Building a career in Legal Finance
Legal Finance is an exciting discipline that finance professionals can choose to specialise in. In this article, Finance Resourcing Consultant Shelley Gilchrist answers the top questions she gets asked about developing a career in Legal Cashiering.
Firstly, what is a Legal Cashier?
A Legal Cashier is someone who is responsible for the financial management and day-to-day running of a law firm. Hence, they typically deal with managing and distributing funds belonging to clients and ensuring that they are used correctly and in accordance with the relevant legal regulations. Additionally, they may get involved in the day-to-day management of the law firm’s own finances.
The role of a Legal Cashier is vital to the smooth running of a law firm. Consequently, they must be highly organised and have a good understanding of financial regulations.
The duties of a Legal Cashier include:
- Processing and recording payments and receipts, including client payments, accounts payable & receivable, and employee salaries.
- Reconciling accounts and preparing financial reports.
- Ensuring that all relevant financial regulations are adhered to within the law firm.
- Processing client trust accounts.
- Dealing with any financial queries from clients or internal members of staff.
- Liaising with banking institutions and other financial institutions.
How does a Legal Cashier role differ to other finance roles?
The only real difference between a role in legal finance and any other sector is the legal regulations you need to adhere to. This is governed by the Solicitors Regulation Authority who is responsible for regulating the professional conduct of Solicitors and other authorised individuals in law firms. In addition, they regulate professionals practicing law in-house at private and public sector organisations, across England and Wales. Furthermore, different rules and guidelines will apply to those practicing legal finance in other countries.
How to get into Legal Finance
Are there minimum qualifications to become a Legal Cashier?
There are no minimum qualifications for becoming a Legal Cashier. Secondly, the educational background for a Legal Cashier can vary from Degree level to school leaver. Although, if you’re a school leave having strong results in Mathematics is desirable, as well as having the desire to learn more in the legal accounts field.
However, the Institute of Legal Finance & Management offers a diploma course that will give you an ILFM (Dip) qualification which is widely recognised. In order to complete the diploma, you will need to pass two papers and both parts of the course.
Is work experience required to be a Legal Cashier?
Depending on the firm, some firms may offer Trainee Legal Cashier schemes looking for candidates straight from school / college who have the willingness to learn. Also, other Law firms may like a candidate to have at least 1 years’ experience depending on the level they are recruiting for.
Can people move into Legal Cashiering after having a career in other finance roles?
Yes, professionals with a career in finance can move to legal finance. This can be done by finding a firm that is willing to provide them with the necessary training needed to know about SRA rules & legal accounting software systems. Alternatively, finance professionals can also take it upon themselves to complete a ILFM course in ‘The fundamentals of Legal Cashiering’. The course provides an introduction into Legal Cashiering including, double entry bookkeeping, client & office accounts, SRA Accounts rules, Banking, software & annual audits.
Can people move into Legal Cashiering after having a career in other legal roles?
For example, someone working as a Legal Secretary.
Potentially it can be done. However, the professional would still need previous accounting experience or to find a firm willing to provide training. Likewise, if your law firm has a finance department, I suggest maybe speaking to them about their career backgrounds and potential re-train opportunities within the department.
What skills are needed to be a Legal Cashier?
There are many skills required to have a successful career as a Legal Cashier. The main skills include:
- Double entry bookkeeping.
- Strong Maths skills.
- Strong organisational skills.
- Good time keeping.
- Knowledge of client and office accounts, and how to unpick the data if necessary.
- Understanding of the SRA accounts rules.
- Banking.
- Legal accounts software.
- Annual audits and inspections.
- VAT returns.
- Attention to detail.
- Ability to multi-task and work across different accounts.
What are the transferable skills for Legal Cashiering from other finance roles?
Some of the main transferable skills are Bookkeeping, Credit Control, finance administration, general banking and accounting skills.
Do law firms expect candidates to have done the ILFM diploma? Or will they offer training or fund it if people don’t?
Law firms do not expect candidates to have the ILFM diploma. Unless they are looking for an experienced or Senior Cashier, for instance. However, firms may provide training or funding for candidates to complete the training to keep them up-to-date with SRA rules.
What career progression options are available to Legal Cashiers?
Legal Cashiers can progress to Senior Legal Cashiers and Account Managers. Within these roles you will have the chance to manage your own team of accounting staff. In addition, you may be involved in more in-depth accounting functions such as cash forecasting, report & analysis, VAT & TAX issues and payroll. Also, you may have the responsibility of dealing with the full accounting function for the firm.
If this sounds like something you’re interested in exploring, then give the me a call on 07495 734 342. Alternatively, email shelley.gilchrist@eventusfinance.com for a confidential chat. I am an experienced Resourcer for finance and accountancy roles across England and Wales and I’d be more than happy to discuss the options available to you.
With my help, you’ll be able to find the perfect role that fits your skills and experience.
About the Eventus Recruitment Group
We are a team of experienced recruitment specialists operating across England and Wales in the legal and finance sectors. Significantly, we are well-connected in your area, having built connections with the top law firms and finance departments within businesses. Furthermore, we offer tailored advice and support to job searchers at every stage of the recruitment process. As a result, we are often the go-to recruiters when professionals are starting their job search. To view our latest job vacancies, click here, or contact us here for a confidential discussion
Written by Shelley Gilchrist, Resourcing Consultant at Eventus Recruitment Cheshire. Shelley specialises in Legal Finance, Finance and Accountancy.
