An Introduction to The Law Factory.
This is the first of many blogs from Jeremy, Senior Partner of The Law Factory.
The Law Factory consists of a group of legal cashiers who try to conform to a simple idea; personal service. The company specialises in outsourced accounts and back office functions, both of which are becoming more attractive as firms look to cut costs. However, it can also be a double-edged sword. An in-house cashier offers continuity and stability. Problems and queries can be quickly resolved. This aspect of accounts can often be forgotten in the drive to curb spending. What you need is the best of both worlds: the cost savings you are looking for, coupled with a personal service which maintains the capacity for speedy problem solving.
There is a simple adage I have always tried to impress on the people I work with:
75% of a cashier’s work will take up 25% of their time, the remaining 25% will take up 75% of their time.
Let me explain. The bulk of the work processed will be straight-forward. However, there will always be problems regardless of the quality of information received and these will take up most of a cashier’s time. This is where The Law Factory bridges the gap. We understand that a cashier is the best person to solve an accounts problem, not a lawyer. We recognise this because although TLF specialise in outsourced accounts, we always visit our clients at the start of our relationship and regularly thereafter, when required. This enables us to understand how they operate and what their strengths and weaknesses are. We can then use our experience to identify areas where issues may arise and put in safeguards to try and minimise them. Knowing your client is fundamental if you want the relationship to succeed. It’s a simple maxim.
As firms have become more comfortable with the idea of outsourcing their bookkeeping, so the amount of jobs done by the accounts department has expanded. We now regularly deal with setting up payments for suppliers, prepare or check bills and completion statements. We have great contacts for payroll services, software suppliers and accountants so firms now come to us not only for bookkeeping but also back office functions.
Just think of us as your in-house bookkeepers but without the need for office space.
Jeremy Downham
Senior Partner
The Law Factory LLP
