Legal Accounts Services

All solicitors and other companies in the legal market need to have a solid base of Accounts Services and bookkeeping. Many firms claim to offer legal accounts services but often overlook SRA Accounts Rules and the importance of compliance.

We specialise in legal accounts management, bookkeeping, and understand SRA Accounts Rules deeply at The Law Factory.

We also specialise in recommending compliant legal accounting software packages endorsed by the Law Society and SRA. Our services also extend to assisting firms facing SRA scrutiny helping them regain financial stability and compliance. In addition, we provide legal accounting software consultancy and bookkeeping services for law firms to ensure financial management integration.

Learn more: SRA Code of Conduct

Ensuring Compliance with SRA Accounts Rules

The main aim of a bookkeeping department in a law firm or an outsourced accounts partner is to ensure that clients’ money is handled correctly and that the solicitor’s own funds are clearly designated. There are very specific rules which define the way in which clients’ money is handled and these are set out in the SRA Accounts Rules  – The Accounts Rules changed in April 2019 and became a shadow of their former selves, making it even more crucial to have good solid legal accounts based bookkeeping software in place and bookkeepers who are well versed in the original rules and their raison d’etre.

There are overarching principles which aim to protect client money and assets, ensure that solicitors act with integrity and behave in a way that maintains the trust the public places in them and the services they provide. They give guidance on the safeguards which firms should put in place to ensure client funds are only used for appropriate purposes.

These are followed up by specific rules on dealing with client money, guidance on how to handle mixed funds (ie partly client money and partly office or disbursement funds) and when interest is due among others. Full details of these can be found on the SRA website here

Solicitor Accounts Packages

The solicitors’ accounts package must clearly distinguish between office and client accounts in a professional manner.

Many software packages marketed for Solicitor’s Accounts are non-compliant and substandard in the market. This is becoming more and more of an issue as Case Management becomes more prevalent.

Some solicitors breach SRA Accounts Rules, neglect record-keeping, resulting in fines, suspensions, harming reputation, and career.

The Law Factory are experienced legal cashiers and bookkeepers offering outsourced Legal Accounts Services. Highly knowledgeable on SRA Accounts Rules & recommend compliant software for legal accounts. Often consulted by law firms.

Please get in touch for further information and details.

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