The legal profession has always had a duty of care with regard to managing funds held on behalf of its clients, whether held on a separate, designated client account or in a general client account. In addition, law firms have to comply with the Law Society’s rules relating to these funds, giving clients confidence that their money is in safe hands.
To this end, all law firms have introduced systems and processes to comply with these rules. However, this does place an administrative burden on the firm and many are now looking to streamline their operations while maintaining at least the same level of control as the manual system.
