Are you the Finance Partner in your law firm? On top of your demanding day to day role there’s the constant pressure of handling your firms’ finances – tracking expenditures, handling payroll, navigating tax and maintaining your overall financial health and ensuring this is done compliantly in accordance with accounting regulations. For partners juggling multiple hats, taking charge of the finance function can lead to burnout and detract from client-focused efforts. Sound familiar?

Behind the scenes of every law firm is a crucial aspect that often goes unnoticed for weeks at a time and yet plays a crucial role in the firm’s success: daily finance management. In many firms there is a partner or senior partner taking on the whole function by themselves and struggling to keep up with regulations, chase payments and manage their accounts. We are all far too familiar with the consequences of burnout, not only for the individual but for the firm. Exhaustion can negatively impact the quality of services delivered to clients and, the toll on mental and physical well-being can have lasting repercussions, both personally and professionally.

The time and energy you spend on finance tasks can detract from what should be the primary focus – serving clients and planning for the future. Partners find themselves stretched thin, struggling to strike a balance between managing finances and delivering excellent services. The risk of errors or oversight looms large when attention is divided between competing demands that come with running a law firm. The worry over ensuring legal accounting compliance can really keep you awake at night.

If this sounds like you, there is a solution: outsource your finance functions to trusted, trained professionals. By enlisting support of external firms that specialise in financial management for law firms, partners can reclaim precious time and resources. Outsourcing your finance function presents countless business benefits:

Expertise and Efficiency:

Legal finance professionals are trained and keep up to date with compliance regulations meaning they can easily navigate the complex processes with precision. Their specialised knowledge ensures accuracy and compliance, freeing partners and fee earners alike of the burden.

Cost Effectiveness:

Outsourcing finance tasks eliminates the need for in-house staffing dedicated solely to financial management. Partners can redirect resources towards core legal activities, maximising operational efficiency and profitability.

Enhanced Focus on Clients:

With finance responsibilities offloaded, partners can devote undivided attention to client needs, fostering stronger relationships and delivering superior legal advice. Freeing up resource to focus on clients and implement a client centric approach not only boosts client satisfaction but cultivates loyalty and referrals, enhancing the firm’s client retention and reputation.

Scalability and Flexibility:

External finance firms offer scalable solutions tailored to the firm’s size and growth. Whether its managing day to day transactions or strategizing long term financial objectives, outsourcing provides flexibility to adapt to your firms’ evolving needs.

Risk Mitigation:

Entrusting finance tasks to experienced and capable professionals allow law firms to mitigate risk of errors, fraud, or non-compliance. Rigorous controls and safeguards are implemented by outsourcing providers to safeguard the firm’s financial integrity and reputation.

At Cashroom, we take away the financial burden from partners and fee earners. Providing firms with all the above and a unique support network consisting of ILFM & SOLAS qualified and experienced cashiers, management accountants, chartered accountants and senior management who have held partnership positions at top 100 law firms. The Cashroom team know Law Firm’s needs and requirements and how to implement them, securely, efficiently and compliantly. Our service combined with our bespoke client portal which integrates with leading practice management systems, the banking network, uses open banking technology and has the ability to perform confirmation of payee checks right at the beginning of the process, makes Cashroom the ideal outsourced finance partner.

While the demands of the financial management in law firms are undeniable, partners don’t need to bear this burden alone. Outsourcing your finance functions offers a strategic pathway to alleviate burnout, sharpen focus on clients and optimise operational efficiency. By embracing external expertise, law firms can elevate their financial health and position themselves for sustained success and unlock their true potential.

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About Cashroom

Cashroom provides expert outsourced accounting services for Law Firms including Legal Cashiering, Management Accounts and Payroll services. Our mission is to free lawyers from the complexities of legal accounting by supporting the industry with accurate management information and allowing lawyers to do what they do best – practice law.

‘The Cashroom have been an integral part of MBM from their inception. They has supported the growth of MBM from a small firm of 15 people all the way to the 70+ partners and staff now working in the firm. I have first hand experience of the wealth of skill employed within the business and the cashiering knowledge is unrivalled. The fluid ability of Cashroom to adapt to the changing requirements of a firm on a daily basis, as well as the ability to cover holiday periods seamlessly would be a benefit to any law firm. The Cashroom portal provides a first class workflow system for all cashiering requests and, more importantly, provides the level of security that email instructions do not. Cashroom provide both a cost effective fully outsourced service that can deliver almost everything that an internal finance team would be charged with, as well as a wraparound service to support an internal finance team.

Stewart MacBride
Finance Director, MBM Commercial LLP
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