Efficiently managing finances is crucial for law firms in the fast-paced world of legal practice. One aspect that often goes underestimated is credit control. This vital function ensures that a law firm receives timely payments for its services, ultimately contributing to its financial stability and success. In this blog post, we will explore the significance of good credit control within a law firm and how it positively impacts various aspects of the business. 

Late payments causing poor cash flow is a common problem faced by businesses, and it can have a significant impact on growth, stability, and even survival. Unfortunately, late payments are becoming increasingly prevalent in today’s business landscape. 

Maintaining Cash Flow 

A steady cash flow is essential for any business, including law firms. Effective credit control helps prevent delayed or missed payments, ensuring that the firm has the necessary funds to cover operational expenses, investments, and growth initiatives. This enables the firm to run smoothly and seize expansion opportunities when they arise. 

Minimizing Bad Debt 

The risk of bad debt is a pressing concern for law firms. By implementing a robust credit control system, firms can significantly reduce the likelihood of unpaid bills. This proactive approach involves assessing the creditworthiness of clients before taking on their cases and setting clear payment terms and expectations. Through vigilant monitoring and timely reminders, the firm can address potential payment issues early on. 

Preserving Client Relationships 

Effective credit control not only benefits the law firm but also fosters positive client relationships. Clear and transparent communication about fees, payment schedules, and expectations sets a professional tone. When clients understand the financial arrangements upfront, it builds trust and avoids misunderstandings that could strain the lawyer-client relationship. 

According to research by Sage, as many as 30% of small and medium-sized businesses fail to consistently follow up on unpaid invoices out of fear of damaging relationships. 

While maintaining good relationships with customers is important, it’s crucial to remember that consistent follow-ups are necessary to ensure timely payments. Your business depends on prompt payments, and customers should understand and respect that. Excellent customer relationships won’t matter if your business suffers due to poor cash flow. 

Moreover, there is no reason why customers would be offended by a polite reminder for payment if it is communicated properly. In fact, most customers will appreciate and respect your professionalism in following up on unpaid invoices. 

Regularly communicating with customers and understanding their financial situation helps identify potential payment issues early on. This allows you to take proactive steps to minimize any impact on your business. Tracking your customer’s payment behaviour is a valuable tool in this scenario. If you notice a pattern of late payments or missed deadlines, it could indicate that your customer is struggling with their cash flow. In such cases, open and honest communication is essential to finding a mutually beneficial solution. 

Compliance and Ethical Considerations 

Maintaining good credit control practices aligns with the ethical standards expected of law firms. Legal professionals have a duty to uphold the integrity of the legal system, which includes ensuring that clients fulfil their financial obligations. By actively managing credit, law firms demonstrate their commitment to ethical conduct and professional responsibility. 

Enhancing Firm Reputation 

A law firm’s reputation is a valuable asset in a competitive industry. Word of mouth and client testimonials play a significant role in attracting new business. When a firm consistently demonstrates financial acumen through effective credit control, it sends a positive message to clients, peers, and the broader legal community, enhancing its reputation as a reliable and responsible business partner. 

Enabling Growth and Expansion 

Stable finances are a cornerstone for growth and expansion. With a well-organized credit control system in place, a law firm can confidently pursue opportunities for expansion, such as opening new practice areas, hiring additional staff, or investing in advanced technology. This financial stability provides the foundation for long-term success. 

Conclusion 

In the dynamic world of legal practice, the importance of good credit control in a law firm cannot be overstated. It is a multifaceted function that contributes to a firm’s financial stability, compliance with ethical standards, and positive client relationships. By prioritizing credit control, law firms can safeguard their financial health, foster growth, and solidify their reputation in the legal community. In doing so, they set themselves up for long-term success and continued excellence in legal practice. 

To find out more about our Credit Control packages to support your firm’s operational efficiency and growth, get in touch with our team.

E: info@thecashroom.co.uk 

P: 01695 550950 

Event season is upon us, and it is always a busy time of year for the industry. It is great to get out and about to strengthen your firms and your personal network. Success in the legal industry isn’t soley determined by the quality of a firm’s services, it is also influenced by the strength of the firm’s network, its ability to connect with potential clients, peers, partners. Networking and events play a pivotal role in shaping a law firm’s brand, driving business growth, and acquiring new clients. Effectively using the event season to network and reinforce your brand can contribute to expanding your reach and influence on the sector, as well as having a great time and catching up with friends at some fantastic events!  

Building a Strong Brand Identity 

• Visibility and Recognition  

Networking events provide law firms with the opportunity to showcase their expertise, values, and unique selling points. Attending regular networking events or joining networking groups allows lawyers to actively engage with the community and therefore become recognisable figures and in turn, the firm gains greater visibility and brand awareness.  

• Establish Expertise  

Participating in industry specific events by attending, speaking, exhibiting or simply joining conversations allows firms to position themselves as experts in their area of work. Sharing insights and knowledge during panel discussions or presentations helps to solidify their reputation and credibility.  

Expanding your Client Base  

• Lead Generation 

Networking events are goldmines for generating leads. Events are an opportunity to meet potential new clients face to face, creating a personal connection, which can be far more effective than cold outreach. Attendees often prefer working with firms they’ve met in person or seen speak at events.  

• Referral Opportunities  

Networking isn’t just about meeting potential clients; it is also about forging relationships with other firms and suppliers. Law firms can establish referral networks with lawyers in complementary practice areas or clients who serve the same client base, creating a mutually beneficial system for sourcing new clients.  

• Client Retention 

Events and networking also serve as a means to retain existing clients. Clients appreciate that firms make an effort to stay engaged and informed about their industries and legal needs. Events are a great way to connect and catch up with your clients, ensure everything is working well and if there are any issues, events can be an opportunity to iron them out.  

Staying Informed 

Industry events are also a great way to stay informed and ensure your firm is adapting to changing demands. Events offer the opportunity to network with other firms and suppliers and can provide valuable market intelligence for your firm. It’s great to know what the market is talking about; what issues clients and firms are facing and what the hot topics of conversation are. They are also a great way to stay informed on regulatory changes, gain competitive insights which allow you to adapt your strategies accordingly.  

Many exhibitions and conferences have a whole host of talks on which offer learning opportunities too, through workshops, panel discussions and presentations. This provides the chance for legal professionals to learn new skills and knowledge that can enhance their services and value proposition to clients. It’s also a great way to stay informed on what is happening in the market itself.  

Events are for the long game  

Building relationships through networking events helps establish trust and credibility for your firm and personal brand. When potential new clients meet lawyers and staff in person or engage in meaningful conversations, it fosters a sense of trust that can be hard to achieve through online interactions. Networking isn’t just about the short-term gains; it’s about building longstanding relationships. Over time, these connections can lead to long term partnerships, strategic alliances, and even mergers, all of which can significantly benefit law firms.   

Networking and events are indispensable tools for lawyers and law firms for brand building, business development and client acquisition. In a highly competitive market, the ability to connect with others, showcase expertise and foster meaningful conversations can make all the difference. To thrive and grow, law firms should view networking and events as a strategic investment in the firm’s future. By actively engaging in events, law firms can extend their influence, enhance their reputation and open doors to a world of opportunities.  

We’ve listed below some great events that the team at Cashroom will be attending over the next couple of months. It is always a pleasure to meet up with so many friendly faces and make new connections too. If you are attending any of these events, make sure to come and say hello to the team!  

E: info@thecashroom.co.uk 

P: 01695 550950 

In an ever-evolving legal landscape, law firms face a multitude of challenges, including regulatory changes, client demands, and technological advancements. These challenges necessitate a forward-thinking approach to risk management, compliance, and efficiency within the finance functions of law firms. As we look ahead, it’s clear that the future of finance in law firms will be shaped by a commitment to proactive risk management, stringent compliance measures, and enhanced operational efficiency. 

The Changing Landscape of Legal Finance 

Traditionally, finance functions within law firms have primarily focused on managing billing, accounts payable, and financial reporting. However, as the legal industry undergoes significant transformations, the role of finance has expanded. Today, finance departments are expected to play a vital role in risk management and compliance to meet the demands of clients, regulators, and the firm itself. 

The Future of Risk Management 

• Data-Driven Decision-Making: The future of risk management in law firms will be heavily reliant on data analytics. By harnessing the power of data, finance teams can identify potential risks more effectively. Advanced analytics can provide insights into billing trends, client behaviours, and financial performance, allowing firms to proactively address emerging issues. 
• Client Due Diligence: As clients become more discerning and demand greater transparency, law firms must conduct rigorous due diligence to assess the risks associated with potential clients and matters. Finance functions will play a critical role in evaluating the financial stability of clients and their potential impact on the firm’s risk profile. 
• Cybersecurity and Information Security: The rise of cyber threats poses a significant risk to law firms. Finance departments will need to collaborate closely with IT and legal teams to implement robust cybersecurity measures. Ensuring the security of financial data and client information will be paramount. 

Ensuring Compliance 

• Regulatory Expertise: Finance professionals within law firms will need to stay up-to-date with evolving regulatory requirements. Compliance teams will rely on finance to ensure that financial transactions and reporting adhere to the latest legal and regulatory standards. 

• Technology-Enabled Compliance: Technology, including artificial intelligence and machine learning, will play a pivotal role in automating compliance checks. These tools can help identify potential compliance issues early on, reducing the risk of regulatory penalties. 
• Client-Specific Compliance: As clients increasingly demand specialised compliance reporting, finance functions must adapt to provide tailored solutions. This may include creating client-specific dashboards or customising financial reporting to meet individual client requirements. 

Enhancing Operational Efficiency 

• Process Automation: The future of finance in law firms will see increased automation of routine tasks, such as invoice processing and expense management. Automation not only reduces the risk of human error but also frees up finance professionals to focus on strategic activities. 
• Streamlined Billing: Efficient billing processes are crucial for law firms. Finance functions will need to implement systems that simplify the billing process, making it easier for clients to understand and approve invoices promptly. 

• Resource Allocation: Finance teams will play a vital role in optimising resource allocation. By analysing financial data, they can help law firms make informed decisions about staffing, matter management, and client engagement, ultimately improving overall efficiency. 

The future of finance in law firms is undeniably intertwined with effective risk management, compliance, and operational efficiency. Finance professionals will need to embrace technological advancements, harness data analytics, and adapt to changing regulatory landscapes to meet the evolving needs of their firms and clients. By doing so, law firms can position themselves for success in an increasingly complex and competitive legal industry. 

At Cashroom, we are passionate about ensuring law firms finance functions are effectively mitigating risk, ensuring compliance and efficient. Learn more about how to future proof your law firm and its finance function at the following sessions Cashroom will be leading over the next few weeks:  

CLN Conference: 26th October 

Manchester Law Society: 8th November

Digby Brown Webinar: 24th November

You will also see us at Legal Sector Advisors & Suppliers Conference, Leap Modern Law Conveyancing Awards and the Legal Eye Compliance Newtworking Event.  Feel free to come and chat to the team about our finance services.  

E: info@thecashroom.co.uk 

P: 01695 550950 

It is becoming more and more popular for firms to outsource their cashiering and finance function due to the increase in compliance regulations, risk of cybercrime and the many benefits it provides to firms. Outsourcing allows firms to reduce overhead costs by eliminating the need for some or all of your in-house financial staff and associated expenses. Additionally, outsourcing provides access to specialised expertise in legal accounting, ensuring compliance with industry regulations and freeing up law firm resources to focus on core legal activities, making outsourcing an attractive and cost-effective solution. Outsourcing is becoming a popular option as firms realise the value of outsourcing in improving efficiency, reducing risk and enhancing their overall financial management and operations.  

When outsourcing your cashier, they should provide peace of mind to your team, additional resource and save costs for your firm. Your outsourced cashier provides you access to specialist bookkeepers at a fraction of the cost of hiring them in-house, leaving your fee earners to do what they do best – practice law.  

At Cashroom, we pride ourselves in delivering an industry best service for our clients, utilising technology and our combined experienced from our qualified cashiers and accountants. We’re more than just your cashier, we become part of your team. When you work with Cashroom, you have a team of cashiers to support your firm, who are experts on the right systems for you. You will also have a dedicated contact to reach out to when you need.  

Here are some of the benefits that using Cashroom as your outsourced cashier can bring to your firm.  

Cashroom use the latest Innovative and Secure Technology:  

At Cashroom, our cashiers are supported by technology that optimises their daily processes, allowing requests to be processed with accuracy and more speed. We are system agnostic, meaning that you don’t have to change your Practice Management System to work with us- we support them all.

Our open banking technology allows funds from the banking platform to be uploaded in real time to our secure portal, providing fee earners with real time insights to client funds helping to speed up transactions whilst staying compliant and minimising risk. Our Cashroom portal seamlessly connects with leading Practice Management Systems, allowing you to view and access cashiering requests and client ledgers conveniently in one place. With direct uploads and the requirement to only add data once, we use our integrations and technology to remove common ‘copy and paste’ errors that can frequently occur with traditional methods of cashiering.  

Secure Communication: 

Cashroom offers a cutting-edge portal that elevates the safety and security of communication between Cashroom and clients. Our innovative comments feature ensures a seamless communication thread in one convenient location, eliminating the hassle of searching through old emails. With our highly secure portal, which requires 2FA login, you can confidently store and share documents and sensitive information without worrying about unauthorised access. In a world filled with fraudulent emails and phishing attempts, staying vigilant is crucial, which is why our clients and their insurers highly value the simplicity and security of the Cashroom portal. 

Incoming funds Dashboard:  

We provide a clear and simple dashboard for incoming monies for your firm. Your team will monitor your bank for you and then, using our portal, clients can view their incoming funds dashboard which keeps you informed when funds are received into the bank. Fee earners don’t need to chase for expected funds as our expert cashiers will send you a notification once the funds are in. This means you can focus on other important tasks, knowing that you’ll be notified when they can be claimed. 

Truly System Agnostic:  

Did you know Cashroom are one of the only outsourced cashiering providers not owned by a case management system? Legal Accounting is all that we do – it’s our only focus. Is your cashier struggling to work with the Practice Management System of your choice? Our expert Cashroom cashiers are trained to work with any Practice Management System which means you don’t have to worry about switching providers when you join us. Our system agnostic approach allows you to choose the system that best suits your firm. You will have your own team of cashiers at Cashroom, ensuring a smooth integration for your firm. Let us take care of your cashiering needs, so you can focus on doing what you do best- practicing law!

Scalable Services: 

Do you struggle with busy periods and resource in your finance function? When you partner with Cashroom, we have the resources to cope with fluctuating demands. This is a particular benefit for conveyancing firms as we are able to deal with busy completion days and the additional transactions can be easily covered by our team of over 140 cashiers. This means our clients no longer need to worry about holiday cover, parental leave, spikes of activity or sickness, as our team of cashiers are on hand to provide the right resource for your firm.  

Support your firm’s growth: 

At Cashroom, we are more than just your cashiers. We work with our clients to improve efficiencies in their processes and procedures and support the firm’s growth. Our management accounting packages, produced by our team of accountants, ensure clients know where they are so they can plan where they are heading. In the current legal climate, firms can’t just stand still, so knowing where you are going is crucial. We are here to support our clients and firms to ensure they are future proof and can successfully mitigate risk and ensure compliance with their accounts.  

If you are interested in having a confidential conversation with our team, please get in touch.  

E: info@thecashroom.co.uk 

P: 01695 550950 

Law firms face a myriad of compliance challenges that can be intricate and expensive to navigate. Compliance is not just a mere checkbox exercise for law firms – it is the very foundation upon which ethical conduct, client trust, and professional credibility are built. Failure to comply with compliance regulations can result in monetary fines from the SRA, tarnishing the firm’s reputation and putting clients at risk. Compliance is not just a legal obligation, it’s a testament to a law firms’ commitment to upholding the highest standards and client trust. 

To assist law firms in dealing with compliance, we have compiled a few top tips. By following these steps, law firms can ensure robust compliance and safeguard both themselves and their clients. 

Stay ahead of regulatory changes 

Regulation for law firms can be a complex and ever-changing landscape. There are frequent updates and changes that firms must stay ahead of, with numerous providers claiming to be experts in these areas. It is crucial to establish processes that keep you informed about new regulations, updates, and guidelines that affect your practice areas. This entails regular monitoring of regulatory authorities such as the SRA, CLC, Solicitors Accounts Rules, as well as staying up-to-date with the law itself. Subscribing to trusted legal news sources and participating in industry webinars can help you remain informed about the latest changes and developments. 

Here is a list of some excellent publications you can subscribe to: 

• Today’s Media 
• Bold Legal 
• Hey Legal (Scotland) 
• Legal Futures 
• Modern Law Magazine 

Develop a culture of compliance in your firm 

Compliance is not solely the responsibility of your COLP/COFA or your compliance team. It should be a mindset and culture that permeates the entire firm. You need to create an environment where every member of the firm understands the significance of compliance and feels empowered to contribute because they fully grasp the implications if regulations are not upheld. Introducing regular training sessions, internal communications, and raising awareness about compliance requirements can help foster a proactive culture. 

Hiring a third-party advisor or consultant to handle compliance regulations can save law firms valuable time and money in the long run. There are numerous suppliers that can assist with training and compliance. Here are a few examples: 

• Teal Compliance 
• Hive Risk 
• Legal Eye 

Implement comprehensive policies and procedures 

To ensure compliance, firms need clear and well-documented policies and procedures. These should cover key areas such as data protection, anti-money laundering (AML), anti-bribery, client confidentiality, and conflict of interest. These policies should be easily accessible to all employees and regularly updated to reflect changes in regulations. However, it is not enough to simply have these policies and procedures in place. It is important for legal firms to train their entire team in essential processes so that everyone knows how to avoid risk. 

There are resources available to support you with policy writing and compliance. For example, Legal Eye’s policy store provides a set of documents for firms to use in building their risk and compliance framework. You can find more information here

Conduct audits and risk assessments 

To stay ahead with compliance, firms need to conduct regular internal audits and risk assessments. These help identify potential compliance gaps and vulnerabilities, allowing law firms to proactively address issues before they escalate. Audits should encompass financial operations, client data handling, and confidentiality practices. By conducting your own regular internal audits, your firm will be in a confident position when it comes to regulatory audits. 

At Cashroom, we provide support to clients in ensuring their accounts processes and procedures are efficient and compliant – we can also provide ‘health checks’ for your firms in-house accounting procedures and processes. To find out more about how we can help your firm with accounting compliance, please get in touch with us. 

Implement robust data protection practices 

The General Data Protection Regulation (GDPR) places significant obligations on firms handling personal data. Law firms manage vast amounts of sensitive data on clients, making it crucial to implement stringent data protection practices. This includes obtaining explicit consent from clients, securing data storage, and promptly addressing any data breaches. Data protection training for all staff members is crucial to ensure consistent compliance with data protection regulations and the law. 

The Law Society has a comprehensive guide on GDPR for law firms that you can read here 

Maintain meticulous record-keeping 

Accurate and organized record-keeping is essential for compliance. Maintaining records of financial transactions, client communications, and internal policies should be of utmost importance for firms. These records not only demonstrate compliance but also serve as valuable resources in case of audits or legal disputes. 

For example, Cashroom provides clients with an audit trail and communication tracking through our secure and innovative client portal. You can learn more about our client portal here: [link to blog on portal]. Does your firm and your outsourced services provide this audit trail for you? 

Ongoing training 

Law firm leaders must foster an ethical culture from the top down and set expectations that all employees will uphold compliance laws and best practices. Compliance education is an ongoing process. 

Non-compliance can happen when legal teams aren’t properly educated or trained. So at the very least, make sure compliance training is a part of your law firm’s onboarding process when new hires join.   

But compliance education isn’t just a one-and-done affair, either. Most legal professionals are up to speed on major regulations, but compliance laws evolve. It’s important to schedule ongoing trainings to keep staff members aware of changes and remind them about data security measures—especially if they’re working from home. 

 It is important that everyone in the firm understands that every single employee plays a role in ensuring compliance for the whole firm and clients.   

So, to conclude, compliance isn’t a one-time task, it is an ongoing commitment for your firm that requires vigilance, adaptability and dedication to ethical conduct. By staying informed, developing a compliance orientated culture and implementing robust policies and practices, firms can navigate the complex regulatory landscape with confidence. But we know it isn’t always that straightforward, if you need any support with compliance there are businesses dedicated to certain areas such as document storage, AML and cyber security that can help you, some of which are mentioned in this article.

If you require any support with your accounting compliance or have any questions on how Cashroom can provide support with ensuring compliance and efficiency in your firm, please get in touch.  

E: info@thecashroom.co.uk 

P: 01695 550950 

In the competitive landscape of the legal industry, law firms face unique challenges that demand efficient financial management. As legal practices aim to enhance their profitability, client services, and overall performance, the significance of management accounting cannot be overstated. Effective management accounting can support firms to thrive in an ever-changing, dynamic marketplace.  

• Cost Control and Profitability 

One of the primary reasons why management accounting is beneficial for law firms is its ability to provide insights into cost control and profitability. By tracking and analysing costs associated with various aspects of the firm’s operations, such as staff salaries, overhead expenses, and client acquisition, law firms can identify areas where they can optimise spending and maximize profits. 

For instance, management accountants can help identify which practice areas or clients generate the highest profits and which ones may need to be reevaluated or refined. This data-driven approach enables firms to make informed decisions about resource allocation and pricing strategies. 

• Budgeting and Financial Planning 

Effective financial planning is the cornerstone of any successful business, including law firms. Management accountants play a pivotal role in creating budgets and financial plans that align with the firm’s strategic goals. This involves forecasting revenue, expenses, and cash flow, which helps law firms set realistic financial targets and allocate resources accordingly. 

Management accounting ensures that law firms have a clear picture of their financial health and can make necessary adjustments to achieve their financial objectives. 

• Performance Measurement and KPIs 

Key Performance Indicators (KPIs) are essential tools for evaluating a law firm’s performance. Management accountants can work closely with firm leadership to define and track KPIs that are tailored to the firm’s specific goals and objectives. These KPIs might include client retention rates, revenue by lawyer and more. 

By continuously monitoring KPIs, law firms can identify trends, assess their progress, and make informed decisions to enhance performance. Management accounting empowers law firms to adapt to changing market conditions and take proactive steps to maintain or improve their competitiveness. 

• Compliance and Regulatory Requirements 

Law firms must adhere to stringent financial reporting and transparency requirements. Management accountants are well-versed in navigating these regulatory waters, ensuring that law firms stay in compliance and avoid legal complications. 

Moreover, management accounting can assist law firms in identifying potential risks and implementing risk management strategies. By staying ahead of compliance issues, firms can build trust with clients and safeguard their reputation. 

• Strategic Decision-Making 

In today’s rapidly evolving legal landscape, law firms must make strategic decisions that position them for long-term success. Management accountants provide the financial data and analysis necessary for informed decision-making. Whether it’s evaluating expansion opportunities, mergers and acquisitions, or technology investments, management accounting plays a crucial role in assessing the potential impact on the firm’s financial health and overall strategy. 

Cashroom have a dedicated team of management accountants to support our clients with budgeting, cashflow projections and monitor actual results against projections to allow firms to know where they are and predict where they are going. Our management accounting services range from the production of simple quarterly management information to a full monthly reporting package including management accounts, profit & loss, balance sheet and cashflow projections, analysis of fees rendered and recovered, and capital and current accounts.  

Derek, Head of Client Service at Cashroom is one of our specialist management accountants, qualifying with BDO in 1992 Derek has been a member of the Institute of Chartered Accountants of Scotland since then. Bringing a wealth of experience to his role as Head of Accounts at Cashroom, Derek has previously worked for Wm Low & Co Supermarkets, Royal Bank of Scotland and has spent time working across a number of financial services, retail and energy finance departments.  

Derek says “Management Accounting is not just a financial tool; it is a strategic asset for law firms. In an industry where efficiency, profitability and compliance are paramount, management accounting provides the necessary tools and data for firms to thrive. By harnessing the power of data driven insights, law firms can make informed decisions, optimise operations and ultimately deliver better outcomes for their clients all while ensuring their own long-term viability.”  

To find out more about our Management Accounts packages to support your firm’s operational efficiency and growth, get in touch with our team.

E: info@thecashroom.co.uk 

P: 01695 550950 

As the seasons change and children head back to school, it serves as a poignant reminder of how swiftly time passes. As a parent, I am filled with curiosity about the individuals my children will grow into and the paths they will embark on when they enter the professional world. My eldest aspires to become a teacher, her nurturing nature shining through. My middle child, on the other hand, oscillates between dreams of becoming a professional golfer or football player, channeling all his energy into physical exercise. And then there’s my youngest, at the tender age of 4, who simply wants to be a “daddy”. It’s amusing to imagine each of them in the workplace one day and envision what that future holds for them. 

Meanwhile, I do have to get to work once I stop gazing at the future! At Cashroom, I am fortunate to be surrounded by a young, vibrant and talented team. It’s a delicate balance, knowing when to push boundaries and when to respect the limits that weren’t in place when I first started in my career. So, how do my fellow leaders and I at Cashroom create a work environment that resonates with the younger generation? 

It’s a continuous work in progress, but here are my top tips: 

1. Purpose and Values: Younger generations seek work that aligns with their values. As leaders, we must clearly define our company’s mission and values, connecting with our employees on a deeper level. When our workforce believes in the purpose of our organization, their engagement and motivation soar.
2. Transparent Communication: Building trust with the younger generation requires open and transparent communication. We encourage two-way dialogues, actively listening to our employees’ ideas, concerns, and feedback. Keeping everyone informed about company progress, goals, and changes fosters a sense of trust and inclusivity.
3. Empowerment and Autonomy: The younger generation values autonomy and the ability to make a meaningful impact. Effective leaders delegate responsibilities and provide employees with the freedom to make decisions within their roles. This sense of ownership and empowerment leads to increased job satisfaction.
4. Skill Development and Learning Opportunities: Continuous learning and skill development are paramount to the younger generation. We invest in training programs, mentorship, and growth opportunities, demonstrating our commitment to employee development and retaining top talent.
5. Flexibility and Work-Life Balance: Striking a healthy work-life balance is highly valued by younger generations. Leaders who promote flexible work arrangements, remote options, and policies that support personal well-being create an environment that respects and values their employees’ lives outside of work.
6. Recognition and Feedback: Regular recognition and constructive feedback are crucial for motivating and retaining younger employees. Our managers provide timely feedback, acknowledging their contributions and boosting morale and job satisfaction.
7. Collaboration and Teamwork: The younger generation thrives in collaborative work environments. We foster teamwork by promoting cross-functional collaboration, creating inclusive spaces for idea sharing, and embracing diverse perspectives.
8. Diversity and Inclusion: Prioritizing diversity and inclusion is a key focus for the younger generation. We actively work towards creating a workplace that values and respects employees from all backgrounds, ensuring everyone feels valued and respected.
9. Technology Integration: Leveraging technology aligns with the tech-savvy nature of the younger generation. We invest in tools and platforms that streamline communication, project management, and collaboration, enhancing efficiency and productivity.
10. Adaptability and Innovation: Younger employees appreciate leaders who are adaptable and open to innovation. Embracing change, experimenting with new ideas, and fostering a culture of innovation are vital for keeping up with the ever-changing business landscape.
11. Social and Environmental Responsibility: Younger employees are drawn to companies that prioritize social and environmental responsibility. We demonstrate our commitment to sustainability and ethical practices, aligning our organization with the values of our workforce.

In essence, effective leadership and management for the younger generation involve creating a workplace that emphasizes purpose, communication, empowerment, growth, and inclusivity. By understanding and adapting to the unique preferences of our younger employees, we can create an environment where both our organization and its workforce thrive. 

 To find out about Cashroom and our legal accounting services, get in touch:  

E: info@thecashroom.co.uk  

P: 01695 550950 

As the summer holidays end, it’s time to embrace a new routine and reset. Remember the excitement of preparing for a new school year, gathering fresh supplies, and getting your uniform ready? It’s a chance to feel rejuvenated, organized, and prepared for the upcoming academic year. As parents, juggling school runs, after-school activities, and daily work tasks can be challenging. However, establishing routines can help alleviate stress, create consistency, and improve time management. This ultimately leads to a better work-life balance, allowing you to enjoy quality time doing what you want in the evenings without being glued to your laptop or constantly playing catch-up. 

Working in the legal sector can be immensely gratifying, but it also presents its fair share of challenges. Balancing caseloads, client meetings, research, and various other responsibilities daily can be quite demanding. That is why it is crucial to establish an effective routine that allows you to manage your workday efficiently and maintain a healthy work-life balance. To help you achieve this, we have compiled some invaluable tips to inspire you in creating new routines that will effectively manage your day: 

1. Start your morning right 

Start your day off right with a consistent morning routine. Whether it’s energizing exercise, an hour of work before others wake up, savoring a peaceful 5 minutes with your morning coffee, enjoying a hearty breakfast with your loved ones, or taking a refreshing walk, establishing a routine sets the stage for a positive and productive day ahead.  

2. Make and prioritise a To-Do List: 

Create a daily to-list of task plan. Prioritise your tasks based on urgency and importance. You can use tools such as calendars or task management apps to keep track, plus it always feels great when you get tick your tasks off! Some people even find it useful to create these to-do lists the day before. 

3. Time blocks 

Divide your workday into time blocks that are dedicated to specific tasks. For example, reserve mornings for research and document preparation and afternoons for client meetings. This structured approach ensures you allocate sufficient time to each aspect of your role and helps to reduce stress and feeling overwhelmed Have you ever looked at your to-do list and thought ‘where do I even start’… try adding time blocks and work through the tasks in each time block individually.  

4. Set time for emails and phone calls 

We’re all guilty at some point of instantly abandoning a task for an email or phone call, While this can’t be helped sometimes, it is good practice to have dedicated time for checking and responding to emails and phone calls. This avoids constantly switching between tasks which can disrupt your focus and make you feel overwhelmed. You can use automatic replies to let people know when you will be managing your mailbox too.  

5. Take Regular Breaks 

Incorporate short breaks into your routine to recharge and maintain concentration. Brief walks, a cup a tea, a quick stretch, sit in the garden for 5 minutes, ensuring mental breaks to prevents burnout.  

6. Stick to deadlines 

Adhere to deadlines and build them into your routine. Ensuring you are on track to meet deadlines with a good routine means you can stay on track and complete tasks on time, reducing last-minute rushes and stress.  

7. Review and Reflect 

At the end of each day or week, give yourself time to review your accomplishments and adjust your routine as needed. Reflect on what has worked well and what could be improved. It’s rewarding to think of 3 things you have accomplished that day, even if it is just a thought at the end of each day, build a routine that allows you to celebrate your small wins every day.  

8. Define Boundaries 

Set clear boundaries between your work and personal life. Try to avoid overworking, and if you must, set time for this in a calm environment. Ensure you make time for family, hobbies and relaxation.  

Establishing consistent routines can empower you to effectively manage your workday. Prioritizing elements such as time management, stress reduction, and work-life balance within these routines allows us to navigate the challenges of our profession while also prioritizing our well-being. It’s important to remember that routines should be adaptable to your unique needs and responsibilities and may require adjustments from time to time. By fine-tuning your routine along the way, you can create a well-engineered system that becomes your strongest ally in achieving professional success, personal satisfaction, and quality time with your loved ones. 

Top routine tips from our team 

“A routine I use is that if I get stuck on a challenge, I often like to go for a walk and some fresh air to help think of a new approach to solving the given problem.” – Colin Roddick, Senior Software Engineer  

“When setting a to do list each morning I think it should form part of everyone’s routine to update timesheets correctly to avoid incorrect data entry.” – Lisa Topham, Cashroom Manager  

“My one is ‘Eat the Frog’! It means don’t procrastinate over doing the ‘horrible’ jobs. If you get it done first thing you can enjoy the rest of the day without knowing you have to eat a frog later in the day.” – Cleo Mayhall, Head of Client Services  

“I spend 10 minutes at the beginning of every week planning my ‘must dos’ then on a Thursday I review the list to see how I’m getting on and make any changes that I need if priorities have changed. I also block time out in my calendar if I need to focus on something for an hour so that people can see I am not available.” – Rachel Faris, Projects and Compliance Manager  

“Failing to prepare is preparing to fail: give yourself 15 minutes in the morning to review your daily tasks and create an action plan in order to achieve your daily goals.” – Richard Evitts, Senior Operations Manager  

“To get organised for the day/week, I write down a list of tasks I would like to have completed. I then put a number next to each task to highlight priority. Number 1 being the highest and so on. Then I put calendar appointments into my diary as a plan to stick to and cross off tasks as I go. It is very satisfying to see the tasks being crossed off as the week goes on. If there is a larger piece of work to complete, I would just break that down into smaller tasks and this massively helps show progress and still feels like you are winning.” – Andrew Lowe, Training & Development Manager  

 To find out about Cashroom and our legal accounting services, get in touch:  

E: info@thecashroom.co.uk  

P: 01695 550950 

With the women’s world cup captivating households this summer, we couldn’t help but delve into an industry we know quite well and explore how women have played their part through the years – Women in law! 

Empowering Women in the Legal Profession – A Historical Perspective 

The legal landscape in the United Kingdom has undergone a remarkable transformation over the years, and at the very core of this evolution are the brilliant and influential women in law who have tirelessly worked to shape and redefine the legal profession and promote equality. From breaking down gender barriers to driving legal reform, women in law have been at the forefront of change, leaving an indelible mark on both the profession and society. 

From Precedents to Progress: Historic Milestones 

The journey of women in law is marked by pivotal moments that have forever altered the course of legal history. The suffragettes of the early 20th century, including trailblazers like Emmeline Pankhurst and Christabel Pankhurst, not only fought for the right to vote but also laid the foundation for women’s broader participation in public life, including the legal profession. 

The introduction of the Sex Disqualification (Removal) Act 1919 marked a significant milestone, as it allowed women to enter the legal profession for the first time. This opened doors for pioneering figures like Helena Normanton and Rose Heilbron, who became the first women to practice as barristers and later as King’s Counsel. Their courage and determination set the stage for generations of women to follow. 

Breaking Barriers: Women Shaping Legal Discourse 

The 21st century has witnessed a surge in women occupying prominent positions in UK law, breaking through glass ceilings and making their mark in various legal spheres. One remarkable figure is Baroness Brenda Hale, who made history as the first female President of the UK’s Supreme Court. During her tenure, she presided over some of the most significant legal decisions in the country, leaving a lasting impact on the interpretation and application of the law. 

Lady Hale’s legacy is complemented by the tireless work of women like Shami Chakrabarti, who has passionately championed human rights as the Director of Liberty and subsequently as a member of the House of Lords. Her dedication to justice and civil liberties has made her a respected voice in both legal and public discourse. 

Advocacy and Social Change: Women in Action 

Women in law have gone beyond courtroom battles; they have been instrumental in driving social change through their legal expertise and advocacy. Baroness Doreen Lawrence’s unwavering pursuit of justice for her son, Stephen Lawrence, led to a ground breaking public inquiry that exposed institutional racism within the police force. Her efforts paved the way for legal and societal reforms aimed at addressing systemic injustices. 

The Road Ahead: Challenges and Progress 

While tremendous progress has been made, challenges still persist for women in law. They continue to face barriers to advancement, gender bias, and unequal representation in leadership roles. However, the resilience and determination of these women continue to pave the way for change. Organizations like the Association of Women Solicitors and First 100 Years are actively working to promote gender equality within the legal profession and preserve the stories of pioneering women for future generations. 

A Tribute to Women in Law  

The contributions of women in law extend far beyond courtrooms and legal chambers. They reach into boardrooms, classrooms, and every corner of society. These women have not only shattered stereotypes but also fostered a culture of inclusivity and diversity within the legal profession. 

As we celebrate the achievements of women in law, we are reminded that their stories are not just about individual success; they embody collective progress and a brighter future for generations to come. Their determination to uphold justice, champion human rights, and drive social change sets an inspiring example for us all. Just as they have tirelessly worked to shape the legal landscape, let us also come together and strive for a more just, equitable, and inclusive society. 

“When I founded Women in Wills I had no concept of how quickly the membership would grow reaching over 1,000 members within a couple of years. With the aim of fostering collaboration, sharing knowledge and providing support I have been proud to witness and celebrate the career progression and successes from many members of the group over the years – and I hope there are many more to come! It has been heart warming to see the group, made up of women representing regulated and non regulated firms of all shapes and sizes grow and see so many friendships made over the years. As women, it is important that we lift each other up and encourage the next generation of women in law.”

Karen Babington, Co-Founder of Collaborative Conveyancing, NED of Today’s Media

Find out more about Women in Wills here

To find out about Cashroom and our legal accounting services, get in touch:  

E: info@thecashroom.co.uk  

P: 01695 550950 

[Glasgow, 14/08/23]

Today, Denovo Business Intelligence, a leading provider of legal software solutions and services, is pleased to announce a significant leadership transition as George Blair, the existing Managing Director, steps down from his operational responsibilities after four decades of dedicated service. Effective Monday 14^th August 2023, Steven Hill, the current Operations Director, will assume the role of Managing Director, responsible for overseeing the day-to-day operations of the company.

George Blair, a visionary leader, and industry veteran has successfully guided Denovo Business Intelligence through numerous milestones and challenges since its inception. Under his guidance, the company has become a trusted name in the legal software industry, delivering innovative solutions that have transformed the way law firms manage their operations. In recognition of his immense contributions, George will retain the esteemed title of Chairman and Founder, ensuring his continued involvement in shaping the company’s strategic direction.

As George embraces his new role, he expresses his utmost confidence in Steven’s ability to lead Denovo into its next phase of growth and innovation. With more than 18 years of experience in the legal software sector and a deep understanding of Denovo’s operations, Steven has proven his commitment and expertise time and again. He has played a pivotal role in the company’s success, contributing to its continued expansion, and establishing strong relationships with clients and partners.

George stated, “Now, as I pass the torch to Steven Hill, I do so with complete confidence and unwavering belief in his abilities. Steven, has been an integral part of our journey, consistently demonstrating exceptional leadership and an unwavering commitment to our vision. His deep understanding of our operations, industry knowledge, and dedication to delivering excellence have earned him the respect and admiration of our clients and the entire team.”

Steven Hill’s appointment as the new Managing Director signifies a seamless transition of leadership, underscoring Denovo’s commitment to stability and continuity. Steven brings a wealth of operational knowledge, strategic acumen, and a passion for delivering exceptional customer experiences. As he assumes this new role, Steven will work closely with the entire Denovo team to build upon the company’s strong foundation and drive innovation, ensuring that Denovo remains at the forefront of the legal software industry.

“I am honoured and excited to take on the role of Managing Director at Denovo,” said Steven. “I am grateful for the trust placed in me by George and the entire team. Together, we will continue to advance our mission of empowering law firms with cutting-edge technology and unparalleled support to make their lives easier.”

George Blair will remain actively involved in the company as Chairman and Founder, providing strategic guidance and leveraging his vast industry knowledge to support Denovo’s long-term vision.

George added, “Today marks a significant milestone in the history of Denovo, and I am filled with a mix of emotions as I announce Steven Hill’s appointment as the new Managing Director of our esteemed company. It is with great pride and a touch of nostalgia that I congratulate Steven on this well-deserved promotion.” George continued, “For over four decades, I have had the privilege of leading this incredible team and witnessing the growth and success of Denovo. Together, we have overcome challenges, pioneered groundbreaking solutions, and fostered strong relationships with our clients and partners. It has been an honour to serve as the Managing Director.”

This transition marks an exciting new chapter for Denovo Business Intelligence as it builds upon its solid foundation to further strengthen its market position and drive continued success.

About Denovo Business Intelligence: Denovo Business Intelligence is a leading provider of legal software solutions, dedicated to transforming the way law firms manage their operations. With a comprehensive suite of innovative products, Denovo empowers legal professionals to streamline their workflows, enhance collaboration, and drive efficiency. Founded in 1982 (with the business name switching to Denovo BI in 2009), the company has built a reputation for delivering exceptional customer experiences and cutting-edge technology. For more information, please visit denovobi.com.

To find out about Cashroom and our legal accounting services, get in touch:  

E: info@thecashroom.co.uk  

P: 01695 550950 

It’s been a tough few years for all businesses, and law firms are no exception. They’re currently facing a multitude of challenges—all of which threaten to eat into your law firm’s revenue.

You’ve likely seen the bad-news stories: The pandemic wreaked havoc on the global economy, with the UK economy contracting by 9.7% (the steepest drop since records began). Taxes, energy prices, and the cost of living have all increased sharply over the past 12 months—meaning inflation has reached near 40-year highs.

In the face of such challenging circumstances, it’s incumbent on law firms to act to protect their firm revenue and profitability.  How do law firms stay profitable in difficult times? 

As our research consistently shows, one important answer is to adopt legaltech solutions to enhance your processes and improve your utilisation and collection rates. According to the 2022 Legal Trends Report, these figures sit at 33% and 89% respectively, showing there’s still much work to be done.

This article will delve into five ways that legaltech can increase firm revenue, exploring:

1. Increasing lawyer efficiency
2. Calculating law firm profit by partner (utilisation rates)
3. Billing all fee-earning work
4. Collecting all that you’re owed
5. Showing you where your best leads are coming from

1. Increasing lawyer efficiency 

Your firm’s time is incredibly valuable. If you’re not actively maximising lawyer efficiency at your firm, ensuring they’re spending company time on high-value activities that tangibly move the needle, you’re missing out on revenue. We covered this topic in more detail in our blog, “How Legal Workflow Automation Increases Law Firm Revenue and Efficiency,” but it’s worth reiterating in this article too. 

Look, we’re not saying that every hour of the day needs to be billable—that’s unrealistic. However, it’s important to understand how effectively lawyers are utilising their non-fee earning time. Are they using chunks of their week just staying on top of their email inbox, engaged in phone or email tag to schedule upcoming appointments, or trying to manually onboard new clients into spreadsheets and diaries?

These common firm activities, when not managed effectively, can eat up hours of every week. If your experienced, expert lawyers are spending their days completing tasks that technology could do in a fraction of the time, they’re not necessarily spending their days wisely.

Automating these processes using legaltech frees lawyers up to decide how to spend their non-fee-earning time. They could use these extra few hours each week to stay up-to-speed with legislative changes and sign up for training sessions to understand the industry’s latest best practices. Or, they could get out there and network, build new relationships, and follow up with potential leads. 

2. Calculating contributions  by partner

If you’re not accurately calculating the profit from each partner, you may be missing out on easy ways to increase revenue. By identifying high- and low-earners, you can then dive in and begin to understand what separates the two and where revenue is being lost.

Let’s quickly explain how you can calculate revenue by partner using two simple metrics: utilisation rates and time recording. 

Get clear on your utilisation rates

By calculating your utilisation rate, you can see just how many hours per day each partner spends on billable work. Simply use the following formula: 

Billable hours worked / number of hours worked in a day = utilisation rate.

The results might shock you. 

According to the 2022 Legal Trends Report, lawyers are completing just 2.6 hours of billable work per day. You read that correctly: lawyers are on average losing 5.4 hours per day on non-fee-earning work. 

Partners with low utilisation rates clearly need to improve their efficiency—for instance, by implementing legaltech so that they can get on top of their administrative processes. Once you get clear on your utilisation rates, you can then begin to identify who needs help, why, and adopt the necessary solutions.

Recording time

You might be thinking: “Of course we record our time—how do you think we calculate our billable hours?” 

That’s all well and good—but your lawyers should record all their time, not just their fee-earning hours. Recording billable hours might help with invoicing, but it does little to help improve firm-wide efficiency. 

After all, lawyers should be spending their time on fee-earning activities. You’re not going to identify inefficiencies that are affecting your firm’s revenue by simply analysing what you’re already doing well (and billing for).

Rather, lawyers should habitually record every single thing they do every day. Better still, if they do this following a consistent, firm-wide process, then firms can easily analyse their firm’s overall efficiency across all of its lawyers. This doesn’t need to be an onerous, manual process. After all, rather than increasing efficiency, that would do the exact opposite.

This is where time recording and case management software like Clio Manage can help. It offers a wide range of automatic time tracking capabilities, instantly populating every work entry into a comprehensive timesheet in the Activities page for each individual member of your firm. 

Firms can then generate detailed time reports to understand exactly how their lawyers are spending their time, identify profitability-busting inefficiencies, and devise the appropriate solutions.

You can try Clio for free here. 

This article was originally published by Clio—read the full article.

By Gareth Walker, CEO, LEAP UK

The past few years have provided extra challenges for businesses. Navigating Brexit, the COVID-19 pandemic and two general elections have created extra uncertainty for business leaders looking to expand and secure company longevity.

In the legal sector, a skills shortage has resulted in the addition of recruitment challenges to this list. Many law firms are reviewing their positioning, processes and culture to ensure that they are not only appealing to great talent for any vacancies, but also competing in their field and delivering the best service to their clients.

Prioritising activity that will build and sustain businesses for the long term is vital. Here are three pointers for legal business leaders to remember in order to grow their law firms to last.

1. Increase your law firm’s visibility

You might be the best law firm in your region, but unless prospective clients know about you, this is meaningless. Increasing your visibility will give you greater chances to secure new business.

Improved search engine optimisation (SEO) helps your site rank higher on the likes of Google and Bing, and comes as a result of changes to your website’s content, structure, keywords and phrases. Allocating a budget for pay per click (PPC) adverts on search engines such as Google Ads will position you in front of more prospective clients when someone clicks on the advert to visit your website.

In addition to this, listing your business information on directory sites such as lawconnect.co.uk means that prospective clients looking for the right law firm for their needs can find you. By ensuring your details are featured and accurate, you can be considered for their business.

Raising your profile often has a snowball effect, so the more you do to increase visibility through listings and networking, the more clients you will attract, and the easier this becomes.

2. Optimise your time

The old adage “time is money” has never been truer than in the legal profession. When lawyers spend their days chasing up overdue invoices, tracking each billable unit and scheduling client meetings, their time is spent on administration rather than chargeable work. This is considerably less profitable and can demotivate valued and talented professionals.

Investing in good practice management software enables simpler tasks like this to be automated, freeing up the lawyers to practice. Automatic timers can track billable minutes, and software can instantly generate invoices. Good practice management software has the capability to manage your staff schedules too, so you can speed up planning by knowing your firm’s availability.

By optimising your time and introducing efficient working practices that can be passed on to new staff, you can become a more profitable firm and create a culture of working smarter.

3. Invest in secure collaboration tools

Technology has revolutionised our private lives, which means prospective customers have a level of expectation from law firms when it comes to technology. By making processes and collaboration with your law firm as seamless and accessible as possible, you are working to keep your clients satisfied.

The right technology available from leading practice management providers enables lawyers to securely collaborate with clients on matters from start to finish. This includes uploading, viewing, commenting on, and sharing large confidential items from any location, reliable version control with live updates, and the ability to sign time critical documents from any device.

By investing in secure collaboration tools, you’re providing clients with confidence and convenience, helping to ensure their overall experience with your law firm is positive. Through recommendations, good experiences like this become free marketing to help you grow your business, and when these are in the form of online reviews, these statements will speak for themselves for years to come.

To learn more about how the right tools can help you grow your law firm, please visit www.leap.co.uk.

About LEAP

LEAP Legal Software has been helping law firms to become more efficient and profitable globally for more than 25 years. LEAP is committed to consistently providing world-class legal practice productivity solutions and has innovation at the heart of its research and development so that users continually have the best possible experience.

Occupying a unique position in the legal software market, LEAP includes legal case management, legal accounting, document assembly, document management and legal publishing assets in one solution. Its software is designed to streamline tasks such as matter management, time recording document management, email management, automated forms, client accounting, billing, reporting and remote working.

For more information, please visit www.leap.co.uk.

Press Contact

Carys Geer/Mandy Brooks
carys@brookscomm.com
mandy@brookscomm.com

To find out about Cashroom and our legal accounting services, get in touch:  

E: info@thecashroom.co.uk  

P: 01695 550950 

As a child, my love for Barbie was immense. I will never forget the joy I felt on Christmas day when Santa brought me a Barbie cruise ship. Now, instead of playing make-believe with Barbie on her cruise ship, I spend my days immersed in the world of marketing. Perhaps Barbie planted the seed of wanderlust in me, as I do love to travel whenever I can. 

In recent weeks, I have been absolutely thrilled to witness the unfolding of the Barbie movie advertising content. It is a marketer’s dream coupled with a wave of nostalgia for Barbie. Whether you have always adored Barbie or not, it is impossible to deny that you have heard about the release of the new Barbie movie – the marketing team has truly outdone themselves! At Cashroom, we constantly strive to improve and seek inspiration from other industries. There is so much to learn when we step outside of our own bubble. 

So, what lessons can we learn from Barbie’s marketing team for our own business? 

Brand Recognition: Barbie is an iconic brand that has stood the test of time, captivating hearts for decades. It is one of the most globally recognized and cherished toy brands, instantly evoking positive emotions. This brand recognition gives Barbie movies a head start in marketing, as the audience already has a deep connection with the brand. Does your brand have this kind of enduring legacy? If not, consider collaborating with other providers, clients, and businesses to co-market your product. By leveraging existing associations, you can boost brand recognition and establish a rich history, just like Barbie, through consistent and high-quality content. 

Understanding your target audience is essential for effective marketing. Barbie movies have successfully captured the attention of young girls, who have a significant influence on their parents’ purchasing decisions. By appealing to this audience, the Barbie movie franchise has created a dedicated fan base and established long-term relationships with its customers. It’s crucial to ensure that your marketing efforts are reaching your target audience. Consider whether a radio advert will truly resonate with your demographic or if platforms like Instagram and other social media channels would be more effective. Get to know where your market spends their time and what interests them, so you can consistently engage with them and stay top of mind. 

Merchandising Opportunities: The release of Barbie movies presents a wealth of merchandising opportunities. Alongside the movie, there are a wide range of products available, including dolls, toys, clothing lines, accessories, and even video games, all of which can be marketed and sold. These movies act as a powerful catalyst for driving sales of related merchandise. While it may be more challenging for businesses that offer professional services, there are still ways to take advantage of merchandising. Consider offering branded swag to new and valued staff, distribute branded items at events to encourage sharing on social media, and send out items to partners or prospects to keep your brand top of mind. For example, conveyancing firms often send out a “new home starter parcel” to clients following completion, which not only shows appreciation but also encourages sharing on social media and word-of-mouth referrals from friends and family who could become potential clients. 

Collaborative Partnerships: The Barbie brand excels in forging collaborative partnerships with popular brands that share a similar target audience. By teaming up with successful franchises, celebrities, and media properties, Barbie expands its marketing reach and amplifies its impact. In the world of business, consider identifying complementary services or providers who cater to your target market. For instance, a corporate lawyer with high-net-worth clients could establish close relationships with financial planners and accountants to offer comprehensive services. Similarly, a small local law firm could join forces with a larger legal network to provide clients with a full range of legal solutions through referrals. Don’t forget to showcase client testimonials and encourage reviews on your website and platforms like Trustpilot to boost your promotional efforts.  

Emotional Content: Creating an emotional connection is crucial in marketing. The Barbie brand has successfully associated itself with themes of friendship, adventure, empowerment, and self-expression, allowing viewers to resonate with the characters and storylines. This emotional connection not only drives engagement with the movies and related products but can also be applied to your business. Consider what excites and motivates your audience, and craft content that will make them feel something. For example, family lawyers can showcase client testimonials detailing how they resolved highly emotive cases, creating a powerful impact. 

Recurring Viewership: It is no secret that young children have a penchant for watching their favourite movies on repeat – I cannot tell you how many times my daughter watched Frozen. And so, it comes as no surprise that Barbie movies have become a must-have in every child’s entertainment collection. This recurring viewership not only strengthens the influence of the brand but also opens up opportunities for increased sales of related merchandise. While adults may not indulge in the exact same repetitiveness, they do appreciate consistency. So, when it comes to your branding, keep it simple and consistent. Avoid the temptation of using a multitude of colours, different image and font styles, and varying language. By staying consistent, you allow buyers to truly understand your brand identity and make it easier for them to remember you when their needs arise. 

Digital and Social Media: The emergence of digital platforms and social media has opened up new avenues for Barbie movies to connect with their audience. Trailers, clips, and exciting promotional content can be shared online, reaching a global audience of millions and creating a buzz around the release of the movie. Your target market is likely active on various social media platforms, so make sure you take advantage of this powerful marketing tool. 

Parental Nostalgia: Tapping into the cherished memories of parents who grew up with Barbie can create a powerful emotional connection to your brand. By evoking a sense of nostalgia, you can foster a deeper bond with your audience and inspire them to share in the joy of their own childhood experiences. Consider incorporating nostalgic elements into your marketing content, such as reminiscing about beloved toys, discussing memorable TV shows, or even creating interactive polls that spark fond memories. By infusing your brand with a touch of nostalgia, you can add a unique and endearing personality that resonates with your target market. 

In conclusion, the Barbie movie franchise thrives on its powerful brand recognition, ability to captivate targeted audiences, extensive opportunities for merchandising, emotional connections with viewers, and versatility to accommodate different storylines. These elements combine to create a marketer’s paradise, consistently appealing to new generations while fostering a dedicated customer base. Imagine being able to say that all of this applies to your own business! 

To find out about Cashroom and our legal accounting services, get in touch:  

E: info@thecashroom.co.uk  

P: 01695 550950 

Cashroom becomes preferred supplier for LawNet  

We are delighted to announce we are now a preferred supplier for LawNet. LawNet is the UK and Ireland’s leading network for independent law firms promoting excellence and providing a range of benefits for members. LawNet is innovative and passionate about seeing its firms succeed and has developed a wide range of services and initiatives to help members stay ahead of their competition, reduce costs, improve efficiencies and profitability.  

LawNet have been supporting law firms for over 30 years and the LawNet network delivers a range of powerful benefits to both members and their clients. For the members themselves, benefits include- the legal markets largest PII scheme, exclusive membership discounts, over 50 CPD training events each year, an annual conference discussing key strategic issues in the legal and business market as well as accreditation to the internationally recognised LawNet ISO 9001:2015 Quality Standard. You can read some of LawNet’s member stories here: https://www.lawnet.co.uk/what-our-members-say/. 

Becoming a preferred supplier is a testament to the quality of our service and the dedication from everyone working at Cashroom, from our cashiers and accountants to our tech development teams, and everyone in-between. Our mission is to free lawyers from the complexities of legal accounting so they can do what they do best – practice law.  

Cashroom are pioneers in the evolving legal landscape- this year we became the first non-bank to implement open-banking integrations into our client portal, utilising technology to further reduce risk and increase efficiencies for our clients. We have developed our own unique, secure and award-winning client portal which boasts over 7,000 law firm users and is designed to deliver unique, secure and exceptional service through its 400 request types, automated tasks, workflows and authorisation processes, tailored to each specific request. Our portal allows clients to communicate with us risk-free and leaves them with a clear audit trail for inspections and compliance, ensuring optimum efficiency. All this, while supporting and posting to whatever practice management system the law firm is operating. 

We offer firms access to highly skilled, qualified and experienced legal cashiers at a fraction of the cost of hiring their own staff, helping firms to save money. Over 280 clients across the UK trust Cashroom with their legal accounting. Since the pandemic, there has been a remarkable 35.5% increase in the adoption of our outsourcing solutions within the legal market. Each month we now transfer over £2 billion of client funds. Our client firms are all shapes and sizes, from small regional practices to Top 200 national players- there are differing and significant benefits of our service for any law firm. 

Our values very much align with LawNet as forward thinking, innovative businesses aiming to support law firms achieve excellence and stay ahead in the ever-changing legal landscape. We are so excited to be part of the LawNet community.  

If you are an ambitious, growing firm interested in joining the LawNet network, you can enquire directly here: https://www.lawnet.co.uk/contact-us/ 

To find out more about Cashroom and our legal accounting services, get in touch:  

E: info@thecashroom.co.uk  

P: 01695 550950 

Our Mission

For the past 14 years, Cashroom has been a trusted partner for law firms of all sizes and types, providing reliable, accurate, and specialized legal accounting support. Our mission at Cashroom is to simplify legal accounting for lawyers, allowing them to focus on what they do best – practicing law. 

We are revolutionizing the field of legal accounting by offering law firms access to highly skilled, qualified, and experienced legal cashiers at a fraction of the cost of hiring their own staff. This not only helps firms save money but also unlocks a wide range of additional benefits. 

Our commitment to accuracy, efficiency, and compliance in legal accounting has earned the trust of over 280 clients across the UK. Since the pandemic, there has been a remarkable 35.3% increase in the adoption of our outsourcing solutions within the legal market. Every month, we transfer over £2 billion of client funds and have processed an impressive 387,403 cashiering requests for our clients from January to June 2023. Our client portal, which boasts over 7,000 law firm users, is designed to deliver a unique, secure, and exceptional service through its 400 request types, automated tasks, workflows, and authorization processes tailored to each specific request. 

To address the insecurities and rising threat of fraudulent payments associated with email, we have developed a revolutionary web-based portal that provides our clients with unparalleled security and protection. Our portal utilizes unique authorization workflows, mandatory fields for request submission, and compliance with the Solicitors Accounts Rules. Not only does this ensure the provision of necessary information, but it also facilitates encrypted communication between Cashroom and our clients, while offering excellent task management capabilities. 

Our client portal is a testament to our commitment to innovation. Tailored specifically for legal accounting, it is robust, secure, and efficient. By continuously developing and enhancing our portal based on client feedback, we ensure that it provides the best possible service to law firms. Clients can securely communicate with Cashroom, access their financial information, and benefit from a clear audit trail. Our in-house development team is always available to listen to ideas for further improvements and implement them promptly, fostering a culture of innovation. 

At Cashroom, our focus is on delivering excellence in service, and that includes having a dedicated Cashroom team specifically assigned to each client firm. Despite having a large team of over 150 staff, we pride ourselves on providing a personalized and human touch to our service. We believe that the interaction and rapport we build with our clients contribute to the high-quality service we provide. 

In addition to safeguarding our clients from cybercrime, Cashroom also places paramount importance on client success. From the very beginning, we take the time to understand our clients’ businesses, ensuring a seamless transition to Cashroom. Our dedicated onboarding team follows a well-tested process, and our client care team maintains regular contact to deliver excellent customer service and add value to our clients’ businesses. With our expertise in dealing with a wide variety of firms and systems, we work closely with clients to optimize processes and enhance efficiency, while providing enhanced security and compliance. 

At Cashroom, we take pride in our team of experts, including ILFM  and SOLAS qualified Cashiers, Solicitors, and Chartered Accountants. This unique support network ensures that our clients receive comprehensive assistance in managing their accounts department. We invest in our staff through our in-house academy, providing ongoing training and development opportunities. This commitment to excellence is what sets our cashiers apart, ensuring that they are qualified or in the process of obtaining qualifications. This academy enables us to better support our teams, ensuring the delivery of crucial and exceptional service. 

By choosing Cashroom, law firms can confidently use our services alongside their preferred case management system, harnessing the industry’s best processes and efficiencies. This unique combination of expertise, security, and flexibility sets us apart from any in-house solution.  

Cashroom are also cyber essentials plus accredited to ensure maximum security for our clients.  

Keeping Clients at the heart of everything we do   

At Cashroom, we work with our clients to ensure they are achieving their goals through using our products and services. From the first point of contact our team get to know the client’s business, meaning moving across to Cashroom can be as pain free as possible for the client. We created a specific team for onboarding of firms and new clients are taken through a well worked and tested process to bring them into service. We have a dedicated client care team who are in regular contact with clients ensuring we are delivering excellent customer service and adding value to our clients’ businesses. We have employed senior people from outside the legal sector who have expertise in client success and resource management, adding to the unique nature of our support.  

A key focus is efficiency, and agreeing processes with clients that are optimal, calling upon our extensive experience of dealing with a wide variety of firms and systems. We know what works well!  

Cashroom’s dedicated service team is committed to providing essential support, ensuring that clients receive accurate data and timely delivery of vital information. We assist clients with billing queries, promptly addressing any questions they may have about invoices through our secure portal. Our service team also offers invaluable financial information, enabling us to deliver the best possible financial service to the industry. 

Our integrated portal provides a seamless and secure communication channel for our clients. Through carefully designed processes, we ensure that the interaction between fee earners and cashiers is even more efficient than in-house finance functions. This not only enhances security and compliance but also adds value to our services. 

At Cashroom, our focus is on delivering excellence in service. We ensure that each client firm’s Cashroom team consists of a small number of dedicated individuals, providing a personalized touch and fostering strong client relationships. 

Continuously striving to improve, we develop new products and services based on client feedback. With our in-house IT and development team, we can quickly respond to client demands and create a continuously improved client experience through our integrated portal. 

If you are interested in finding out how Cashroom can support your firm, get in touch with our team.

E: info@thecashroom.co.uk 

P: 01695 550950  

There’s a well-worn saying which I’ll paraphrase – if you don’t adapt, you don’t just stand still, you go backwards.

Never a truer word, given the steady march of tech advancement across the legal sector. There are new toys galore, and not just technology aimed at law firms, but also the rise of AI, and the influx of expertise from outside the legal world, bringing world class business tech into play.

A good starting point is for firms to actually optimise and properly utilise their practice management system. Far too many have old and creaky systems which don’t give the resilience, agility and security that more modern systems can provide. However, even those firms who have traded up and obtained a quality PMS often do not maximise the potential of the system with proper implementation.

Far too many firms continue to use vulnerable email to communicate within the firm and with their clients. In these days of increasing cyber threat, that really must be viewed as a negligent approach. At Cashroom we developed a secure communication portal to engage with our clients, removing risk and creating significant efficiencies with the movement of data. Our clients effectively piggyback on our technological advances – in effect they outsourced the problem of tech knowledge in the finance function area of their business.

For law firms trying to keep up with tech advances, the crucial question should always be “Am I providing the best possible service to my clients?” and the answer to that question can only be properly given by someone who is keeping abreast of what tools are available.

Communication and responsiveness are the biggest pitfalls – the things that most often bring criticism from clients. In the drive for 5-star reviews, one of the quickest ways to lose stars is to fail in that area. As a judge for two of the most prestigious legal awards, (British Conveyancing Awards, and British Wills and Probate Awards) I see many submissions which extol the virtues of innovation and the optimal use of tech, in particular as it relates to interaction with clients. Happy clients make for happier staff and repeat business as well as powerful testimonials and reviews.

For the avoidance of doubt, I’m not suggesting firms should throw caution to the wind and go for every shiny new gadget in town. What I am saying is that every firm needs to keep themselves informed about tech innovation, because they can be sure their potential clients and competitors will be doing.

To find out more about how Cashroom utilise innovative technology combined with expert knowledge to deliver legal accounting as a service, get in touch with our team today.

E: info@thecashroom.co.uk

P: 01695 550950

The Cashroom team have been out and about at various events over the past few months and last week we attended the Bold Legal Group summer conference & Soiree. This was a fantastic event with numerous insightful takeaways. It was great to catch up with some of our Cashroom friends and meet lots of new ones.

If you don’t know already, Bold Legal Group was set up by Rob Hailstone, an ex-residential property conveyancer with over 45 years’ experience. With the implementation of the Legal Services Act 2007, a new SRA handbook and many other issues to deal with in conveyancing, Rob realised that law firms needed an extra ‘pair of eyes’ to make sure they were kept fully informed and up to date with issues such as AML/ID, SRA fraud and scam alerts, Law Society practice notes, GDPR and much more.  Find out more about BLG here: https://www.boldgroup.co.uk/

The Bold Legal Group network members work together, share experiences, problems, solutions, and successes. Bold Legal Group’s aim is to embrace new opportunities that the changing legal landscape creates and ensure that clients have continued access to good efficient legal advice and help throughout England & Wales.

We spoke to a lot of conveyancers at the event, and it became clear that many of these firms cashiering departments need additional support – something that Cashroom can help with. For conveyancers and their clients, an efficient accounting department with tight controls is crucial. Our team of cashiers transfer almost £3 Billion of clients’ money, and we are confident that your transactions are in the best hands with us. Unlike any other outsourced provider and many in-house teams Cashroom offer efficiency through our unique and secure client portal, which has been built in its entirety in-house, removing the need for email communications and reducing the risk of fraud and scams, of which the conveyancing sector is a prime target for by criminals.

Our portal includes workflows for best practice and a clear audit trail for your own peace of mind. With over 140 legal cashiers and accountants your firm has access to a wealth of experience and each task is completed by the correct person with the right skillset – not even the largest firms in the UK have access to this size of resource. We work with whatever practice management system your firm choses and are completely system agnostic.

Firms we work with enjoy peace of mind that their compliance is covered. Our cashiering teams have up to date knowledge of the SRA Accounts Rules and the CLC code of conduct. Our in-house academy ensures we are on top of the latest rules and regulations and can share our in-depth knowledge with our clients.

We know that completion days require additional resource. Lawyers and in-house accounting teams can be overwhelmed on these busy days and transferring high volumes of client money is high-risk for firms and requires correct compliance and attention to detail. If cashiering teams are overworked, stressed, and feeling as though their heads are only just above water, mistakes can happen, and this brings an added risk to firms and clients.

At Cashroom, we provide flexible resource meaning you can account for busy days and relieve the stress from your in-house teams, this feature of our service is something our conveyancing clients gain full advantage of.

You can find out more about our services here: https://www.thecashroom.co.uk/services/

Conveyancing is stressful, but the rewards are worth it. Your clients depend on you, and we know how many conveyancers go above and beyond day in day out for their clients. Cashroom can help relieve some of the stresses for your firm, meaning you can dedicate more time to your clients whilst our experienced and dedicated cashiers provide additional support for your finance function. The result = happier clients, happier regulators, happier staff, and a happier firm.

If you are a conveyancing firm and want to find out more about how Cashroom can work with you to ensure compliance and reduce risk in your firm, contact our team for a confidential chat.

Email: info@thecashroom.co.uk

Phone: 01695 550950

As a law firm, it’s important to have a strong online presence to attract and retain clients. One of the most effective ways to achieve this is through search engine optimisation (SEO). SEO can help your law firm rank higher in search engine results pages (SERPs) and increase your online visibility, ultimately leading to more clients and increased revenue.

In this blog post, we’ll discuss the importance of SEO for law firms, the basics of getting SEO right, key factors for success for law firm’s SEO and how your law firm can optimise it’s content for SEO. There will be something practical that you can take away from this blog.

Why Law Firms Need SEO

People are searching for legal services online, and if your law firm doesn’t appear in the search results, you are absolutely missing out on potential clients. This is why search engine optimisation is so important. If your competitors are investing resources in their SEO, it’s likely that they will be showing up for search terms you also want to rank for and your firm will therefore be losing out on enquiries.

SEO is a way to optimise your law firm’s website and online content to rank higher in search engine results. By doing this, you increase the chances of people finding your website when they search for legal services online. This, in turn, increases your online visibility and can lead to more clients and revenue for your law firm.

Understanding the Basics of SEO

Before you can start optimising your law firm’s website for SEO, it’s important to understand the basics of how search engines work. Search engines use algorithms to rank websites based on various factors, including relevance, authority, and user experience.

Relevance refers to how closely your website matches the search query. Authority refers to how authoritative your website is in your industry and user experience refers to how easy it is for users to navigate and use your website.

To improve your law firm’s SEO, you need to optimise your website and online content to fit the above three criteria – relevancy, authority and user experience. This involves optimising your website’s structure, content, and meta-data to make it easier for search engines to crawl and index your website, but also ensure it follows a coherent structure for your users too.

Key Factors for Successful Law Firm SEO

There are several key factors that are important for successful law firm SEO. The first is keyword research. You need to identify the keywords and phrases that potential clients are searching for when looking for legal services online. These keywords should be incorporated into your website’s URLs, on-page headings content and meta-data to improve your website’s relevance to those search queries.

Another important factor is backlinks. Backlinks are links from other websites to your firm’s website. Search engines view backlinks as a vote of confidence in your website’s authority and relevance. The more high-quality backlinks your law firm website has, the higher it will rank in search engine results. Have a read about the SEO benefits of digital PR for law firms, and how to determine whether a backlink is of good quality in this blog post.

Content is also important for successful law firm SEO. You need to create high-quality, relevant, and engaging content that provides value to your website visitors. This can include blog posts, articles, videos, and other forms of content that demonstrate your expertise and authority in your field and answer FAQs. This content can then be repurposed on your firm’s social media channels too for even further reach.

Common SEO Mistakes to Avoid

SEO isn’t easy, and SEO managers spend hours learning the best practices and understanding how search engines work. So, while there are many things you can do to improve your law firm’s SEO, there are also several common mistakes that your law firm needs to avoid so it isn’t penalised by the search engines.

One of the biggest mistakes is keyword stuffing. Keyword stuffing is the practice of overusing keywords in your website’s content and meta-data in an attempt to rank higher in search engine results.

Another common mistake is neglecting the experience a user has when visiting your website. What we call in our industry User Experience (UX). Your website should be easy to navigate, with clear calls-to-action and forms above the fold. If your website is difficult to use or navigate, visitors will quickly leave and search engines will view your website as low-quality. In this blog post we discuss eight ways to tell whether your law firm might need a website refresh in this blog post. Optimised content is essential for your law firm website success, but you need to ensure your website is designed well too because mobile friendliness and time to load are just a couple of the other important SEO factors.

Finally, it’s important to avoid purchasing low-level backlinks or engaging in other black-hat SEO tactics. These tactics can lead to penalties from search engines and damage your law firm’s online reputation. PR Executive has covered best practices on how to approach journalists so your law firm can gain reputable links and PR coverage in this blog post.

Optimising Your Law Firm Website for SEO

Once you understand the basics of SEO and the key factors for successful law firm SEO, it’s time to start optimising your law firm’s website for SEO.

This involves several steps, including:

• Conducting keyword research to identify relevant keywords and phrases
• Optimising your website’s content and meta-data to include those keywords
• Creating high-quality content that provides value to your website visitors
• Ensuring your website’s structure is optimised for search engines
• Building quality backlinks from other high-quality websites

So, where can you start?

1.     Creating Quality Content for Your Law Firm Website

As mentioned above, quality content is an important factor in successful law firm SEO. Your content should provide value to your website visitors and demonstrate your expertise and authority in your field. There are a variety of ways your firm can do this, but answering common questions is a good place to start.

2.     Building Quality Backlinks for Your Law Firm Website

To build quality backlinks, you need to create high-quality content that other websites will want to link to. This can include blog posts, articles, infographics, and other types of content that demonstrate your expertise and authority in your field.

You can also reach out to other websites and offer to guest post or contribute content. This can help you build relationships with other websites in your industry and increase the number of high-quality backlinks to your law firm website.

3.     Measuring the Success of Your Law Firm SEO Efforts

Once you’ve implemented your law firm’s SEO strategy, it’s important to track success.To determine the success of your law firm SEO efforts, you need to track and measure your website’s performance over time. This can include tracking your website’s search engine rankings, website traffic, and conversion rates.

You can use tools like Google Analytics 4 (GA4) to track these metrics and identify areas for improvement. By regularly measuring your website’s performance, you can make data-driven decisions to improve your law firm’s SEO and increase your online visibility.

Hiring SEO Services for Your Law Firm

SEO is an essential part of your law firm’s digital marketing strategy so it is important to get it right. By optimising your law firm’s website and online content for search engines, you can increase your online visibility and attract more clients to your law firm.

To succeed with SEO, it’s important to understand the basics of SEO, avoid common mistakes, and focus on creating high-quality content and building quality backlinks to your law firm website.

SEO isn’t always straightforward, and success isn’t going to happen overnight. So, if your firm doesn’t have the time or expertise to manage its SEO efforts, it may be worth enlisting the help of a specialist digital marketing agency for lawyers.

Book a call in with the team at Conscious Solutions to discuss how they can help your law firm become more successful online using SEO on 0117 325 0200 or sales@conscious.co.uk.

Like many businesses, it’s taken Post Partner a little while (since 2019 in fact!) to work out exactly what it is we exist to do…our “Massive Transformational Purpose” to use some fashionable jargon.

Ok, we help improve efficiency, reduce security risks, increase profitability etc…but what’s the bigger picture?

It was in looking at ‘digital transformation’ more generally that it eventually became clear.

We protect fee earners from admin in a digital world!

The light bulb moment

Our products and services don’t JUST save time; they are specifically tailored to route admin tasks away from lawyers to either administrators, or, increasingly, to automation tools, to enable fee earners to concentrate on legal work.

It seems to us that whilst many ‘digital transformations’ doubtlessly save time, improve security, reduce errors, are generally great etc. they often end up channelling admin tasks directly to fee earners, whereas previously those tasks would have been undertaken by administrators.

A great example

Filing e-mails is a prime example of this. The filing of post, a.k.a. ‘the mail’, has traditionally been an administrative task; and a pretty lowly one at that. The advent of e-mail and case management systems however has completely reversed this. Lawyers, not administrators are spending several hours a week (sometimes a day!) filing emails. The tail appears to be (quite vigorously) wagging the dog!

The impact for firms

As a result, we are seeing a number of negative consequences, including

• Skilled administrators being underutilised,
• Increasing levels of fee-earner burnout
• Admin being done poorly – Newsflash – lawyers are not generally very good at admin!

Our short term plan

In the coming months we will be challenging law firms and lawyers themselves to consider, on a variety of simple statements, such as “fee earners in our firm don’t file the emails”, just how admin heavy their lives really are. An admin health check if you like.

Perhaps an interesting thought experiment is to cast our minds back to the 1990’s. The music was evidently better , and, according to the majority of practitioners we’ve spoken to on the topic, so was the role of a fee earner!

Assuming it’s not just a matter of rose-tinted glasses, why on earth would that be? Technology has advanced enormously, more flexible working arrangements are generally available, and there is plenty of work (and therefore money) available for firms who have survived consolidation. It should be a great time to be, for example, a conveyancing solicitor, and yet we have a ‘burn-out pandemic’ on our hands and mass exodus from the sector, making recruitment and retention many firms No1 headache.

Reaction from the sector so far

As illuded to above, I attribute the change in fortunes, at least in part, to an unhelpful blurring of the lines between administrative and legal tasks. My comments along these lines, both on LinkedIn and in private conversations, have been met very positively and have been something of an eyeopener to some people. It can be easy to miss the forest for the trees. The only negative reaction (to my knowledge) was one person misinterpreting my comments as saying lawyers are more important than administrators. My point of course is that fee-earning and admin are both important, but they are different, and should be allocated accordingly.

Conclusion

At a time where burn-out is a pandemic in our industry and with recruitment & retention of the best talent being the No1 priority in forward thinking firms…Post Partner are proud (and pretty excited!) to be in the ‘fee earner protection game’.

Tom Bailey

Managing Director at Post Partner

Outsourcing your finance function is a big decision for firms, that’s why we have collated a list of our frequently asked questions to help. Outsourcing your finance function doesn’t need to be daunting, the process is simple and can save your firm time, money and significantly reduce risk.  

Working with Cashroom as an outsourced finance provider means firms no longer need to worry about resource, holiday cover and can confident their firm is adhering to compliance regulations.  

Do I need to change system provider? 

There is no need to change your system provider when outsourcing to Cashroom. We are system agnostic and work with any practice management system, meaning your firm can stay with the system that works for you.  

We also have integrations into leading Practice Management Systems such as LEAP, Denovo, Klyant and Clio and banking networks.

How does the service work? 

You would have your own dedicated team who operate remotely as an extension of your firm. They communicate with you via our secure client portal, acting on your instructions in real time. They will make postings, reconcile accounts, set up payments, run your payroll, or produce detailed management accounts for you as part of an efficient, compliant and secure service. Our teams are encouraged to develop strong working relationships with our clients, so that they very much feel like part of your firm. Our services can provide you with a completely outsourced finance/accounts function or support your existing in-house team.  

What kind of law firms do you support?  

We support law firms of all shapes and sizes, throughout the UK, from sole practitioners to some of the top 50 law firms. There are differently benefits gained, and services taken, by these different types of firms – for the smaller or start-up firms we are ensuring compliance, and usually operating the entire finance function for the firm. For bigger firms, we may be supporting the in-house team with additional resource or providing monthly management information to the Finance Director. We also provide fractional FD and consultancy services to some of the bigger firms. Our service is bespoke and can be scaled up and down dependent on demand to suit your firms ongoing needs.  

Can you make payments for us?  

We have bank access for our clients which enables us to complete daily bank reconciliations as well as monitor the bank for incoming monies. We can set up payments on instruction, leaving the firm to check and authorise, saving time and effort for our clients.  

How much does it cost?  

Our comprehensive cashiering service tends to be significantly less expensive than the inhouse option. This is because our team-based approach can ensure the right level of person deals with the right level of task. By remotely reviewing your Practice Management System to access the volume of transactions being processed through your system, we can quickly provide a quote. Our payroll service depends on the number of employees, and our Management Accounts service can be tailored to your needs, and therefore priced according to requirements.  

How quickly can you start?  

We can start service very quickly but can be constrained by things such as bank access. On average we aim to get to full service within four weeks, the onboarding process will begin straight away so we can get your firm into our service teams as soon as possible. 

Do we need to outsource our whole finance function?  

No. While many of our clients are indeed replacing their whole cashiering function with our service, many firms use us to provide a support serviced to their internal finance team as a wraparound. We can provide valuable flexible resource in that way. So, whether you require a full replacement for your accounts department, or simply some additional resource to assist your in-house team, we can help.  

If you are interested in outsourcing part of all of your finance function in your firm, we can arrange a confidential chat with a member of our team to discuss your requirements.  

Get in touch today:  

Email: info@thecashroom.co.uk  

Phone: 01695 550950