As an in-house legal cashier, you’re responsible for accurate and safe control of your firm’s finances. You have a professional obligation to comply with the stringent SRA Accounts Rules whose core purpose is the protection of client funds.
In its first annual assessment of risks to the legal profession, the Solicitors Regulation Authority reports that nearly half of all interventions over the past five years concerned breaches of the SRA Accounts Rules. Legal accounting is a challenging task with potentially serious consequences for non-compliance.
The financial management responsibility rests heavily on your shoulders, perhaps even along with other duties such as HR or office administration. You may also be designated Compliance Officer for Finance & Administration (COFA), which brings even more compliance responsibilities in the form of assessing risk, monitoring compliance and reporting potential or actual breaches.
As a Quill customer, account management is undertaken on our Interactive legal accounting software. The cloud-based system has won two consecutive ILFM Solicitors’ Software Users Awards, voted by users on its legal accounts functionality which is designed to help them through their work and keep them compliant, for example bank reconciliations, VAT returns, interest calculations, month end procedures, billing and reporting.