Cashroom is delighted to announce that it has been shortlisted as a finalist at the 2025 Legal Technology Awards, one of the most prestigious awards recognising excellence in legal technology, IT innovation, and digital solutions within the UK. The winners will be revealed at the awards ceremony on 19th November 2025 at City Central at the HAC in London. 

The Legal Technology Awards, hosted by Netlaw Media, celebrate innovation, leadership, and technological advancements in the legal industry. They highlight organisations that are transforming the way law firms operate through technology, improving efficiency, compliance, and overall service delivery. Being shortlisted for Technology Product or Service of the Year is a significant achievement for Cashroom and reflects our ongoing commitment to developing solutions that make legal finance and operations more effective. 

Cashroom deliver an outsourced legal cashiering service via their custom built portal. The Cashroom Portal, is designed to help law firms streamline financial processes, optimise cash management, and improve operational efficiency. By combining advanced technology with our experienced team of legal finance professionals, the Cashroom Portal enables law firms to focus on delivering exceptional client service while ensuring compliance with regulatory requirements. This recognition from the Legal Technology Awards underscores the value and impact of our innovative technology in supporting law firms across the UK. 

Over the last 15 years, Cashroom has experienced significant growth, now supporting over 300 law firms, almost doubling in size since the start of the COVID-19 pandemic. Our service-led approach, supported by our technology, allows us to provide scalable accounting, payroll, and legal cashiering solutions that meet the shifting needs of law firms of all sizes. 

Being named a finalist is not only a reflection of our technology but also of our dedicated team. At Cashroom, we believe that combining expert people with intuitive technology is the key to helping law firms work smarter, improve profitability, and achieve sustainable growth. Our commitment to innovation ensures that we continue to meet the demands of the legal sector while providing high-quality, reliable, and compliant services. 

We would also like to take this opportunity to congratulate our fellow finalists in the Technology Product or Service of the Year category: BRYTER, ContractPod AI, Legora, and NetDocuments. It is an incredible line-up, and we are honoured to be recognised alongside these leading innovators in legal technology.  

For law firms looking for trusted outsourced accounting and financial management solutions, Cashroom provides a comprehensive range of services designed to reduce administrative burden, improve reporting accuracy, and enable better decision-making. From legal cashiering and management accounts to payroll and regulatory compliance, our technology and people-driven approach ensure law firms can focus on their core business – serving clients. 

When I were a lad….

I know, that start to a sentence usually induces a sigh from those within earshot. But hear me out…

First let me set the scene- why do I have anything relevant to add to a discussion about progress and futureproofing in the legal sector?

As a trainee solicitor (Articled Clerk in fact) in 1991, my early lawyering days were pre-email, pre-internet and mostly pen and paper based. Word processors were only just being introduced.

Consider how far things have moved on since then. Mobile phones, SMS, Emails, internet, websites, WhatsApp, Teams calls, Social Media.

While I may not be a guru on any of these things (friends and colleagues will be nodding at this point) I am an effective user, and my everyday working life is enabled and impacted by use of these tools which didn’t even exist when I started.

Now think about a new lawyer starting at your firm tomorrow. All of the tech I’ve mentioned is THEIR starting point. And just like my early days, there is a tech advance looming large on the horizon for them and the sector. I’m talking of course about AI. There will be thought leaders within your firms and within your advisory circles. Some of the brightest thinkers on innovation will be the new starters with their fearless adoption of new technology. However just like in my day, the best solutions will, in my view, come from harnessing the experience of all the different Gens.

Because right now, the stock phrase is “law firms need to be ready for AI”. What does that even mean? 34 years ago if someone said “Law firms need to be ready for the internet” the same lack of clarity would have been evident.

The simple fact is that the pace of change is faster, and the road ahead is just as ill-defined, but with the application of experience, enthusiasm and the seeking of appropriate guidance from real experts, a truly exciting future opens up.

34 years ago, as tech changed, it was embraced. There were hard lessons. There were painful and difficult alterations to long-established ways of working. But look at where we have all got to now. Consider where we might be in 34 more years.

As Jean-Luc Picard says- “Let’s see what’s out there”. 

For every law firm, managing money is non-negotiable. Client account reconciliations, payroll, office accounts, and more all demand accuracy, regulatory knowledge, and time. For many firms, these pressures pile up, stretching already busy teams and distracting from client work. 

Law firms of all sizes are seeing the benefits of outsourcing their finance functions to Cashroom. From high-street practices like Norman H Barnett & Co Solicitor to top 60 UK firms such as Taylor Rose, Cashroom helps legal teams focus on clients while ensuring every financial process is compliant, efficient, and expertly managed.

By combining deep legal accounting expertise with secure, efficient technology, we give firms complete peace of mind over their finances. This allows lawyers to concentrate on what they do best, and the results speak for themselves across the profession. 

Building Efficiency for a High-Street Firm 

When Norman H Barnett & Co first considered outsourcing, the idea of handing over cashiering felt like a leap. Like many high-street firms, their legal cashiering had always been handled in-house. But the burden of staying on top of reconciliations, compliance checks, office accounts, and payroll was becoming an increasing drain on the team’s time and attention. 

After hearing positive feedback from other firms who already worked with us, they decided to partner with Cashroom to manage their client accounts. Very quickly, the difference was clear. Not only were reconciliations being handled with complete accuracy and reliability, but the team also had access to expert support whenever questions arose. 

Over time, the partnership grew. Cashroom now manages the firm’s office accounts and payroll too, reducing the administrative strain on staff and ensuring that every financial process is both compliant and efficient. 

As Partner Faddy Malik explains: 

“Initially, our legal cashiering was done in-house, but after hearing the great work they do for other law firms that we know, we decided to partner with Cashroom to manage our client accounts. Their expertise, reliability, and seamless service made expanding our partnership with them an easy choice. Cashroom now manages our office accounts and payroll too, freeing us up to focus on our clients. Their professional approach and thorough understanding of the legal sector have given us peace of mind and improved efficiency across our financial operations. We are incredibly pleased with the support they offer.”

 By outsourcing to Cashroom, Norman H Barnett & Co transformed financial management from a daily challenge into a smooth, stress-free process, freeing the team to put clients first. 

Delivering Scale for a Top 60 UK Firm 

At the other end of the spectrum, Taylor Rose, one of the UK’s top 60 law firms with over 1,000 fee earners, faced a different challenge. For a firm of their size, finance isn’t just about ticking the compliance box; it’s about scale, resilience, and the ability to support rapid growth. 

Taylor Rose needed a partner who could match their pace and deliver specialist legal accounting expertise at volume. From the very first conversations, it was clear that Cashroom could meet those needs. The transition from enquiry to go-live was fast, seamless, and supported at every step by our experienced team. 

Once onboard, Taylor Rose gained the reassurance of working with robust systems designed specifically for legal finance, along with the smooth user experience of the Cashroom Portal. Our technology gave them visibility and control, while our sector knowledge provided confidence that every process, from reconciliations to reporting, was being handled correctly. 

The firm has already expanded the scope of its partnership with Cashroom, recognising the long-term strategic value of outsourcing finance functions at scale. 

As they put it: 

“As a top 60 UK law firm with over 1,000 fee earners, it was essential for us to find a finance partner capable of delivering both scale and deep legal accounting expertise. Cashroom stood out from the outset, and the journey from initial enquiry to go-live was fast, seamless, and highly professional. Cashroom has clearly demonstrated its ability to support a firm of our size. Their robust systems, strong grasp of legal compliance, and the smooth user experience of the Cashroom Portal gave us immediate confidence. We’ve been so impressed with the quality and efficiency of their service that we’ve already expanded the scope of our engagement. We’re genuinely excited about this partnership. Working with Cashroom is proving to be a smart, strategic decision that will deliver long-term value to our firm.” 

For Taylor Rose, Cashroom has proven to be far more than a service provider. It’s a strategic partner that delivers the expertise, systems, and capacity to support growth well into the future. 

A Partner for Every Firm 

These stories underline something important: whether you’re a local practice or a national player, Cashroom can support you. From efficiency to compliance with the Solicitor Regulation Authority, our services scale to fit your needs, backed by technology built for law firms and a team that lives and breathes the legal sector. 

Outsourcing your finance functions isn’t just about saving time. It’s about working smarter, protecting your firm, and creating space to grow. 

How Innovation Is Reshaping the Legal Industry

The legal industry has long been known for tradition and caution when it comes to change, but that’s no longer the case with tech adoption. Over the past decade, and especially post-pandemic, legal tech has gone from a niche curiosity to a driving force behind the transformation of legal services. 

So, what’s behind this shift, and what should law firms be paying attention to? 

Client Expectations Are Changing 

Modern clients – whether individuals or businesses – expect the same level of speed, accessibility, and transparency they get from other service providers. Legal tech tools like Clio for Clients, which offers a secure client portal for messaging and document sharing, and DocuSign, which enables e-signatures from any device, are becoming industry staples. Many firms are also integrating Calendly for easy online appointment scheduling. 

Clients want instant updates, mobile access, and simplified communication and they’re not afraid to switch providers if their expectations aren’t met. Firms that fail to adapt risk being seen as outdated or inaccessible. 

Remote Work Is Here to Stay 

The shift to hybrid or fully remote working models has pushed law firms to adopt cloud-based solutions like LEAP or Actionstep for case and document management. Platforms like Microsoft Teams and Zoom have become daily communication tools, while Net Documents and iManage are helping firms store and share sensitive documents securely in the cloud. 

While this transition has improved flexibility and scalability, it’s also exposed gaps in firms’ digital infrastructure, highlighting the need for robust tech stacks and secure remote access. 

Efficiency Through Automation 

From contract analysis to billing, automation tools are cutting down the time lawyers spend on repetitive tasks, freeing them to focus on higher-value work. Many modern firms have already adopted automation tools to streamline their workflows and improve efficiency. AI-powered legal research, smart document review, and workflow automation are no longer concepts of the future; they’re already widely used across the sector.  

On the financial side, tools like Xero and QuickBooks, especially when integrated with legal practice management systems, simplify billing, invoicing and accounting for lawyers. This not only reduces the administrative burden but also creates a more efficient, accurate, and scalable finance function. 

Cybersecurity Is a Growing Concern 

With the increased use of digital tools comes a growing risk of cyber threats. Law firms are custodians of sensitive client data, and any breach can have serious consequences. Legal tech must go hand-in-hand with strong cybersecurity practices and ongoing training. Two-factor authentication tools such as Duo Security, and endpoint protection software like Dashlane or Keeper, are becoming standard practice. 

Cybersecurity isn’t just about having the right tools. It’s about continuous employee training, secure remote access policies, and building a culture of security awareness across the firm. 

Access to Justice Is Expanding 

Perhaps one of the most exciting aspects of legal tech is its potential to bridge the justice gap. From online legal advice platforms like Rocket Lawyer to DIY legal document tools, technology is helping make legal services more accessible and affordable for those who need it most.  

Final Thoughts 

Legal tech is not about replacing lawyers. It’s about empowering them. Firms that embrace innovation will be better positioned to serve clients, retain talent, and stay competitive in today’s modern market. 

The future of law is digital. Is your firm ready? 

If you’ve ever wondered why risk assessments feel like an uphill battle in your law firm, you’re not alone. Despite being fundamental to legal practice, risk assessments remain one of the most challenging aspects of compliance for many firms. So what’s making it so difficult?

The Triple Challenge

The problem isn’t just one thing – it’s a perfect storm of three interconnected issues that create a compliance nightmare.

The Policy Gap sits at the heart of the matter. While compliance policies tell law firms what they should do to assess client and matter risk, they fail to define clear digital processes or measurable outcomes. It’s like being given a destination without a map.

Tick Box Culture compounds this problem. The SRA demands that assessments are completed systematically with a holistic view of risk, yet provides tick-box templates that drive offline, non-digital practices. This creates a disconnect between the regulator’s expectations and the tools they provide.

The Frankenstein Tech-Stack completes the trilogy of challenges. Most law firms rely on multiple applications built on legacy technology, with disconnected processes and unstructured data that make it nearly impossible to join the dots and see the bigger picture.

A Fundamental Misunderstanding

Perhaps we need to rethink what we mean by ‘Risk Assessment’ entirely. The term doesn’t fully capture the broader strategic value this thinking brings to a business. The real challenge lies in translating risk insights into practical, actionable behaviours for lawyers.

The Technology Evolution Gap

The legal tech landscape has evolved dramatically. In 2020, biometrics became more accessible for validating identity without office visits. Between 2020-25, open banking adoption soared, providing stronger data and deeper context for source of funds verification. March 2021 saw HMLR pushing law firms toward NFC-enabled apps for passport validation through Safe Harbour requirements.

Yet despite these technological advances, risk assessment processes largely remained static. Simply throwing AML tech at the problem won’t fix the underlying issues.

Beyond Checklists: Driving Robust Judgments

Risk assessments should be opportunities for lawyers to apply commercial, ethical, and strategic judgment – not just compliance exercises. When done properly, they:

• Support the trusted adviser role – clients expect more than just legal accuracy
• Strengthen firm reputation – consistent, well-judged risk calls build credibility and trust
• Enable strategic decision-making – robust judgments help clients make informed decisions
• Drive internal consistency – principled judgment across the firm ensures a consistent, risk-aware culture

Making It Audit-Ready

The ultimate test isn’t just completing the assessment – it’s being able to recreate your thinking when the SRA asks questions later. This requires a simple but effective approach: say what you do, do what you say, and record everything properly.

Best Practice Recommendations

To transform your risk assessment process, focus on six key areas: give teams instant access to risk policies, update policies promptly to meet regulatory changes, ensure training reflects your specific policies, work with trusted data and technology providers, move from reactive to proactive approaches, and create a single source of truth for risk assessment results.

Risk assessments don’t have to be the compliance headache they’ve become. With the right approach, technology, and mindset, they can become powerful tools for strategic decision-making and client service excellence.

Forsyte specialises in transforming compliance from a cost centre into a strategic asset, helping law firms digitise and streamline their risk assessment workflows before inefficiencies become real risks.

In the legal sector, the handling of client money is governed by stringent regulations, reflecting its importance. Whether managed internally or through an outsourced provider, ensuring the utmost protection and compliance is non-negotiable.  

While numerous outsourced providers and consultants claim expertise in legal accounting, it’s crucial to verify their credentials and experience to ensure they meet the specific needs of your firm. Before delegating this critical responsibility, consider the following five questions to safeguard your firm’s accounting and your clients’ trust. 

1. How is client data being protected?

Cyber threats are increasingly sophisticated, protecting client data is paramount. Your provider should implement robust cybersecurity measures, including advanced encryption protocols, multi-factor authentication, and secure data storage solutions. Regular security audits and staff training on data protection are also essential to mitigate risks. Additionally, compliance with data protection regulations, such as the GDPR, should be a standard practice, ensuring that client information is handled with the highest level of confidentiality and integrity. 

2. Do they understand the Accounts Rules?

Solicitors Regulation Authority and Law Society of Scotland Accounts Rules are comprehensive and specific to law firms. Compliance is not optional; it’s a fundamental requirement. Your provider must demonstrate a deep understanding of these rules, including the proper segregation of client funds, timely reconciliations, and accurate record-keeping. Familiarity with recent amendments is crucial. An adept provider will not only ensure compliance but also proactively advise on best practices to maintain financial integrity. 

3. Do they offer transparency and reporting?

Transparency in financial transactions is not just a best practice, it’s a necessity. Clients entrust law firms with their funds, expecting meticulous handling and clear accountability. Your financial service provider or in-house team must offer comprehensive reporting tools that grant real-time access to financial data, including transaction histories, account balances, and reconciliation reports. 

A user-friendly portal, such as the one we utilise at Cashroom, facilitates easy monitoring and auditing, significantly enhancing your firm’s financial oversight. This level of accessibility ensures that you can promptly identify and address any discrepancies, maintain accurate records, and uphold the highest standards of financial integrity. 

Moreover, the ability to generate customised reports tailored to your firm’s specific needs is a hallmark of a provider committed to transparency. Whether it’s tracking client account activities, monitoring compliance or preparing for audits, having detailed and customisable reporting capabilities is invaluable. By partnering with a provider that prioritises transparency and offers robust reporting solutions, your firm can build stronger client relationships, ensure compliance, and operate with greater confidence and efficiency. 

4. Who’s actually managing your finances?

Understanding who handles your financial operations is essential. Enquire about the qualifications and experience of the team members assigned to your account. Are they qualified legal cashiers with a track record in legal finance? Do they receive ongoing training to stay abreast of regulatory changes? A reputable provider will be transparent about their team’s credentials and will ensure that your finances are managed by competent professionals who understand the nuances of legal accounting. 

5. What happens if something goes wrong?

Whether it’s a human error or a cyber incident, there should be clear contingency plans, communication protocols, and professional indemnity cover. Despite the best precautions, errors or unforeseen incidents can occur. It’s imperative to know your provider’s contingency plans. Do they have protocols for addressing discrepancies or breaches? Is there a clear communication strategy to inform your firm promptly? Additionally, verify that they carry adequate professional indemnity insurance to cover potential liabilities. Understanding their approach to risk management and issue resolution will give you confidence in their ability to handle adverse situations effectively. 

Anything else? 

This list is not exhaustive and while these are 5 key questions there are others you should ask when evaluating an outsourced provider including, cost structure and transparency, are there hidden fees and do they offer flexible pricing models?  Can they provide references from other law firms like yours that they work with? Is there a structured onboarding process? Do they have a service level agreement? By delving into these additional areas, cost transparency, client references, onboarding procedures, and service level agreements, you equip your firm with a robust framework to evaluate potential outsourced legal accounting providers thoroughly. This comprehensive approach not only mitigates risks but also promotes a partnership that aligns with your firm’s objectives and standards. 

Why Choose Cashroom? 

At Cashroom, we specialise in providing outsourced legal cashiering and accounting services tailored to the unique needs of law firms. With over 15 years of experience and a team of over 140 specialists, we manage the finance functions for more than 300 law firms across the UK. Our services encompass legal bookkeeping, credit control, payroll, and process review projects, all delivered through our secure Cashroom Portal. As the UK’s leading outsourced legal accounting supplier, we are committed to upholding the highest standards of compliance and efficiency. 

Our team comprises qualified legal cashiers who are well-versed in the Accounts Rules. We provide real-time reporting, ensuring transparency and allowing you to make informed decisions promptly. In the event of any issues, our robust contingency plans, comprehensive insurance coverage and cyber essentials plus accreditation ensure that your firm is protected. 

Entrusting your client money to a provider is a significant decision. By asking these critical questions and choosing a partner like Cashroom, you can ensure that your firm’s financial operations are in safe and capable hands. 

A virtuous circle is defined as

‘a chain of events in which one desirable occurrence leads to another which further promotes the first occurrence and so on resulting in a continuous process of improvement’

If you are responsible for the successful operation of a growing private client team and you currently proactively engage your existing clients, you probably have a virtuous circle.

If you do not currently engage them, please read on, this piece may stimulate some ideas

Existing Private Clients

Your existing clients have engaged your firm because they were motivated to take control of their affairs. You helped them with whatever technical requirements they had. Both parties to the transaction created a desirable outcome – they were in control of the situation.

But, then what happens?

The client’s life moves on and their situation changes. Many of your clients are in one of two states:

• Procrastination: they understand they should make changes but have not got around to it
• Ignorance: they have no idea that they should update their affairs in order to regain control

They no longer have the control they sought from engaging with you.

Your Firm

Undoubtedly provides an excellent service when helping your clients to take control of their affairs.

But, then what happens?

Your fee earners move on, servicing more clients and generating fees. Inevitably they are too busy to dedicate time to anything beyond their primary objective. In the absence of a support function there is an inevitable outcome:

• Relationships between the parties elongate and sometimes snap.
• Information held on existing clients becomes outdated. Its value degrades quickly

The control that the firm would like over their existing clients is no longer there

Vicious Cycle rather than Virtuous Circle

The loss of control experienced by both client and firm is the opposite of a virtuous circle. It’s a vicious cycle:

• Clients are vulnerable
• Partners and fee earners are working hard to secure, on board and service ever more new clients
• The value of a firm’s existing clients is diminishing.
• Existing clients are not being served

From the high point, desirable outcome, the vicious cycle leads those same parties to a point where they are both losers

Breaking the Cycle

As that famous Mr Einstein explained about the definition of insanity, something must be changed.

We suggest:

1. That firms have a duty to their existing clients to ensure they are not ignorant of the impact of change. Firms can and should provide simple to understand, engaging and informative communications on a regular basis
2. Clients need to be stimulated out of procrastination. It can be argued that the firm should take responsibility to do this as it is highly likely to result in additional fee income
3. Taking proactive action to do point 1 and 2 ensures that the client relationship strengthens
4. And that, as a result of these actions, the asset value of the client willbank is enhanced

This, many of you will agree, is fine in theory. How can this virtuous circle be made to happen?

The key for most firms is investment in the resources needed to allow fee earners to maximise time on their primary outcome – seeing as many clients as possible. Those resources must have the skills and experience needed to proactively engage the existing clients. These include:

• Getting and keeping information updated over time
• Designing and delivering innovative and informative content that generates action
• Breaking through client procrastination

If done correctly the investment will yield compelling returns from a financial perspective. It will help the firm to stand out for the quality of its service and it will replace a vicious cycle with a virtuous circle.

Again, you may say, fine in theory. In practice are these resources best brought in house or could they be outsourced?

WBT provides a distinctive outsourced model where we work on the firm’s behalf. We deploy a combination of technology and good, old fashioned, customer oriented humans to proactively engage high priority existing clients.

We adopt the firm’s tone when communicating and ensure that the firm stays in control of both its data and the rate that new work is generated from existing clients. Our model ensures you generate tangible returns from your existing clients from the start of our engagement.

Client account reconciliation is one of the most important compliance responsibilities for law firms in England and Wales. Ensuring that client money is correctly handled, recorded, and reconciled in line with the Solicitors Regulation Authority (SRA) Accounts Rules is critical to maintaining trust and avoiding regulatory breaches. 

But what exactly do the SRA rules require when it comes to reconciling your client account?

What Is a Client Account Reconciliation? 

Client account reconciliation is the process of comparing the balance in your firm’s client account records with the balance shown in your bank statement and identifying and resolving any discrepancies. This ensures that all client money is accounted for and accurately recorded. 

For law firms, this is not just a best practice, it’s a regulatory requirement under the SRA Accounts Rules 2019. 

What Do the SRA Accounts Rules Say? 

Under Rule 8.3 of the SRA Accounts Rules, law firms are required to:

“You complete at least every five weeks, for all client accounts held or operated by you, a reconciliation of the bank or building society statement balance with the cash book balance and the client ledger total, a record of which must be signed off by the COFA or a manager of the firm. You should promptly investigate and resolve any differences shown by the reconciliation.” 

In practice, this means that your firm must: 

• Reconcile all client bank accounts (including general and designated client accounts) 

• Record who prepared and reviewed the reconciliation 

• Retain reconciliation records for at least six years 

The rules don’t prescribe the exact format, but they do make it clear that reconciling your records regularly and accurately is not optional. 

Why Client Account Reconciliation Matters 

Client account reconciliations are one of the most common areas for SRA audits and investigations. Failure to comply with the rules can result in: 

• Regulatory sanctions 

• Damage to your firm’s reputation 

• Increased risk of fraud or error 

• Serious breaches of client trust 

Regular reconciliations also give firms better visibility of client funds and cash flow, helping you to spot issues early and maintain good financial health. 

Common Challenges for Law Firms 

Many firms struggle with: 

• Keeping on top of reconciliations when managing multiple client ledgers 

• Lack of internal resources or oversight 

• Errors in manual processes 

• Falling behind during periods of high workload 

At Cashroom, we see these challenges daily and we’re here to help firms stay compliant, efficient, and stress-free. 

How Cashroom Can Help 

We support hundreds of law firms across the UK with fully outsourced legal cashiering and compliance services, including: 

• Accurate, on-time client account reconciliations 

• Real-time reporting and oversight 

• Compliance with all SRA Accounts Rules 

• Integration with leading legal software platforms like LEAP, Clio, and Actionstep 

• Support from qualified legal finance professionals 

By outsourcing your legal cashiering, you reduce risk, free up time, and ensure your firm always meets its regulatory obligations. 

Understanding and following the SRA rules for client account reconciliation is vital for any law firm. If you’re struggling to keep up or simply want peace of mind, Cashroom can give you the expert support you need. 

Need help staying compliant with the SRA Accounts Rules? 

Get in touch with Cashroom today to find out how our expert team can support your firm. 

In Scotland, client account reconciliation is a key regulatory requirement for solicitors and an essential part of running a compliant and well-managed law firm. Firms must ensure that all client funds are correctly recorded and reconciled in accordance with the Law Society of Scotland’s Accounts Rules. 

Failing to comply can lead to serious consequences but what exactly is required when it comes to reconciling your client accounts? 

What Is a Client Account Reconciliation? 

A client account reconciliation is the process of comparing the balances shown on your firm’s client bank account, cashbook, and client ledger to ensure that they match and that all transactions are accounted for accurately. 

Regular reconciliations are vital to ensure client funds are safeguarded and properly managed and is a mandatory part of complying with the Law Society of Scotland’s Accounts Rules. 

What Do the Law Society of Scotland Rules Require? 

The Solicitors (Scotland) Accounts Rules set out clear expectations for the management of client money. When it comes to reconciliations, firms must prepare a full reconciliation of client bank accounts at least once every five weeks, as well as ensuring it includes: 

• The cashbook balance 

• The total of the client ledger balances 

• The balance on the client bank account 

• Document who completed and reviewed the reconciliation 

• Retain all reconciliation records for at least 10 years 

• Be able to produce reconciliation records on demand during a routine inspection or investigation 

Why Regular Reconciliation Matters 

Regular reconciliations are essential not just for compliance, but for good practice. They help law firms: 

• Prevent and detect errors, fraud, or mis-postings 

• Maintain client trust and professional standards 

• Be fully prepared for Law Society inspections 

• Improve cash flow visibility and financial oversight 

Firms that fall behind on reconciliations or rely on outdated manual processes increase their risk, both financially and reputationally. 

Common Challenges for Scottish Firms 

Many Scottish firms, especially smaller or high-volume practices, tell us they struggle with: 

• Managing multiple client ledgers 

• Staying up to date with regulatory changes 

• Lack of in-house cashiering resource or expertise 

• Balancing reconciliations with a busy caseload 

At Cashroom, we specialise in helping law firms stay on top of these tasks, ensuring full compliance with Law Society of Scotland Account Rules. 

How Cashroom Supports Scottish Firms 

We understand the rules and regulations and work with law firms across Scotland to provide fully outsourced legal cashiering and compliance support, including: 

• Timely, accurate client account reconciliations 

• Full compliance with the Law Society of Scotland Accounts Rules 

• Qualified legal finance experts handling all reconciliations 

• Seamless integration with Denovo, LawWare and ALB 

• Real-time oversight and access to reporting via our secure portal 

Whether you’re looking to reduce risk, save time, or simply get peace of mind, we’re here to help. 

If you’re a law firm handling client funds, regular reconciliations aren’t just good practice, they’re essential for compliance. With expert support from Cashroom, you can make sure your reconciliations are accurate, timely, and fully compliant with the Law Society’s expectations. 

Need help with your reconciliations or wider cashiering function? 

Get in touch with Cashroom today to find out how our expert team can support your firm. 

Maintaining healthy cash flow is essential for law firms of all sizes. While delivering excellent legal services remains the top priority, efficiently managing finances plays a crucial role in the smooth operation and growth of a firm. One of the most effective ways to improve cash flow is through smarter credit control, a strategy that ensures clients pay on time and reduces the risk of bad debts. 

Why Credit Control Matters for Law Firms 

Legal services often involve complex billing arrangements, sometimes with extended payment terms. This can lead to delays in payments, which directly impacts cash flow. Without a robust credit control system, law firms may face late payments, unpredictable revenue, and increased administrative costs chasing debts. 

Good credit control not only protects your firm’s finances but also enhances client relationships by setting clear expectations about payments and avoiding surprises. 

Strategies for Smarter Credit Control 

1. Clear Client Agreements and Payment Terms

Clarity from the outset is key. Ensure all clients receive agreements outlining payment terms, invoicing schedules, and consequences for late payment. When clients understand expectations, they’re more likely to pay on time. 

2. Automate Invoicing and Payment Reminders

Manual invoicing and follow-ups can be time-consuming and prone to error. Utilising legal practice management software that automates invoicing and sends payment reminders helps keep payments on track while reducing administrative effort.  According to the Charted Institute of Credit Management,17% of cases of late payment occurred because invoices aren’t chased. 

3. Offer Multiple Payment Options

Providing clients with various payment methods such as online payments, direct debit, or credit card, makes it easier and faster for them to pay, accelerating cash inflow. 

4. Monitor Credit Risk Before Taking on Work

Conducting credit checks or setting credit limits can prevent payment issues before they arise. For higher-risk clients, consider upfront deposits or staged payments. 

5. Regularly Review Outstanding Accounts

Keep a close eye on aging invoices and act promptly on overdue accounts. Early intervention improves the chances of recovering payments and prevents debts from escalating. 

6. Communicate Professionally and Promptly

Maintaining professionalism when chasing payments is essential. Friendly yet firm reminders combined with clear communication help preserve client goodwill while reinforcing the importance of timely payment.  

How Outsourcing to The Cashroom Can Help 

Outsourcing credit control to specialists like Cashroom can transform your firm’s cash flow management. Our automated credit control service is designed specifically for law firms. With a user-friendly dashboard providing a complete overview of your firm’s invoices and outstanding payments, your staff can focus on delivering legal services while Cashroom helps improve cash flow, reduce debt risk, and streamline collections. 

Use Technology to Streamline Credit Control 

Modern legal technology streamlines credit control processes. Integrated client portals enable clients to view invoices, check payment statuses, and make secure payments online. This transparency reduces disputes and accelerates payment. 

Data insights from payment patterns also help firms identify any holdups and optimise credit control strategies for better financial outcomes. 

The Bottom Line 

Adopting smarter credit control practices, supported by expert outsourcing partners like Cashroom, can significantly boost cash flow, reduce administrative burdens, and enhance client satisfaction. Building an efficient system for managing payments supports your firm’s financial stability and long-term success. 

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 the 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