Credit control is often an area that is lacking attention in law firms. It is not an area of the work that is relished by anyone and as a result can spiral out of control if left untouched.

Since the SRA released the latest set of Accounts Rules changes in 2019 there has been a lot of feedback from firms stating that certain aspects are unclear. This year, the SRA put out an open consultation where they sought to clarify the rules & alter the wording in hope that it would make things clearer for solicitors’ practices. This article explores those changes.

This article will explore the different ways in which Legal Aid BACs can be entered onto your legal accounts system and the positive benefits of the spreadsheet method including aiding with compliance with the SRA Accounts Rules.

As I write this article, we are amidst what many deem a “cost of living crisis”, where “inflation is out of control”. These are very strong terms, but nonetheless the country is having to do what it can to pull through in this post-pandemic era. Companies are having to review how they work, for example where staff are now working in a “hybrid” format, part time at home, part time in the office. Companies should also be taking this time to review their finances and their budgets.

One of the fundamental aspects of running a successful firm, is understanding the flow of funds through the bank. We come across many firms who often do not use their cashflow properly or in some cases, do not use one at all.

This article explores the problems a solicitor may face if they take payment on account for services by credit card.

Historically, the main area of focus for legal software was the accounts department. Legal software companies knew that most solicitors ran a paper file, but the accounts were electronic. It was therefore often the cashier having the final say on a choice of software. The process now is very different. This article explains why the accounts department are still crucial when making your choice.

At the beginning of July, the Legal Aid Agency (LAA) posted an update in its News Section regarding improvements to their checking system for civil claims.

In 2012 the SRA introduced Compliance Officers into law firms, the first being the Compliance Officer for Legal Practice (COLP) which focuses on regulatory requirements for the work undertaken by the staff and firm. The second is the Compliance Officer for Finance and Administration (COFA) who ensures that the regulations surrounding monetary & financial aspects are adhered to. It is the COFA that I will be focusing on in this article.

Internal reviews on procedures surrounding the accounts department are never deemed a particularly exciting part of running a law firm, however they could make a real difference to efficiency and compliance.