In an increasingly competitive industry, law firms would benefit from seeking ways to enhance efficiency, stay compliant, plus save themselves valuable time, so they can focus on other aspects of their business.

Outsourcing legal accounts has emerged as an essential, strategic solution that streamlines financial management and allows the legal firm to dedicate more time to client representation and casework, whilst being assured that they have an experienced team taking care of their legal accounts and ensuring they are fully compliant with SRA rules.

In this blog, we will explore some of the benefits of outsourcing your legal accounts, from improved accuracy and compliance to cost-effectiveness and enhanced operational flexibility, all of which contribute to the overall growth, reputation, and success of your practice.

Enhanced operational flexibility.

Having an external legal accounts team means that you will have cover all year long without having to manage during accounts staff holidays. It is also easy for law firms to increase or decrease the level of their outsourced work according to their needs, rather than having to recruit if business increases significantly or make back office staff redundant if work takes a downturn. Outsourcing your legal accounts is also a cost effective solution as there are no tax, NI or PAYE costs to bear for the accounts team.

Risk mitigation and improved Financial Management

You can work with an experienced team that is up to date on regulations and compliance requirements – plus you’ll benefit from accurate and timely financial reporting, efficient billing systems, and effective cash flow management.

Accurate billing and invoicing

Accurate and timely billing is crucial for a law firm’s cash flow and client satisfaction. Managing multiple clients and cases can lead to billing errors and delays. Law firms need to track billable hours accurately, apply the correct rates, and generate invoices promptly. By outsourcing your legal accounts, this takes care of this time-consuming task.

At The Law Factory, we have a very experienced team of legal cashiers and qualified accountants who have worked in all areas and types of law, that also have an in-depth knowledge of the SRA Accounts Rules. We pride ourselves on being very approachable and are always keen to tailor our service to your firm’s personal needs.