I recently read a rather interesting article from CLIO which discussed the legal trends of 2021 and how law firms have evolved during the pandemic.

If anyone has some spare time, I’d recommend reading it too.

Whilst it focuses on the USA/ North America market predominantly, I have noticed the same trends here in the UK and it provided a couple of rather interesting points, where I believe outsourcing is the solution (and not just the accounts element)!

The first item I picked up on was ‘’Assessing change, identifying opportunities and reviewing firm resources.’’

This can be quite a broad subject so I won’t go into too much detail, but if there is one thing that the last few years has taught me, it is that no matter how much time we spend on a certain task, there’s always something that can be improved. ‘’Work smarter not harder’’. I guess that’s where the Cashroom can help – we have a lot of great experience on multiple practice management systems used throughout the UK – we know how to make things work and we can help put processes into place to allow you to get the best out of the system (saving time and allowing you to make more money!)

The other point to note was, of those firms surveyed ‘’23-35% of their finances are spent on office space.’’

Whilst I appreciate that office space is always needed to some capacity, having outsourced functions can reduce the cost, and provide more space for fee earners and other members of staff. Not only will outsourcing reduce the cost on office space, but also on things such as IT equipment and other regular expenses that are needed. It prevents the need for supervision, the worry of sickness and holiday cover, and also simple things such as lunch breaks! In all honesty, the list goes on.

From the conversations that I have had with law firms in the past, they have always been concerned about outsourcing such a fundamental element of their business.

However, since the pandemic, this has been the norm with staff working from home on the daily, and everyone has had to change and deliver new methods and ways of working very quickly. This proves the concept works and we were fortunate enough to be ahead of the game, having worked in this way for many years prior, therefore business as usual for us.

If outsourcing your finance function is something of interest to you, or if you would just like to know more about what we offer, please get in touch.

Danny Jones