When looking for a new product or service, conducting research is vital to ensure not only that you get value for money, but also you can enjoy the best experience possible by finding the provider most suitable for your specific needs.
Whether you are searching for a hotel, holiday destinations, the latest gadgets or kitchen appliances, you need to do your research, and the same is true for legal cashiering services.
So, what things should you consider when looking for a legal cashiering service?
Consider a providers reputation. Speak to current customers and read testimonials or case studies on their website. However, a company isn’t only judged on the service it provides to current customers, but how it deals with customers who wish to leave. Enquiring about this will give you the whole client experience. Plus, an ex-client can give you the honest answers about how professional the outsourcing company is when it comes to separating and terminating the contract.
Can the company work with your current set-up/practice management system? The last thing you want is to find out you have to spend a small fortune implementing new systems in order for the outsourced legal cashiering to work. The Cashroom has a totally system agnostic approach, meaning that firms don’t have to change their systems before benefiting from the service.
Another factor to consider is how quickly the set up can be up and running, reducing the impact it has on your firm. The Cashroom’s legal cashiering service hits the ground running by getting set up quickly with no downtime or disruption.
Ask questions around your contract. Find out if you’re tied in for a period of time, have early repayment charges if you decide to leave etc. But also find out who ‘owns’ and houses the financial data, and the implications of retrieving this if the contract is terminated. Ironing these terms out at the beginning of your relationship is crucial to ensure the smooth running of the legal cashiering service.
Establish who will manage your account and be your specific point of contact. The last thing you want is to be pushed around from pillar to post if you need to speak to someone about an issue that needs resolving asap.
Maintaining compliance with regulators as well as providing a high-quality service should be the top priorities for your outsourcer. Here at The Cashroom we don’t just have a grasp of accounts, our cashiers also possess appropriate qualifications and an in-depth understanding of regulation rules, for example, the Solicitors Regulation Authority (SRA) Handbook, SRA Account Rules, The Law Society of Scotland Account Rules etc. Also, it’s vital to ensure the outsourcer can explain/show how they adhere to data protection regulations, such as GDPR. Again, this should be set out in detail in the Contract.
It’s no secret that law firms are a particular target for cyber criminals, so it’s imperative to find out what defences an outsourced legal cashiering firm have in place.. At The Cashroom, we offer a secure end to end encrypted online portal to allow internal and external stakeholders to communicate and share information. We also hold an industry leading Cyber Essentials Plus Certification.
Communication is key in any relationship with an outsourcer. So, establishing how you can remain in contact with them is vital. At The Cashroom, we provide an online portal, eliminating email and enabling everyone to know where tasks are up to. All requests are clearly tracked and monitored and can easily show an audit trail if required. Having a clear and concise system, helps to ensure deadlines are adhered to and communication is clear for all concerned.
Finally, if you’re considering outsourcing other areas of your firm, it may be worthwhile to see if your outsourcer provides these services as well. This will help to streamline your processes and ensure you’re only managing one supplier. Here at The Cashroom, as well as providing legal cashiering, we also offer management accounts, payroll services, and compliance and efficiency audit reviews / support to law firms across the UK.
If this blog has whet your appetite, and you’re intrigued to learn more about the services The Cashroom could provide, or you’d just like to ask a few questions, please contact us.
Our contact details can be found below.
If you are regulated within the English and Welsh markets, then please contact:
Alex Holt E: email@example.com T: 07817 420 466
If you are regulated by the Law Society of Scotland, please contact:
Gregor Angus E: firstname.lastname@example.org T: 07875 598 593