As 2025 draws to a close, many law firms are reviewing their performance, planning for the year ahead, and trying to make sense of the numbers behind their business. While annual accounts and compliance reports are essential, the real strategic value lies in management accounts. 

Management accounts provide a clear and timely picture of a firm’s financial position, including income, expenditure, cashflow, profitability, and key performance trends. Their true value comes from how firms use that information. 

When produced regularly and interpreted correctly, management accounts help firms: 

• Identify which departments or services are driving profit and which are not. For example, a firm might discover that litigation generates 60% of revenue but consumes 80% of staff hours, whereas conveyancing is highly profitable with less resource strain. This insight allows leadership to reallocate resources and focus on higher-margin services 
• Track billing patterns and anticipate cashflow gaps. By spotting seasonal slowdowns in corporate work, firms can plan temporary staffing adjustments or try client promotion marketing campaigns to smooth cashflow. 
• Spot opportunities for investment or expansion. Management accounts can reveal areas where a firm could grow or invest strategically. For example, a firm might notice that its family law department consistently exceeds revenue targets with minimal additional costs. This insight could prompt investment in hiring more specialists, expanding marketing in that area, or opening a new office to meet growing client demand. 
• Benchmark performance across teams, clients, or offices. By benchmarking revenue and profitability per office, a firm might find that one branch is underperforming due to staff inefficiencies, while another is highly profitable. Leadership can then implement targeted training, reallocate resources or adopt best practices from the high performing office.  

Instead of waiting until year-end to review performance, firms can make data-driven decisions every month, reducing risk and improving long-term stability. 

A simple breakdown of revenue, cost and profit per department can reveal where your firm is most effective. From this example, you can see that although litigation generates higher revenue, conveyancing delivers a higher profit margin. Insights like this help firms decide where to allocate resources, focus growth efforts, or invest in expansion.  

Preparing for 2026 with Confidence 

The end of the year is the perfect time to reflect on performance and plan for the future. Management accounts act as a roadmap, showing where the business has been, where it stands now, and where it is heading. 

With the right insights, firms can: 

• Set accurate budgets and growth targets for 2026 

• Adjust resources to meet demand more effectively 

• Identify and address inefficiencies before they become bigger problems 

• Strengthen compliance and financial governance 

In a challenging market, this level of visibility is essential. 

Beyond Compliance: Strategic Clarity 

Financial reporting is often treated as a tick-box exercise. Management accounts go beyond compliance by connecting performance metrics with real-world outcomes. They help leaders understand not just what happened but why it happened. 

This shift from reactive to proactive decision-making is what separates good firms from great ones. 

How Cashroom Helps 

Cashroom works with hundreds of law firms across the UK, producing clear, consistent, and insightful management accounts that empower better decision making. Using our secure Portal and expert legal finance team, firms gain: 

• Access to real-time financial data, allowing leaders to respond quickly to trends  

• Tailored reports highlighting key metrics such as profitability per department 

• Expert guidance from specialists who understand both numbers and regulations 

Whether it is improving profitability, forecasting growth, or maintaining compliance, Cashroom help firms transform financial information into actionable business intelligence, giving law firms the confidence to plan, invest and grow strategically.  

A Clearer View Ahead 

As you prepare for 2026, it is important to look beyond your year-end figures. Management accounts tell a story, and with the right insights, that story can be one of progress, profitability, and strategic success. 

With accurate data, actionable analysis and expert guidance, firms can approach the year ahead with confidence and clarity. 

Turning Uncertainty into Opportunity with Emerging Technologies

Trust is the foundation of any legal relationship. Clients don’t just hand over money, they’re placing their confidence in the firm to manage it responsibly. While compliance, rules, and procedures are critical, the psychological side of client money management is often overlooked. 

This blog explores why trust matters, how law firms can build it, and how partners like Cashroom help ensure that clients feel secure, informed, and confident throughout every transaction. 

Why Trust Matters in Client Money Management 

• Money is emotional: clients feel anxiety around handing over funds for conveyancing, property, or private client matters. 

• Trust affects client retention and reputation: firms perceived as careless with money risk losing clients and referrals. 

• Small errors can erode confidence: even minor mistakes in transactions can feel huge from the client perspective. 

Beyond Compliance: Making Clients Feel Secure 

Meeting regulatory requirements is critical, but it’s only part of the picture. A firm can be fully compliant yet still leave clients feeling uncertain if processes are opaque or communication is lacking. Clear explanations, timely updates, and visible safeguards help clients feel in control, reassured that their money is being managed safely. Transparency isn’t just a regulatory requirement, it’s a trust-building tool. 

How Law Firms Can Adopt Trust 

So, how can law firms actively build confidence around client funds? The key is visibility and consistency. Stable teams, reliable processes, and secure systems like audit trails and client portals, make clients feel informed and in control. Proactive updates and clear communication ensure clients aren’t left wondering about the status of their transactions. 

Cashroom’s Role in Building Client Confidence 

• Expert teams: dedicated cashiers and accountants who understand both compliance and client expectations. 

• Transparent technology: secure portals, Confirmation of Payee, and real-time reporting to make client money visible and traceable. 

• Stress-free experience: by handling complex financial processes efficiently, firms can focus on client service, leaving clients confident their money is safe. 

Final Thoughts 

Client money management is not just a legal obligation, it’s a trust-building exercise. How a firm handles funds speaks volumes about its values, attention to detail, and overall approach to service. Even small errors, delays, or a lack of transparency can undermine confidence, creating stress and damaging relationships that took years to build. 

On the other hand, firms that prioritise transparency, consistency, and proactive communication earn trust and signal to clients that their money is safe, that processes are robust, and that every transaction is treated with care. This confidence translates into stronger client loyalty, better referrals, and a reputational advantage that goes far beyond financial management alone. 

At Cashroom, we partner with law firms to make trust tangible. Through our dedicated teams, secure technology, and transparent processes, we help firms manage client money accurately, efficiently, and visibly. The result? Law firms can focus on delivering excellent legal service while clients feel reassured that their funds are in safe hands. 

By embedding transparency, reliability, and clear communication into every financial interaction, law firms turn what could be a source of anxiety into a competitive advantage. With Cashroom, compliance and efficiency become a platform for confidence, allowing firms to build stronger client relationships, protect their reputation and succeed.  

Halloween should be all about pumpkins on the doorstep, kids in costumes, and the odd fright when you realise you’ve answered the door with no sweets left. What it shouldn’t be is the horror story of choosing the wrong outsourced legal cashiering provider. Unfortunately, for some firms, that “cheap” option turns out to be a nightmare far worse than facing disappointed trick-or-treaters. 

At Cashroom, we hear too many stories from firms who’ve been tricked into thinking they’ve found a bargain, only to find the true cost lurking in the shadows, then they come to Cashroom for help. Here’s what can happen when the wrong provider knocks on your door. 

A Price Hike Disguised as a Treat 
What began as a reasonable fixed fee quickly turned into a nasty shock; fees hiked by more than 30%, despite a contract stating otherwise, no notice and no explanation. No discussion, no negotiation, just a trick that left the firm trapped. 

At Cashroom, our pricing is transparent. No nasty surprises, no hidden clauses, just clarity and fairness. We review annually and will discuss our pricing openly with every client. 

The Disappearing Cashier Act 
With the cheaper option, consistency vanished like a ghost in the night. Multiple cashiers rotated in and out, mistakes crept in, and relationships never had a chance to build. Cashroom clients get a dedicated, stable team who know your firm inside out, always reliable, always there when you need us. We also provide our own secure portal with a clear, visible audit trail, so you can see exactly what’s happening and when. No confusion, no surprises. Unlike other providers still relying on outdated and highly risk-prone email communication, we deliver a modern, transparent, and safe service you can trust.  

Double-Counting: The Zombie Bill That Wouldn’t Die 
Another fright came from double-charging. Transactions were counted twice across synced systems, artificially inflating the bill. Suddenly the “cheap” option wasn’t so cheap after all. 

Cashroom’s billing is simple, fair, and transparent – no zombie charges clawing their way back onto your invoice. 

A Chaotic Handover: The Final Jump Scare 
When the firm tried to escape, the handover was rushed and botched, leaving accounts in a mess. Their accountants had to swoop in at the last minute to salvage the situation and of course there was a high charge for this. At Cashroom, transitions are smooth and professional, ensuring your financial data is safe and secure. 

Don’t Let the Wrong Choice Haunt You 
The lesson is clear: the cheapest option can turn out to be the costliest. Poor service, unfair billing, and broken promises don’t just waste money, they waste time and peace of mind. 

This Halloween, the only scary thing should be forgetting where you hid the sweets and hearing the doorbell ring. Don’t let a poor provider haunt your firm. With Cashroom, you get more than value. You get confidence, clarity, and the backing of an experienced team that’s always on your side. 

Contact us today and discover the Cashroom difference – no tricks, just treats.  

We’re delighted to announce that Alex Holt has been shortlisted for Business Development Professional of the Year at the LEAP Modern Law Conveyancing Awards 2025! 

Alex’s dedication, expertise, and genuine commitment to client success have been instrumental in strengthening Cashroom’s relationships, expanding our client base, and supporting law firms across the UK.
This nomination is a well-deserved recognition of the energy and impact Alex brings every day – congratulations, Alex! 

Promotions Across the Team 

We’re also proud to celebrate several well-earned promotions within our team: 

• Kendra Bryant, Teresa Wilson, and Stephen Ellison have been promoted to Senior Manager, recognising their continued leadership in overseeing client portfolios and ensuring law firms receive expert guidance and exceptional service. 

• In our finance leadership team, Laura Todd and Allan Gallacher take on new responsibilities as Finance Managers, further strengthening our financial operations and client support. 

• And we’re pleased to announce Derek Twaddle has been appointed Head of Finance, leading our internal accounts team and ensuring a strong and sustainable financial foundation for the business. 

Each of these promotions reflects the outstanding talent, dedication, and professionalism that make Cashroom such a great place to work and grow. 

Building Careers at Cashroom 

We’re committed to helping every member of our team reach their full potential. Through initiatives like the Cashroom Academy, mentoring programmes, and professional qualification support, we continue to invest in the development of our people – ensuring that exceptional talent is recognised, nurtured, and celebrated. 

We’re incredibly proud of Alex, Kendra, Teresa, Stephen, Laura, Allan, and Derek, and excited to see the continued positive impact they’ll make – for our clients, our colleagues, and the future of The Cashroom. 

The Solicitors Regulation Authority’s recent decision to delay immediate changes to client account arrangements is a significant moment for law firm finance leaders. Although the regulator has stepped back from sweeping reforms following its extensive consultation that generated over 450 responses, the highest engagement in SRA history, the underlying message remains clear: transformation is inevitable.

The SRA’s consultation response explicitly acknowledged “there is a strong case to properly explore the long-term transformation of the model of holding client money.” However, immediately following the consultation, the regulator’s focus will be how to better protect and safeguard client money under the current system. Most, if not all, firms will be satisfied with this outcome, but I suspect will not be overly excited by the SRA’s new focus, because safeguarding client money is nothing new for prudent firms. In well-run practices, security of client funds has always been the top priority when choosing a bank or managing client accounts, far outweighing any pursuit of higher interest or convenience.

For finance leaders and the banks that support them, this creates both breathing space and a time incentive to prepare strategically for eventual change.

The Strategic Implications of Regulatory Uncertainty

The consultation’s postponement doesn’t signal abandonment of reform ambitions. Rather, the SRA has committed to returning to the “longer-term question of solicitors holding client money” after implementing enhanced safeguards. This phased approach creates a unique strategic opportunity for forward-thinking firms to position themselves advantageously while competitors remain reactive.
The financial implications are substantial. Currently, three-quarters of regulated firms hold client money, with many generating meaningful revenue from interest differentials. Interest rates on client accounts vary dramatically between providers—with some firms earning gross rates north of the BoE base rate, while paying clients a relatively small fraction. This approach and income stream faces existential uncertainty.

Scenario Planning for Alternative Arrangements

Progressive finance leaders should be developing comprehensive scenario analyses around three potential outcomes: enhanced oversight with retained client accounts, adoption of Third-Party Managed Accounts (TPMAs), and hybrid models combining traditional and alternative arrangements.

Under enhanced oversight scenarios, firms should anticipate stricter compliance requirements, including more frequent accountant reports, enhanced cybersecurity mandates, and prescriptive timeframes for returning residual balances. The current consultation suggests a 12-week deadline for returning client funds post-completion.

The TPMA scenario presents more fundamental operational changes. These FCA -regulated providers offer outsourced client money management, removing regulatory exposure in theory while potentially increasing transaction costs. Early analysis suggests TPMA costs range from subscription-based models to per-transaction fees, requiring detailed financial modelling against current client account income.

Positioning for Competitive Advantage

Finance leaders who view this regulatory uncertainty as opportunity rather than threat can create significant competitive advantages. Firms that remain open minded about the possible permutations and proactively develop expertise in those scenarios will be better positioned when regulatory changes eventually materialise.

Form a banking perspective, this regulatory uncertainty creates strategic opportunities for banks to differentiate their offerings to legal sector clients. Forward-thinking banks are already developing sophisticated solutions that address both current compliance requirements and potential future changes.

Strategic Recommendations

The immediate priority is developing regulatory scenario planning that quantifies the financial impact of each potential outcome. This requires detailed analysis of current client account profitability, including hidden administrative costs.

Finance leaders should also be building strategic banking relationships with providers offering forward-looking solutions rather than just competitive interest rates. The banks that will add most value are those that can provide, enhanced protection of clients’ funds, those that have an ethos of investing in technology infrastructure and service capabilities that adapt to changing requirements.

The SRA’s decision to postpone immediate action provides valuable time for strategic preparation. Finance leaders who use this period to build capabilities, develop partnerships, and create operational flexibility will emerge stronger regardless of the eventual regulatory outcome. The question isn’t whether change will come, but whether your firm will lead with initiative or take a reactive approach when it does.

This blog is inspired by the recent webinar from Law Firm Ambition, titled “Effective Performance Metrics,” and reflects key insights on how law firms can use KPIs to drive both operational and strategic success. 

Setting effective Key Performance Indicators (KPIs) is critical for law firms striving to improve both operational efficiency and long-term strategy. But it’s not just about putting numbers on a page. KPIs need to be contextual, targeted, and actionable to truly drive performance. 

The Importance of Context 

KPIs must be set in line with your firm’s vision and strategy. One of the biggest mistakes businesses make is updating their vision without adapting the strategy, or worse, keeping KPIs the same despite strategic shifts. This often results in misalignment and missed opportunities. KPIs should be designed to drive positive change, be SMART (Specific, Measurable, Achievable, Relevant, Time-bound), and introduced at the right level of the business. Every team member needs to understand what they are responsible for and how it contributes to the overall success of the firm. When everyone knows what they need to achieve, the firm’s objectives become a collective effort rather than a siloed activity. 

Operational vs Strategic KPIs 

Law firms are becoming more strategic than they were five to ten years ago by using tools like Power BI and Katchr to monitor performance. However, in a poll conducted by Law Firm Ambition during a recent webinar of around 200 lawyers, it indicated that many firms still have work to do. When asked how well their KPIs drive operational performance, 12% said poor, 51% said okay, 30% said good, and only 5% said excellent.  

Strategically, 14% of respondents focus solely on short-term goals, 58% a bit, 23% quite a lot, and just 5% focus on long-term success. Firms in the first two categories have an opportunity to strengthen their KPI approach by documenting, aligning with strategy, and regularly reviewing them, they can ensure the right conversations are happening across the business. 

Common Pitfalls 

There are several common pitfalls with KPIs. Poor data quality can lead to unreliable insights, while “watermelon KPIs” give the illusion of success by appearing green on the outside while the real problems are red underneath, giving a false sense of security. Having too many KPIs can also create confusion rather than clarity, and metrics that are no longer relevant, such as traditional chargeable hours which may not reflect the realities of modern legal work with AI tools. To be effective, KPIs need to be limited in number, clearly understood, and actionable at every level of the firm. 

Key Drivers of Success 

Effective KPIs reflect the core drivers of law firm success. Reputation and trust underpin client retention and referrals. Strategic leadership ensures everyone understands the mission and direction. Financial health and cash flow management are essential. Profits alone aren’t enough, as many high-profile firms have struggled due to cash flow issues. Operational effectiveness drives financial performance, while talent management ensures legal, non-legal, and AI-capable staff perform in harmony. Finally, adaptability is critical, KPIs must allow firms to pivot in response to changes in the market. 

Non-Financial KPIs 

While financial metrics remain vital, non-financial measures are equally important. Many firms focus heavily on finance, with 59% of KPIs tracking less than 10% on clients and other non-financial areas.  

Metrics such as client satisfaction (NPS), staff engagement, quality and compliance, technology adoption, cross-selling, and brand awareness are critical. Firms that prioritise these areas are better positioned to retain clients, maintain happy staff, and ensure long-term sustainability. 

Making KPIs Work 

For KPIs to truly drive performance, the right data must be shared across the firm. Operational processes, client lifecycle management, and cash flow monitoring need to be part of everyday reporting. Visual tools, such as traffic-light schemes and leadership scoring, can make progress visible and actionable. Integrating KPIs into appraisals and reward systems ensures accountability and encourages consistent improvement. Modern AI tools can summarise data and provide actionable insights, helping firms make informed decisions and drive meaningful change. 

Final Thoughts 

KPIs should not just measure performance. They should drive the business forward, improve client satisfaction, enhance staff engagement, and ensure strategic readiness for the future. By balancing financial and non-financial measures, keeping KPIs simple, and making sure everyone understands them, law firms can create a culture of accountability, continuous improvement, and long-term success. 

This blog is inspired by the recent webinar from Law Firm Ambition, titled “Effective Performance Metrics,” and reflects key insights on how law firms can use KPIs to drive both operational and strategic success. We would like to give a special thanks to the host Andy Poole and panel Alexandra Hatchman, Andy Harris and Martin Page for sharing their expertise and insights. 

Register here for the next Law Firm Ambition webinar “Law Firm of Tomorrow: A Strategic Overview of Legal Technology” taking place 25th November

Managing client money is one of the most important and highly regulated responsibilities for law firms. That’s why more law firms in the UK and Scotland choose Cashroom for outsourced accounting services for law firms. From legal cashiering and payroll for law firms to management accounts, we deliver finance solutions designed specifically for the legal sector, combining deep expertise with innovative technology. 

Specialists in Legal Finance for Law Firms 

Cashroom is the leading specialist in outsourced accounting for law firms. As an approved supplier of the Law Society of Scotland and preferred supplier for LawNet, our experienced team works remotely as an extension of your firm. With experienced Charted Accountants and SOLAS cashiers, we provide a reliable, cost-effective service without compromising on compliance or quality. 

Find us on the Law Society of Scotland website 

Seamless Practice Management System (PMS) Integrations 

Our platform integrates with a wide range of Practice Management Systems (PMS), giving law firms real-time visibility of client matters through the Cashroom Portal. This streamlines workflows, improves productivity, and ensures compliance while reducing the administrative burden on your team. 

Pioneering Legal Finance Innovation 

We were the first non-bank  provider to introduce Confirmation of Payee and Open Banking to the legal sector. These innovations have transformed how law firms process payments, improving security, efficiency, and accuracy in managing client funds. 

Why Law Firms Trust Cashroom 

Firms trust Cashroom because we combine sector-specific expertise, innovative technology, and exceptional client service. We help law firms stay compliant, operate more efficiently, and focus on growth – all while ensuring client funds are handled securely. 

See How We Help Law Firms Succeed 

Want to see the impact Cashroom can have on your firm? Explore our case studies to read real examples of how we’ve helped UK and Scottish law firms streamline finance, stay compliant, and focus on growth. 

Discover why hundreds of law firms choose Cashroom as their trusted finance partner. 

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.