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

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

When Competition Becomes Flattery Or a Legal Concern

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

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

The Hidden Benefits of Being Imitated

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

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

Staying Ahead with Innovation and Integrity

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

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

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

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

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

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

Poll Results: How is Your Law Firm Run?

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

What Does a Good Board Look Like? 

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

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

The Importance of Regular and Well-Structured Agendas 

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

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

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

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

Formulating Strategy for the Future 

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

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

Dynamics Between Board and Partners 

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

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

The EOS System: A Powerful Framework 

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

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

How to Evaluate Your Board’s Effectiveness 

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

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

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

Causes of a Dysfunctional Board 

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

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

Ego: The need for power or control undermines collaboration. 

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

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

What Makes a Good Chairman? 

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

• Excellent judgment and commercial acumen 

• Active listening skills 

• An open-minded approach 

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

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

The Role of External People on Your Board 

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

The Next Generation of Law Firm Boards 

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

Preparing Future Board Members 

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

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

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

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

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

Keep Your Firm’s Finances in Check

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

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

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

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

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

Essential Financial Reporting for Law Firms

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

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

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

Proactive Tax Planning and Year-End Preparation

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

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

The Power of Outsourcing Your Law Firm’s Finance Function

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

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

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

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

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

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

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

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

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

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

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

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

Alex Holt, Chief Revenue Officer, The Cashroom

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

Why Cybersecurity Matters More Than Ever 

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

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

Our Commitment to Data Security 

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

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

Achieving and maintaining this certification means we: 

• Have implemented rigorous internal security controls 

• Undergo annual third-party assessments and testing 

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

Years ago as we started to grow our business, we wanted to find entities within the legal sector that could amplify and give credibility to our message – that our outsourced finance function solution was precisely what the legal sector needed.

We actively sought out input and endorsement from both the PII and the Compliance worlds.

I was delighted, therefore, to have reached a point where two of the most respected entities in each of those fields – Robert Blech of MHA and Sharon Glynn from Travelers –  invited me to take part in a round table discussion in London, along with a lineup of lawyers from Capsticks LLP, CM Murray, Fieldfisher, Freemans Solicitors, Kingsley Napley, JMW and Vedder Price.

A lively and varied discussion around topics of risk and business performance ensued, with a particular focus on the requirements and interests of the PII world, and how that dovetail with compliance and efficiency.

There were fascinating insights from Sharon with her review of the insurance market- words of caution about the apparent softening of the market. She spoke of the focus on law firms’ business performance, and the fact that the hardening economy brings with it pressure which translates into difficult times for business stability.

The prevalence of M&A activity in the sector is another area of concern- are firms doing sufficient due diligence? Are they planning carefully for the cultural and business impact of joining or acquiring another practice?

The spectre of AI and its relatively unknown consequences or applications is of course a hot topic. For now, the feeling in the room was that while it was important to proceed with caution, proceed we must! The impact of wellbeing and culture issues on claims is also being considered, but it is very much felt that just as awareness of the issues grows, the potential for claims is similarly on the rise.

For me, an event like this is a reminder of how far Cashroom has come. We have experience unique in the sector- knowledge of risk, efficiency and compliance, and its specific application to law firms. A huge thank you to Rob and to Sharon for involving me in such a fascinating event.

Why It Matters More Than Ever

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

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

Building a Healthier Legal Workplace 

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

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

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

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

Practical Tips for Protecting Your Mental Health 

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

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

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

Let’s Keep the Conversation Going 

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

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

 Where to Find Support 

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

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

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

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

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

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

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

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

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

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

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

Property Codes Now Available in Cashroom Portal 

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

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

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

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

What This Means for Cashroom Users 

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

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

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

Key Benefits of This Update 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

But what exactly are residual balances? 

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

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

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

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

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

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

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

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

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

Outsourcing provides a proactive solution, ensuring that: 

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

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

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

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

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

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

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

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

Spring Clean Your Finances 

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

A Time for Giving and Gratitude 

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

Enjoy the Easter Break! 

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

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

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

The Risks of Constant Engagement 

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

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

The Benefits of Switching Off 

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

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

The Easter Bank Holiday: The Perfect Time to Unwind 

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

Practical Steps to Take a Break 

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

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

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

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

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

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

A Healthier, More Sustainable Career 

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

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

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

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

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

Doing Nothing?

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

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

So, What Can Be Done?

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

Attack The Caveat

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

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

A Grant Ad Colligenda Bona

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

Guest blogger: Stephen Lawson

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

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

Cashroom is proud to announce that it has won the Supporting the Industry (26+ employees) award at the Clio Modern Law Awards. One of the legal industry’s events of the year, held last week, celebrates excellence, innovation, and best practices across the legal sector. 

After being shortlisted in previous years, this marks Cashroom’s first win at the Modern Law Awards, making the achievement even more significant. The award recognises the company’s commitment to supporting law firms with expert financial services, helping them operate more efficiently and securely. 

Chris O’Day, CEO of Cashroom, expressed his pride in the team: 

“Winning this award is a fantastic recognition of the hard work, expertise, and dedication of our entire team. At Cashroom, we are passionate about supporting the legal industry with innovative solutions that allow firms to focus on delivering exceptional client service. To be recognised at a national level is a true honour, and we are incredibly grateful to the judges and organisers of the Modern Law Awards.” 

The Modern Law Awards, a key event in the legal industry calendar, highlight the individuals and organisations making a real impact in the sector. 

Cashroom extends its congratulations to all the finalists and winners and looks forward to continuing its mission of providing outstanding support to the legal profession. 

For International Women’s Day this year, the theme is ‘Accelerate Action.’ Can you tell us how Cashroom is supporting this? 

Yes, over the past year, we’ve seen an increase in the number of women in leadership roles, which is fantastic. This growth hasn’t been driven by a conscious decision based on gender but reflects the talent, dedication, and contributions of these individuals. At Cashroom, we are committed to creating an environment where everyone has the opportunity to thrive and progress based on their skills and achievements. Supporting professional development and providing opportunities for all is key to accelerating meaningful action.

How do you manage balancing work and personal life and what advice do you have for others striving to do the same?  

I must admit that achieving a perfect balance between work and personal life is a continuous challenge and journey. Establishing clear boundaries between my professional and personal time is key, even though working closely with my husband, Chris O’Day and other close family members often blurs those lines, I do try and keep boundaries where possible.

Utilizing our portal for task management has been incredibly helpful, and any effective time management tool can work wonders.

Learning to say no has been a valuable lesson for me, allowing me to prioritize and delegate tasks effectively. Sharing responsibilities with colleagues at work or family members and friends at home can ease the burden, and don’t be afraid to ask for help when needed. Remember, building a strong support team around you only enhances your capabilities – this applies to work and personal life.

Finally, I try to adjust my expectations, recognizing that there are moments when I perform exceptionally well at work and times when I may not. Sometimes I am on it with wellbeing and parenting and often I am not. Sometimes I fit in a mammoth amount of work and other weeks I have to push a deadline. Knowing that perfection in all areas of life isn’t always achievable, I’ve learned to prioritize various aspects of my life as required. While it can be tough, it’s ultimately okay.

“Recognise your own skills and knowledge; and take risks. As women we often recognise strengths in others, our partners, children and colleagues but we do not always realise our own power. Knowing what your skills are and how you can use them to your advantage in your career can help you achieve your goals.”

Katie Wilson, Head of Onboarding

I have. I do have a vivid memory of telling someone I was pregnant with my second child and their instant response being ‘I hope you have a boy this time and you don’t go off and do this again.’  I chose to have my first 2 children close together and I had dreaded the conversation in advance, it was horrible.

I have had clothes and outfits commented on as well as being spoken over and interrupted in conversations frequently. I have also had someone greeting me at an event (a stranger) by kissing me on the top of my head, like I was a little girl.

Honestly with all of these, I wish I had some witty and strong response, but I just took them and got on with my work – hindsight is a wonderful thing.

I have used ongoing professional training and development to enhance my skills and knowledge, so I stood out more in the workplace and I have continuously pursued leadership roles and projects that align with my goals. Despite challenges, I have utilized continuous professional development to excel in my field, actively pursuing leadership opportunities. Leading by example, I advocate for gender equality within my team, ensuring inclusivity and a comfortable environment for all.  I am very open with my team that I never want them to feel uncomfortable in any situation.

“Choose your words carefully and purposefully. Don’t use phrases such as “I’m sure its me being stupid”, this is insulting your own intelligence, whereas “please could you clarify this further” removes the self blame and is more positive and empowering for you. Always remember, you have worked hard to get where you are and have just as much right as anyone else to be in these conversations.”

Rachel Faris, Head of HR and Compliance

If you could give one piece of advice to yourself at the beginning of your career with the experience you have now, what would it be?    

Speak up – 95% of the time you were right – trust your gut!

And stay curious and commit to continuous learning without the mum guilt– your kids are now all through nursery and at school and they are fine! None of the children seem scarred for life from crying every day at nursery drop offs!

Believe in yourself. Have confidence in everything that you’re doing and know your strengths. Work towards your strengths and build a network of people around you that have strengths that compliment yours.

Catherine O’Day, Founder and Non Exec Director

For information about International Women’s Day and how you can get involved click here

There’s an old curse- “May you live in interesting times”.

It has to be said that even ignoring the present geo-political issues, the threats presented by climate change, and the approaching asteroid, the legal sector in England and Wales is dealing with times that are far from dull.

You’d have to have lived in a cave for the last year or two to have missed the huge amount of discussion around law firms handling client money. As the SRA’s consultation period neared its conclusion Cashroom was invited to attend a round table discussion hosted by Lockton in their London offices.

The attendees were mainly law firms, many of which handled client money and had done so very securely and efficiently for many years.

It would be perhaps a more interesting blog if I was able to describe the heated debates. The vociferous disagreements and hotly contested arguments.

However, the room was unanimous on each issue.

There were of course nuances- some law firms are more focused on property transactions for example. They had a particular interest in the discussion around TPMAs and Digital Payment solutions. The consensus there was very much that firstly the number of issues was miniscule in comparison with the transaction numbers, and that the efficiency and client service levels would be massively detrimentally impacted by the changes being considered by the SRA.

Aside from the lack of availability of these solutions, the chaos which would be caused by even a significantly delayed imposition of such measures was felt to be unnecessary and potentially cataclysmic.

The insurers and brokers confirmed that they simply did not believe that the risk profile would fundamentally change, and the lawyers felt that the regulatory responsibility would have to stay with them. Neither element would appear to be likely to be improved, or the burden reduced, by the SRA’s considered options.

The room felt that TPMAs, with their ‘subscription charges’ and then charges per transaction, would create additional expense and would be passed onto the end consumer (the very person the changed measures purport to be assisting).

A fascinating meeting really came to a unanimous conclusion that with the use of appropriate processes and service providers (whether inhouse or outsourced) the existing model is not broken. Bad apples need to be rooted out of course, and it was felt that closer attention should be paid during SAR audits to potential red flags. Law firms have proven for many years that they are well capable of handling client money and should be allowed to continue to do so.

Click here for a response from The Law Society to the SRA’s client money consultation.

The Agenda for National Conveyancing Week 2025 is LIVE –How to get involved!

It’s official! National Conveyancing Week (NCW) 2025 is back and better than ever. From
17th – 21st March 2025, the conveyancing world will come together for an action-packed
week of learning, networking, and fun. This year’s lineup is bursting with industry insights, expert training, great conversations, and even some exciting fundraising events. Whether you’re a seasoned pro or just starting your journey in conveyancing, there’s something for everyone – and you won’t want to miss a second of it!

National Conveyancing Week Agenda – Sign Up Now & FREE to Attend!

We are incredibly excited to offer a packaged agenda for National Conveyancing Week
with all sessions FREE to attend for anyone. Check out our sessions below and how to get
involved:

Monday, 17th March 2025
10:00 AM – TA6 Consultation Update – Hosted by Rob Hailstone (Founder, Bold Legal
Group), featuring Mark Evans (Vice President, The Law Society) and panellists discussing
the latest updates and industry impact.

2:00 PM – Mental Health & Wellbeing in Conveyancing: “Thriving or Surviving?” –
Hosted by Natalie Moore (Conveyancing Foundation Ambassador and Managing
Director, AConveyancing), with insights from Elizabeth Rimmer (CEO, LawCare) and
Gemma Ellison (Culture & Leadership Coach).

Tuesday, 18th March 2025
12:00 PM – Lunch & Learn: Technical Conveyancing Training – Hosted by Ian Quayle
(Training Consultant, IQ Legal Training).

3:00 PM – Finding the Balance between Profitability, Service, and Sanity – Hosted by
David Opie (Managing Director, Today’s Media), featuring Simon McCrum (Owner of
McCrum Legal and Author of “The Perfect Legal Business”, “The Perfect Lawyer” and “The
Perfect Partner”).

Wednesday, 19th March 2025
10:00 AM – Recruit and Retain: Growing the Next Generation – Hosted by Stephen
Ward (Director of Strategy, Council for Licensed Conveyancers – CLC), featuring
panellists Karen Buckley (People & Culture Director, Movera), Janine Wellington
(Managing Director, Convey Law) and Simon Thomas (CEO, Montpellier Legal).

2:00 PM – Trailblazers in Conveyancing: Women Under 40 Leading the Way – Hosted
by Jess Smith (Co-Chair of the Conveyancing Foundation and Operations Director,
Convey Law), with panellists Sophia Ramzan (Partner & Head of Conveyancing, Watkins
Solicitors), Rebecca Gillard (Director, Thomas Legal), Yanthe Richardson (Principal
Director, Foot Anstey & President, CILEX), and Sarah Coldicott (Legal Director,
AConveyancing).

Register and Add to Your Calendar:

To sign up for National Conveyancing Week speaker sessions and for more information
click here.

Thursday, 20th March 2025
Collaboration Coffee Morning – A chance for law firms to connect with local businesses,
introducers, and stakeholders while raising money for charity. Get your Law Firm
Supporter Pack today, featuring posters, invites, and fun Bake-Off recipes. Don’t forget to
share your photos using #NCW2025. Download Your Digital Supporter Pack – Get yours
today. Click here to download your pack!

Friday, 21st March 2025
3:00 PM – Fun Fundraising Friday Quiz – Wrap up NCW 2025 with a fun-filled quiz hosted
by the incredible, Bricks & Banter! With three exciting rounds, a £5 optional charity
donation, and a fantastic prize for the winners, it’s the perfect way to celebrate while
supporting a great cause.

Get your teams together and SIGN UP for the Fun Fundraising Friday Quiz click here.

A Huge Thank You to Our Charity Partners

National Conveyancing Week would not be possible without the incredible support of our Charity Partners and our event partner for 2025, The Law Society.

As a not-for-profit Charity, without these invaluable supporters this event wouldn’t be possible and we are forever grateful for their dedication and support not just to the Conveyancing Foundation, but the entire conveyancing industry.

A heartfelt thank you to Landmark Information Group, TM Group, Miller Insurance, PEXA,
The Society of Licensed Conveyancers, Groundsure, Cashroom, and Movin’ Legal for your trust in us and our work.

For more information about National Conveyancing Week and how you can get involved and stay updated please visit the Conveyancing Foundation website.

To find out more on how to become a Charity Partner of National Conveyancing Week please email info@conveyancingfoundation.org.uk or visit the Conveyancing Foundation website. The Conveyancing Foundation is a zero-profit registered Charity, with every
penny going to charity or to promote the wellbeing of those in the conveyancing industry.

Contacts:
For any Press Release related questions or enquiries please contact:

Kayley Williams, Marketing Manager kawilliams@conveyancingfoundation.org.uk

Or for more information on how to become a Charity Partner or for any other related
enquiries, please contact: info@conveyancingfoundation.org.uk.