purpose code from a dropdown menu, ensuring the payment contains the required enhanced data. 

 When opening a new client payment request in the Cashroom portal, users will now see an additional question asking if the payment is related to a property transaction. If so selecting the appropriate property code from this list is mandatory. This ensures compliance with the new ISO 20022 enhanced data requirements effective from 1st May 2025.

It’s important to note that while Purpose Codes can be added to any CHAPS payment, they are only mandatory for property-related transactions. Payments not classified under property categories do not have a mandatory requirement, but the option to include a Purpose Code is still available. 

Key Benefits of This Update 

• Compliance made easy: Users can select the correct property code without needing to manually enter or look up codes. 

• Future-ready: Aligns with the industry shift towards structured and enriched payment messaging. 

• Streamlined workflow: Integrated into the existing CHAPS payment flow within the Cashroom portal for minimal disruption. 

For more detailed information on the ISO 20022 requirements for CHAPS and the list of valid property codes, please refer to the Bank of England’s official guidance here. 

Cashroom remains committed to keeping clients ahead of regulatory changes and continues to support legal and financial professionals with smart, compliant, and user-friendly solutions. 

If you have any questions or would like support navigating this change, Cashroom clients are encouraged to contact their usual Cashroom point of contact for more information and assistance.  

Guest Blog: Proposed client money reforms by the Solicitors Regulation Authority – Key implications for law firms. By Max Masters, Accounts Senior Manager and Merete Poulsen, Accounts Assistant Manager, Kreston Reeves.

A considerable number of changes have been proposed by the SRA, both in the short term and longer term, as part of their consultation on client money in legal services, which could have major implications for law firms.

Since the detailed proposals were released, we have been discussing these with a number of our clients and intermediaries in the legal sector, combining their views with our experiences and thoughts to provide a detailed response to the SRA on the proposals within the context of consumer protection. Whilst we are summarising some of the key takeaways in the following article, please review the full response for a more complete view.

In general, we, and the majority of our clients felt that a lot of the proposed changes are premature and reactionary in the wake of Axiom Ince. In our view, there should be an increased focus on the systems and procedures both within solicitor firms, and the SRA, rather than arbitrary changes which may not suit all types of law equally, nor target the right firms.

The key proposal within the consultation is the suggestion that firms should no longer hold client money directly, with funds being held by Third Party Managed Accounts (TPMAs). We agree with the consensus that this proposal is extreme and would lead to adverse consequences for consumers such as errors, poor service, and delays to completing transactions. Many argue that this represents a shifting of risk, rather than a reduction. It is also likely that any move to TPMAs would lead to increased costs for consumers, reducing the accessibility and affordability of legal services. It is very difficult to see how such a move would be of any benefit to the end consumer or the sector as a whole. A significant amount of further anecdotal evidence is required before any move to TPMAs can be considered to be a viable alternative to the current model.

The SRA are also proposing to eradicate the ability of law firms to earn interest on client funds. Unless this is creating a widespread issue of firms holding on to funds for too long (of which there is negligible evidence), we believe a more effective solution to ensure that solicitor firms, banks and consumers do not lose out would be for the SRA to provide more detailed guidance on what constitutes a ‘fair rate’ of interest. The SRA could also consider the publication of interest matrixes to foster a consistent approach, as well as possibly bringing interest within the scope of the existing solicitors accounts rules.

The proposed prescriptive rules surrounding advance fees were of concern to our clients, as the ability to request fees and disbursements up front helps to manage risk and to be able to move matters forwards quickly and efficiently in the best interests of their clients. As a result of such changes, firms may need to increase charge out rates to offset the increased risk taken on in these circumstances. Therefore, as long as firms can justify and evidence the fees and disbursements that are requested up front, more prescriptive rules here would not benefit consumers, in fact, it is likely to have the opposite effect.

The proposed prescribed timeframe of 12 weeks for returning residual balances shouldn’t, in our opinion, cause too many practical difficulties for firms to implement, provided that appropriate systems and procedures are in place, and the SRA provide clarity on what would be deemed ‘the point of completion’. Our clients felt that the proposed 12 week extension, in difficult cases, would be necessary to avoid unfairly penalising compliant firms.

The focus of these changes should be on how the SRA can improve its own processes to ensure appropriate levels of oversight to identify the non-compliant firms, rather than implementing widespread changes for all. Changes to the Accountant’s Report (AR1) form and MySRA portal could be implemented relatively easily and would be effective at highlighting issues requiring further attention from the SRA. This would focus the efforts of their limited resources towards non-compliant firms. There should also be increased training and support (and possibly qualifications in the longer term) being available for the Compliance Officer for Finance and Administration.

Whilst the above covers only a snippet of the areas covered in our full response, it remains clearly apparent that the majority of the proposed changes within the consultation would not be of benefit to consumers and to the legal market as a whole.

If you would like further advice on this, please do not hesitate to with Kreston Reeves .

For more than accounting, business and wealth advice.
+44 (0)330 124 1399
enquiries@krestonreeves.com
www.krestonreeves.com

Law firms managing client accounts are well aware of the compliance obligations set by the Solicitors Regulation Authority (SRA). One key area that continues to pose a challenge is the handling of residual client balances—funds that remain in client accounts long after legal matters have concluded. Recent SRA disciplinary actions and renewed guidance have put this issue under the spotlight, urging firms to take a more proactive approach to compliance. 

But what exactly are residual balances? 

Residual balances refer to unclaimed or leftover client funds in law firm accounts. These amounts may result from minor overpayments, disbursement miscalculations, or simply funds that were not returned to the client after the completion of legal work. While individual sums may seem small, collectively they represent a significant financial and regulatory concern. 

A small sized law firm who was recently rebuked for retaining a large sum of residual balances across 369 client matters, fell behind submitting qualified accountant reports said that the pandemic, stamp duty holidays and personal issues of the partners had “severely affected” its ability as a small firm to submit the accountant’s reports and deal with the residual client funds in a timely manner, reinforcing the importance of compliance in this area. 

With the SRA tightening its stance, firms need to be proactive in managing residual balances to avoid potential disciplinary action. Here, we’ve put together some tips to help law firm’s ensure compliance: 

• Regularly Review Client Accounts – Implement scheduled reviews to identify and address residual balances before they become a compliance issue. 

• Strengthen Record-Keeping – Maintain accurate financial records to track all client transactions and ensure transparency. 

• Proactively Contact Clients – Make timely efforts to return funds by reaching out to clients via email, phone, or letter. 

• Implement a Clear Residual Balance Policy – Establish firm-wide protocols to ensure systematic handling of unclaimed funds. 

• Follow SRA-Approved Donation Procedures – When clients cannot be traced, firms can donate balances to charity in accordance with SRA rules. 

For many firms, handling residual balances can be time-consuming and administratively complex. This is where outsourcing to a specialist legal cashiering provider, such as Cashroom, can make a significant difference. 

Outsourcing provides a proactive solution, ensuring that: 

• Client accounts are reconciled properly, preventing funds from being overlooked. 

• Residual balances are identified and returned promptly in line with regulations. 

• Firms remain fully compliant, avoiding the risk of regulatory action. 

• Internal resources are freed up, allowing legal teams to focus on client service rather than financial admin. 

With the SRA increasing its focus on residual balances, now is the time for firms to assess their processes and ensure they are fully compliant. Whether through internal improvements or outsourcing financial management, taking a proactive approach will help firms stay on the right side of regulations while maintaining client trust. Cashroom can also look at existing residual balances as a one-off project and get your business up to speed quickly and compliantly. 

If you want to ensure your firm is managing residual balances efficiently and compliantly, get in touch with Cashroom. Our expert legal cashiering team can help you streamline processes and maintain full compliance with SRA requirements. After all, are you confident your processes are up to date and fully compliant? Or could there be areas in need of improvement? 

As Spring and Easter weekend approaches, we’re reminded of the themes of renewal, hope, and fresh beginnings. Whether you’re celebrating with family, enjoying a well-earned break, or simply indulging in a few chocolate eggs, this season is a great time to reflect on the year so far and look forward to new opportunities. 

Growth and renewal are essential—both in business and personal life. Just as Spring marks a time of transformation, it’s a great moment to assess your financial well-being, streamline operations, and prepare for the opportunities ahead. 

Spring Clean Your Finances 

Easter isn’t just about chocolate and hot cross buns; it’s also the perfect time for a financial spring clean. Reviewing your accounts, assessing your cash flow, and ensuring your financial processes are efficient can set you up for success in the coming months. If you need expert support, our team at Cashroom is here to help. 

A Time for Giving and Gratitude 

Easter is also a time for giving. Whether it’s supporting a local charity, helping a friend in need, or simply expressing gratitude for the people around us, small acts of kindness can make a big difference. As you may have seen recently, we were proudly supporting Conveyancing Foundation’s National Conveyancing Week which brought together all stakeholders across the property industry to advocate, inspire and promote the vital role conveyancers play in the home moving process.  

Enjoy the Easter Break! 

We hope you take this time to relax, recharge, and enjoy the season’s celebrations. With Cashroom managing your firm’s finance function, you can truly switch off, knowing everything is in safe hands. From compliance to cash flow, we take care of it all, so you can focus on what matters most – enjoying the holiday with peace of mind. 

From all of us, we wish you a joyful and peaceful Easter and hope that Spring brings happiness and success.  

The legal profession demands precision, diligence, and an unwavering commitment to clients and cases. Whether you’re a solicitor, barrister, or in-house counsel, the pressure to meet deadlines, manage complex legal matters, and stay on top of an ever-expanding workload can be overwhelming. However, consistently operating at full capacity without taking time to step back can have serious consequences on both professional performance and personal well-being. 

The Risks of Constant Engagement 

Many legal professionals pride themselves on their work ethic, often wearing long hours and weekend commitments as a badge of honour. Yet, sustained periods of high-intensity work can lead to burnout, diminished cognitive function, and even ethical lapses. Fatigue and stress affect judgment, productivity, and the ability to think strategically – key skills for any legal practitioner. 

Additionally, always being ‘on’ can strain personal relationships and overall quality of life. Emails, client calls, and urgent filings don’t adhere to office hours, making it difficult to fully disengage. Over time, this can erode enthusiasm for the profession and lead to mental exhaustion. 

The Benefits of Switching Off 

Taking regular breaks isn’t a sign of weakness—it’s a strategy for longevity and success. Stepping away from work, even briefly, has been shown to improve concentration, problem-solving skills, and overall job satisfaction. Allowing yourself time to reset helps to maintain clarity and perspective, which are crucial in the legal field where analytical thinking and sound judgment are paramount. 

Disconnecting from work also aids creativity. Some of the best ideas and solutions come when the mind is at rest. By engaging in different activities like exercise, reading, or spending time with family—you give your brain the space to process and make connections that aren’t immediately apparent when consumed by work. 

The Easter Bank Holiday: The Perfect Time to Unwind 

With the Easter bank holiday coming up, now is the perfect time to take a well-earned break. A long weekend offers the ideal opportunity to step away from legal work, recharge, and spend time with loved ones. Whether it’s a short trip, indulging in hobbies, or simply resting, using this time to reset can bring lasting benefits to both your professional and personal life. 

Practical Steps to Take a Break 

• Set Boundaries: Establish clear limits on when and how you are available outside of work hours. Communicate these expectations with colleagues and clients where appropriate. 

• Use Technology Wisely: Turn off non-essential notifications after work hours. Consider setting up automated responses during personal time. 

• Schedule Breaks: Just as you schedule meetings and court appearances, block out time for rest. Even if it’s a short walk during the day or a full weekend away, prioritising downtime is essential. 

• Engage in Non-Legal Interests: Hobbies and activities outside of work provide mental relief and a sense of balance. Whether it’s sports, music, or travel, investing in personal interests enhances overall well-being. 

• Delegate When Possible: Legal work is rarely a solo endeavour. Trusting colleagues and delegating tasks ensures that work progresses even when you take time off. 

• Consider Outsourcing: Certain tasks, such as administrative work or accounting, can be outsourced to lighten your workload. Outsourcing with Cashroom allows you to focus on high-value legal work while ensuring that routine tasks continue to be handled efficiently. 

A Healthier, More Sustainable Career 

Switching off isn’t just about relaxation—it’s about sustainability. The legal profession is demanding, but maintaining resilience requires recognising when to pause. By taking breaks, setting boundaries, and prioritising well-being, legal professionals can achieve both personal satisfaction and long-term career success. 

The next time you consider pushing through exhaustion, remember that stepping away might just make you a better lawyer in the long run. 

“So I Can’t Get A Grant And I Can’t Administer The Estate”

We increasingly hear from private client practitioners that they cannot obtain a grant of probation because a caveat has been registered, which prevents the Grant from being issued. Often, practitioners don’t even know that a Caveat has been registered until they make an application for a Grant of Representation and find that the application is “stopped” by the Probate Registry. We are often asked to help when this happens.

It is increasingly common to find that Estate Administration is delayed by a Caveat – over 10,000 caveats a year are registered – sometimes it appears to us that Caveats are mischievously registered deliberately to cause havoc in the Administration of an Estate and to try to strengthen the negotiation position of a disappointed beneficiary.

Doing Nothing?

In our view, taking the easy option and doing nothing is inappropriate. Estates are to be administered. Any practitioner who leaves an estate in a state of inertia is potentially risking a claim.

It is all well and good to say that it doesn’t matter if an Estate property is not sold – because property prices typically increase year on year. ANY real property is at risk from flooding or vandalism. We have seen many cases where insurers refuse to pay out when this happens because inspection conditions have not been fulfilled. Company shares can increase or decrease in value equally. Premium Bonds held by a deceased cease to be eligible for prizes after 12 months from death. Seemingly sound financial investments can turn to dust if a company becomes insolvent.

So, What Can Be Done?

There are two primary avenues that can be taken to secure the Administration of the Estate.

Attack The Caveat

It is relatively easy to serve a Warning to a Caveat – to enter an Appearance or to have the Caveat dismissed. It is equally easy for a Caveator to serve an Appearance, making the Caveat permanent. Many practitioners leave things there – on the basis that there is nothing more that they can do without actually starting court proceedings – which is always a last resort and invariably involves the worry, risk, and expense of court proceedings.

If a Caveator simply registers the Caveat and then takes no substantive action to make progress, we have found that the Probate Registry is becoming increasingly amenable to making Orders to get the Caveat dismissed – in the form of a “Put Up or Shut Up” type Order – this is where the Probate Registry will make an Order to say something like – if the Caveator does not start probate validity proceedings within 28 days then the Caveat will be dismissed. Obviously, it would be inappropriate to go straight from the service of an Appearance to a Put Up or Shut Up type application. Careful steps need to be taken to set up the Caveator to make progress – for example to start legal proceedings to challenge the validity of the Will. A Put Up or Shut Up order will often allow the Personal Representative to obtain a “full” Grant of Probate.

A Grant Ad Colligenda Bona

The second route is to make an application for a Grant ad Colligenda Bona. This Grant is often known as a “Limited Grant” or a “Collection Grant”. It allows a Personal Representative to obtain a Grant to call in and collect the assets of the Estate, pay debts – but not distribute the Estate. Such a Grant need not be obtained by a Personal Representative – it could, for example, be obtained by an independent professional. Notice should be given to the Caveator before such an application is made – and if it isn’t, it could lead to a Grant ad Colligenda Bona being set aside. At first sight, an application for a Grant ad Colligenda Bona can be daunting – but at IDR, we are surprised that this process is not used much more frequently than it is. Care needs to be taken with regard to the wording of the Grant – for example, whether it is a general application covering all of the assets of the Estate or whether it is limited to the sale of particular properties or the like.

Guest blogger: Stephen Lawson

Stephen is a specialist Contentious Probate Solicitor with an extensive history. He has dealt with all aspects of Contentious Will Trusts & Probate cases, acting for both Claimants and Defendant clients. He is a partner at IDR Law and the current chair of the Law Society Wills Society Wills and Equity Committee. Stephen is also a legal author, having written for numerous publications, including The Times, Law Society Gazette, Family Law Journal, APIL PI Focus, STEP TQR, ACTAPS and numerous other journals.

To watch Stephen discuss this topic with Ian Bond, the former Chair of the Law Society Wills and Equity Committee, please click here.