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.

It’s a strange time in the legal sector at the moment.

I don’t just mean the post-Christmas blues or the universal aim to get fit and lose weight following the consumption of too many mince pies.

More generally, law firms watch on as the tech world has an increasing influence on the way they could work. On the way they might communicate with their clients. On the way they deal with risk avoidance and regulatory compliance.

AI is, it seems, part of every conference agenda. Every article. Every water cooler conversation.

These issues and discussions aren’t limited to the law firms. Suppliers such as Cashroom have to consider all those things, both from the perspective of their law firm clients, as well as for their own internal business operations.

What does this have to do with culture, you may ask?

Well…we have over 120 staff at Cashroom, and while there is no doubt that our amazing tech team have created exciting developments to improve efficiency and security, it’s absolutely the case that our people are at the core of what we do. They are fundamental to the successful provision of client services- tech enabled, absolutely, but without our amazing team of people we wouldn’t be able to operate.

We have worked remotely from each other, since 2020. We still have offices and some people choose to go in to work. But we don’t impose it- our policy is to use our tech to enable people to work where they want. Securely and efficiently, and as part of their team, but in a location that works for them.

We want to enable our people to maximise their career progression so everyone has a Personal Development Plan. Our cashiers are trained through- either as college leavers learning from scratch in our Cashroom Academy, or if already experienced when they join us. We encourage all of them to obtain formal qualifications via our partnership with the ILFM.

We also have people who start life with us as cashiers, but progress into other areas of the business- marketing perhaps. Or Management Accounts. We want our people to be fulfilled by their time at Cashroom.

So a final tip for firms as they seek to understand whether their culture works for everyone. Ask your staff! We carry out monthly ENPS surveys. We want our staff to have a voice. We sometimes hear things we don’t like to hear, but that’s how we can improve.

Culture underpins everything- get it right and any tech advances will be simply adding to a great organisation.

Since January 1, 2025, we’ve witnessed an unprecedented surge in enquiries from budding law firms. Some of these new law firm have some really exciting growth plans. This inspired us to share invaluable insights from our almost 15 years of experience with startup law firm clients at Cashroom. 

Starting a law firm is an exciting and challenging journey. With the right strategy, dedication, and vision, it’s possible to not only establish your practice but also position it for rapid growth. 

Building a Scalable Foundation 

Scaling a law firm isn’t just about hiring more lawyers or taking on more clients— it’s about establishing a solid foundation in key operational areas. Here are three critical aspects to prioritize from the start: 

1. Legal Cashiering and Accounts Compliance 

Achieving excellence in financial management is vital for the success and growth potential of any law firm. With rigorous regulations, under both the Solicitors Regulation Authority (SRA) Accounts Rules and Law Society of Scotland (LSOS) Accounts Rules, non-compliance can result in hefty fines, a damaged reputation, or even the loss of your practice license.  

By delegating your legal cashiering and compliance responsibilities, you can ensure your firm’s finances are handled with expertise. Services like Cashroom provide specialized legal bookkeeping and compliance assistance, enabling you to focus on growing your firm while staying compliant.  

Tip: Cashroom effortlessly integrates with your preferred practice management system, streamlining operations, reducing errors, and delivering real-time financial insights, all within your existing framework. 

2. Marketing and Business Development 

Scaling a law firm means standing out in a crowded market. Building a robust marketing and business development strategy is crucial to attract and retain clients. Consider both traditional and digital marketing channels, such as: 

• A professional, SEO-optimized website. 

• Active social media presence (LinkedIn, Twitter, Instagram). 

• Engaging content marketing (e.g., blogs, whitepapers, newsletters). 

• Networking at industry events. 

Investing in marketing early on will establish your firm’s reputation and generate leads for sustainable growth. 

Tip: Track the ROI of your marketing efforts using analytics tools. Knowing which channels drive the best results will help you allocate your budget effectively. Outsource your marketing to those that do this best and have a proven record of working within your business – law firm marketers such as Conscious Solutions.

3. Technology and Automation 

Scaling requires efficiency, and technology can be a game-changer. Use tools like cloud-based practice management software, automated billing systems, and CRM platforms to streamline operations. These tools not only improve productivity but also create a better client experience. 

Tip: Look for technology solutions that are scalable and can grow with your firm. This prevents the need for costly system overhauls as your firm expands. 

The Road Ahead 

Launching a law firm with ambitions for rapid expansion is hard, yet with planning and strategic investments in crucial areas, it’s entirely within reach. While it may not be the glamorous side of business, a focus on your legal cashiering, accounts compliance, marketing, and technology will strategically position you to tackle rapid growth challenges head-on, all while ensuring you remain compliant and competitive. Additionally, navigating PI insurance, selecting the ideal case management system, or choosing the right banking partner can seem overwhelming but these are all important starting blocks. With extensive experience supporting over 300 law firms, Cashroom is excited to provide expert guidance on all of these areas of your startup journey. 

Why shouldn’t you and your law firm be the next success story? 

There are some ideas that are so simple that you wonder how on earth it hasn’t previously been done.

I’ve been networking in the legal sector for around 30 year and it’s fair to say that many events, conferences and gatherings have been very much based around beer and wine. That’s not to say that everyone is out to get drunk, but it’s certainly been a culture where the booze has flowed alongside the conversation.

Following one of the many events late last year, Victoria Moffatt reached out to our networking group Martyn Best, Tracey Longbottom and Tom Bailey suggesting a different type of gathering in January. It would be at lunchtime and it would be specifically Alcohol Free, not just in relation to what was laid on for attendees, but the venue itself would be completely alcohol free so that people with particular religious beliefs would also be able to attend.

It may be said that this is not revolutionary thinking- lots of people do Dry January for example. However this concept was taking it to another level of total inclusion.

There was real interest and excitement for the event and on 30th January a group of around 20 of us gathered at Hinterland in Manchester for what proved to be a really lively and fun networking event. Lots of laughs. Lots of engagement and interesting conversation. All while drinking a variety of lovely non-alcoholic drinks. (The vegan canapes were also absolutely delicious!).

It was such a success that the group is already talking about doing similar events during the year in other locations, and we are very much hoping that these events will grow in popularity. Returning to your desk for meetings feeling refreshed and enlivened is such a good feeling- I can heartily recommend it and hope to see lots more people at these Networking AF gatherings in the future.

One common priority at the start of a new year is improving financial health and cash flow – two areas critical for stability and growth. While legal firms often prioritise and excel in exceptional client service, managing financial processes like credit control can be challenging and time-consuming. 

If your firm is looking for a way to streamline operations, boost efficiency, and maintain a strong cash flow, outsourcing credit control could be the perfect solution.  

Free Up Valuable Time for Your Team 

Effective credit control requires consistent communication, follow-ups, and tracking payments. This can be a drain on internal resources, especially for small to mid-sized firms where staff often juggle multiple responsibilities.  According to a recent article, businesses that outsource their credit control experience an average cash flow improvement of 40%, with some seeing gains of up to 80%. Faster invoice payments reduce lending costs, boost profits, and increase working capital, enabling investment in growth. Outsourcing credit control also allows your team to focus on their core responsibilities while professionals manage overdue invoices and accounts receivable. 

Maintain Strong Client Relationships 

Credit control can sometimes be a sensitive subject, especially when dealing with valued clients. Outsourcing allows a neutral third party like Cashroom to handle payment reminders and collections in a professional and courteous manner. This approach ensures that your firm maintains positive relationships with clients while ensuring you are paid. 

Improve Cash Flow Consistency 

Cash flow is the lifeblood of any business, and law firms are no exception. Outsourced credit control providers use proven strategies and tools to minimise late payments and ensure consistent cash flow. In research from NatWest, 27% of small businesses are owed between £5,000 and £20,000 in unpaid invoices. As a result, many businesses resort to applying for credit to manage cash flow and prevent closure due to late invoice payments. With a steady influx of revenue, your firm can better manage expenses, plan for growth, and avoid unnecessary financial stress. 

Gain Expertise and Efficiency

Outsourced credit control providers specialise in the nuances of debt collection and credit management. They bring industry expertise, advanced tools, and established processes to ensure invoices are paid promptly. Their focused approach often results in quicker collections and fewer overdue accounts compared to in-house efforts. 

Ensure Compliance with Regulations 

Credit control isn’t just about chasing payments – it’s also about adhering to relevant financial regulations and maintaining accurate records. Outsourcing ensures that your firm’s credit control processes are compliant, reducing the risk of errors and potential penalties. 

Start the Year with a Clean Slate 

The New Year is a great time to address overdue invoices and establish better practices for the months ahead. By partnering with an outsourced credit control team, you can swiftly resolve persistent accounts receivable challenges, establish robust follow-up strategies, and steer your business towards financial excellence. Let outsourcing lift the mental load from your team and you, paving the way for a more focused and productive year. 

Why Choose Cashroom? 

At Cashroom, we specialise in helping law firms improve financial operations through our outsourced services. With over 15 years of experience and a team of over 100 legal cashiers, accountants, and financial professionals, we understand the unique needs of law firms and provide solutions tailored to meet them. 

When you outsource credit control to Cashroom, you’re not just delegating a task -you’re partnering with a team dedicated to helping your firm succeed. 

Make This the Year You Take Control of Your Finances 

Outsourcing credit control to Cashroom is a strategic decision that can transform your firm’s financial management. With improved cash flow, stronger client relationships, and more time for your team to focus on core work, you’ll be better positioned to achieve your goals in 2025. 

Ready to get started? Contact Cashroom today to learn how we can support your firm’s credit control needs. 

Guest Blogger: Charlie Lawson Unnatural Success

It’s a truism of networking, but the more specific you are about who you want to speak to, the more likely you will get referrals to them.

This sounds counterintuitive. You might think that ignoring a whole swathe of potential clients to focus on one specific target is ridiculous: you wouldn’t be the first. Go to any networking event, and listen to what legal folk often say when trying to get referrals:

• “I help businesses with all their legal needs, so a good referral for me is any business owner.”
• “I specialise in tax law, so anyone that pays tax is a great client for me.”
• “I’m in conveyancing, so a good referral for me is anyone with a property.”

In all three of these examples, the lawyer will make it harder for their network to refer them. Who do you know that owns a business, pays tax, or has a property? Lots of people.

But does this make it easier to refer them? Unfortunately, not. Using the words anybody, everybody, somebody tends to lead to nobody. Let me give you an example, by using an example from outside the legal profession.

I’d heard John say, “A good referral for me is anyone with a car,” many times. He runs a car cleaning business – but not your average car cleaning business. He focuses on detailing high-end cars: Ferraris, Rolls-Royces, and so on. Owners of cars like these want them kept in pristine condition – car cleaning at a whole new level.

John ran an okay business, but he wasn’t getting referrals. The issue was he was asking for anyone with a car. However, because he wanted high-end cars, his prices reflected this. This meant that while he could cater to customers with a standard car, people like this didn’t want or need high-end service, so business was slow.

He thought he was making it easier to pass him a referral because he was including anyone.

I asked John to tell me about a really good customer. He’d recently cleaned a red Ferrari – so I suggested the next time he went networking, he shouldn’t ask for anyone with a car: ask to be referred to a red Ferrari owner. He looked unsure, but I encouraged him to use those exact words.

Guess what? Someone in his network had a friend with a red Ferrari. An introduction was made, and John had a new client.

The story doesn’t end there. It turned out that John’s new client was in the Ferrari Owners Club of Scotland – and referred John to other members. Now, he was cleaning and detailing lots of Ferraris. Owners of Ferraris also have other high-end cars – so he got more Lamborghinis, McLarens, and so on.

All of that came from a change of language. He thought he was trying to be helpful to his network by asking for “anyone with a car” – but he wasn’t. He had good relationships. This meant people wanted to help him – but he wasn’t giving them the tools to do so.

This same principle applies to your legal practice. It’s tempting to cast a wide net when describing your ideal client, but this makes it harder for your network to help you.

For example:

• If a good referral for you is any business owner,” say, “I’m looking to meet tech startups that need support drafting employment agreements for new hires.”
• If you’re in family law, you might say, “I’d love to meet parents that have decided to split up.”
• Instead of saying, “I deal with property law,” say, “I’d like introductions to property developers acquiring land for commercial projects.”

By being specific, you make it easier for your network to connect you with the exact people you want to meet. And just like John’s success with the Ferrari Owners Club, a single well-targeted introduction could unlock a niche or community full of ideal clients for your practice.

What’s the red Ferrari in your legal business? Take a moment to think about your ideal client. The next time you network, describe them as specifically as you can. Be bold. You’ll be surprised how quickly the right introductions come your way.

Implementing change within a law firm can be challenging. In an industry where consistency and tradition are highly valued, any new process, technology, or initiative needs to be carefully introduced to achieve adoption and success. With the right approach, law firms can introduce transformative changes that boost efficiency, improve client satisfaction, and streamline workflows. Let’s look at ways law firms can make it happen effectively. 

Begin with a Clear Vision 

Every successful change starts with a clear purpose. Before introducing any new system or initiative, it’s essential to articulate the vision and highlight the benefits this change will bring. Defining why this change matters and how it will impact the firm sets a solid foundation. For example, if the change involves new technology for case management, explain how it will streamline client onboarding, improve document access, or enhance workflow efficiency. Engaging stakeholders early in the process—such as senior partners and department heads—ensures that key figures are aligned and supportive from the beginning. They can help communicate the vision consistently, reinforcing it across the firm to build understanding and enthusiasm. 

Tailor Communication to Different Audiences 

Different groups within the firm may have varying priorities, so it’s essential to customise the message to each audience. Senior partners and executives often need to see the strategic value and potential ROI, while associates and paralegals will be more focused on the practical impacts of the change on their day-to-day work. Support staff, meanwhile, might need reassurance about training and support to help them adapt smoothly. By addressing these specific concerns, everyone in the firm can see the personal relevance and benefits of the new initiative, making them more likely to embrace it. 

Build a Network of Change Champions 

Change champions are crucial for driving adoption, particularly in environments where resistance may be strong. Identify individuals in various roles who are well-respected and open to innovation and equip them with the resources and information to advocate for the change within their teams. Champions can act as points of contact for questions, offer support to colleagues, and reinforce the advantages of the new system. Their influence helps build momentum and creates a sense of team ownership, which can be invaluable in overcoming resistance. 

Pilot the Change Before a Full Rollout 

Introducing a pilot program allows the firm to gather insights and identify potential issues before the full rollout. Choose a representative group from various levels and departments, so feedback is well-rounded and representative of the entire firm. During the pilot, track metrics such as productivity, user satisfaction, and any technical challenges that arise, while also collecting qualitative feedback to understand the team’s experience. Use this data to make necessary tweaks, ensuring that the final product or process is polished, effective, and ready for broader adoption. 

Invest in Training and Ongoing Support 

Training and continuous support are essential for building confidence and competence with the new system. Organise training sessions that cater to different groups within the firm, providing both hands-on practice and easily accessible resources like guides or FAQs. Establish a dedicated support hub or help desk to assist with questions during the transition, making the change feel less daunting. Follow-up resources such as video tutorials, reference guides, and refresher sessions help reinforce the training and ensure continued success with the new system. 

Outsourcing to specialised companies like Cashroom can be a valuable strategy when implementing change, especially in complex areas such as legal finance and cashiering. By leveraging the expertise of an outsourced provider, firms can streamline their transition to new systems with confidence, knowing that essential functions are being managed by professionals who understand the intricacies of legal finance. Companies like Cashroom not only offer tailored support but also bring proven systems and best practices, which can reduce internal strain and ensure smoother adaptation across teams. For firms looking to improve operational efficiency and streamline transitions, outsourcing can serve as a catalyst for successful and sustainable change. 

Track and Celebrate Early Successes 

Demonstrating the impact of the change is critical for sustaining momentum. Define clear success metrics, such as time saved, improved client satisfaction, or increased billable hours. Once the data starts to show positive outcomes, share these wins with the firm. Highlighting small successes helps reinforce the value of the change and increases buy-in across the team. Additionally, gathering feedback post-rollout allows for ongoing improvements, showing the team that their input is valued and that the firm is committed to making the transition as seamless as possible. 

Plan for Resistance and Stay Flexible 

Resistance is a natural part of change, especially in a field as detail oriented as law. Address it by acknowledging people’s concerns, understanding where resistance may stem from, and creating space for honest feedback. Flexibility is key—some elements of the change may not fit as well as expected, so stay open to adapting the approach as needed. Celebrate incremental achievements, recognising the team’s adaptability and resilience, which reinforces a positive attitude toward the change. 

Create a Culture of Continuous Improvement 

Long-term success with any change requires a firm-wide culture that values growth and innovation. Create regular opportunities for team members to share feedback on processes, suggest improvements, and contribute ideas. Emphasise how changes enhance the firm’s ability to serve clients effectively, as this client-centred focus resonates deeply with legal professionals. By creating a culture of openness and continuous improvement, future changes will be met with greater enthusiasm, adaptability, and engagement. 

Final Thoughts 

Implementing change in a law firm requires careful planning, strong communication, and a supportive environment. By aligning the vision, involving stakeholders, conducting thorough testing, and incorporating outsourced support, law firms can adapt more smoothly to new demands. This structured approach not only encourages adoption but also creates a resilient, adaptable firm that is ready to meet the demands of the legal industry.

As the calendar turns to 2025, law firms have a unique opportunity to reflect on the past year and plan for the future. January is more than just the start of a new year – it is a chance to assess your firm’s operations, identify areas for improvement, and position yourself for success in the months ahead. As the legal industry transforms, taking the time to reevaluate key aspects of your practice can set the tone for a productive and profitable year. 

A great starting point is to take stock of your firm’s financial health. Reviewing your performance from 2024 allows you to understand what went well and where there’s room for growth. Were there missed opportunities to control costs or increase revenue? Are your billing and collection practices as efficient as they could be? This review lays the groundwork for setting financial goals for 2025 and developing a plan to achieve them. Outsourcing financial tasks, such as cashiering and payroll, to experts like Cashroom can help you streamline operations and dedicate more time to delivering the best possible service to your clients. 

Technology is another area ripe for reassessment in January. The legal industry is increasingly shaped by innovation, and staying ahead requires regular updates to your systems and processes. Take a close look at the tools you are using for case management, document handling, and client communication. Are they delivering the efficiency and security your firm needs? If not, consider investing in new innovative solutions or working with consultants who can help you optimise your technology. 

January is also an ideal time to reflect on how your firm is positioned in the marketplace. Revisit your marketing and client engagement strategies to ensure they align with your business goals. Refreshing your online presence, enhancing social media activity, or launching a new initiative can help you stand out from the crowd. Engaging with clients and prospects through thought leadership pieces, networking events, or personalised outreach can strengthen relationships and generate new opportunities. 

Lastly, this is a time for leadership and team alignment. Use the start of the year to communicate your vision for 2025 with your team. Clear goals, combined with strategies for professional development and morale-building, can inspire your staff and ensure everyone is pulling in the same direction. 

By focusing on your financial health, technology, marketing, and team alignment, January becomes a powerful springboard for the year ahead. With intentional planning and a willingness to embrace change, 2025 can be the year your firm reaches new heights and thrives like never before. 

As 2024 draws to a close, we’re looking back on an incredible year of growth, innovation, and achievements at Cashroom. From launching game-changing features and celebrating team milestones to expanding our services and earning industry recognition, this year has truly been an impactful one. 

Leadership Milestones and Cashroom Growth 

A highlight of the year for our leadership team was celebrating a decade with Cashroom for CEO Chris O’Day and CRO Alex Holt. Their vision, dedication, and commitment to client success have shaped Cashroom into a trusted partner for law firms across the UK, and we are profoundly grateful for their leadership. 

We have been delighted to welcome many new clients into the Cashroom family in 2024, expanding our reputation for exceptional legal cashiering and financial management services. Our team has also grown, with talented new hires joining key areas to enhance our client support and maintain our high service standards. 

Innovative Product Launches 

A highlight of 2024 was the official launch of our Confirmation of Payee feature, a crucial addition that helps prevent payment errors by verifying payee details before funds are transferred. This feature has strengthened the security and accuracy of financial transactions for our clients, reducing fraud risks and ensuring smoother payment workflows for law firms. 

We also rolled out our Matter Look-Up functionality, allowing more clients to access matters within our portal integrating with their Practice Management System. This feature boosts integration and accessibility, making it easier for firms to manage financials and case details seamlessly streamlining workflows and increasing efficiency. 

Celebrating Recognition Across the Industry 

This year, we were privileged to attend industry events and award shows throughout the UK, providing us with invaluable opportunities to connect with clients, partners, and peers in the legal sector. A particular highlight was being named Winners of Excellence in Legal Technology at the Scottish Legal Awards. This was a massive achievement for Cashroom to be honoured by the Scottish legal community. In addition, we were honoured to be: 

• Highly Commended for Best Use of Technology at the British Wills and Probate Awards 

• Highly Commended for Best Use of Technology at the Modern Law Conveyancing Awards 

• Highly Commended for BD Professional of the Year, awarded to our CRO, Alex Holt 

Being recognised is always an honour, and we are excited to keep pushing the boundaries of innovation in legal finance. 

Looking Ahead To 2025 

As we look ahead to 2025, we are already preparing for another year of success. With new advancements in the works, ongoing improvements to our services, and a growing team of passionate professionals, we are set to make 2025 another exciting chapter in the Cashroom journey. 

To our clients, partners, and team members – thank you for being part of this amazing year. We look forward to supporting your financial needs and helping you achieve even greater success in the coming year. 

Happy Christmas, and here’s to an even brighter 2025!