Articles

Cashflows: Make them work for you!

Thursday, October 27th, 2022

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.

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Client Account and Recalled Credit Card Payments

Wednesday, June 8th, 2022

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

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New Software Choices: Get involved, get the training!

Thursday, November 4th, 2021

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.

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Legal Aid: Are you ready for the changes to claim checks for civil submissions?

Tuesday, September 7th, 2021

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.

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Being the COFA – not just a title

Monday, August 9th, 2021

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.

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When is a Good Time to carry out an Internal Procedures Review?

Monday, April 12th, 2021

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.

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Approaching Residual Client Balances

Wednesday, March 3rd, 2021

As legal cashiers we can often come across a matter balance listing which needs reconciling to get the monies moved to the correct place. Quite often the monies are to be returned to the client.
For long matter listings, the prospect of handling residual balances can be quite daunting. This article will detail how to handle client residual balances in bite-sized chunks to make the job easier.

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A New Year, a new start for your legal practice?

Thursday, January 21st, 2021

Often, we hear phrases like “a fresh start” or “a new start” at the beginning of a year. This makes sense because as a community we feel like the start of a year gives us a natural opportunity to reset, especially after a short Christmas break. Therefore, why shouldn’t the same be applied to legal practices?

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Profit costs, disbursements and expenses – Preparing Compliant Bills – The Law Factory

Monday, November 9th, 2020

Legal billing can be a minefield and when drawing a bill for your clients, you need to be very careful about what is being billed and whether or not to apply VAT to each item. It is crucial to understand each legal billing element and there are three main areas: Profit Costs Disbursements Expenses Profit […]

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Legal Accounts Software Migration; Will DIY Really Save Money?

Tuesday, October 13th, 2020

When choosing software, the migration of the data can often be one of the last considerations. Data migration itself is unfortunately a “necessary evil” when switching case and practice management system providers. However, the way it is done is crucial and can significantly affect the relationship between provider and firm moving forward.

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