OPINION
SIX THINGS TO CONSIDER BEFORE OUTSOURCING YOUR LEGAL C
Quill is the UK’s largest supplier of outsourced legal cashiering services. Here, managing director Julian Bryan shares his guidance on the benefits of outsourcing, as well as some specific questions law firms need to consider during the initial decision-making phase. When running a law firm, it can be tempting to want to oversee every piece of day-to-day admin that comes through your doors, especially when that admin relates to your legal accounts. Knowing exactly how much money is coming and going from your office and client accounts is essential for business stability, growth and of course, compliance, which is why so many law firms rely on bringing dedicated cashiers to their team. But is performing your cashiering inhouse really the smartest way to do it? Here at Quill, we often talk about how managing your law firm’s cashiering 26
in a ‘smart’ way is essential if you want to succeed in an increasingly competitive legal marketplace. There are many ways to do this, including investing in new technologies or going completely paperless. But there’s one tactic in particular which more and more law firms are employing: outsourcing. And here’s why… Why outsource your legal cashiering? There are a huge variety of reasons why a law firm might want to outsource their cashiering function. But, to us, there’s one factor in particular which stands out: compliance. In the legal sector more than most, accounts are governed by heavy-duty rules. That means ongoing compliance poses a huge challenge, especially for busy practices processing large transaction volumes where the risk of making mistakes increases.
By relinquishing your cashiering duties to an outsourcing expert, it’s their responsibility to help you ensure your accounts meet tough regulatory rules. You’ve got peace of mind that your accounts are up to date with no compromise on compliance. But that’s not the only reason. Some of the other major benefits which law firms look for include: - Improved business continuity, with no gaps in services, even during peak holiday periods or sickness absence - Cost savings without the extra salary, training, office space and other overheads associated with employing an in-house cashier - A strong personal relationship with outsourced cashiers that act as an extension to your team, even if they’re located miles away - Tailored support that you can flex to your workload volumes and your individual processes and procedures birminghamlawsociety.co.uk
