Legal finance teams are an essential part of running a law firm, and the legal cashier plays such an important role that ILFM can`t argue enough for your professionalism and is happy to help. Proven processes – With Quill legal accounting software, customers record transactions using the e-chits feature for processing by our cashiers. Our software is a common platform with a wealth of management information and everything is done according to established methods. Here are some of the responsibilities of a legal cashier: What are you waiting for? Take a closer look and apply for the latest job openings on our careers page. Below, we`ve outlined the average regional salaries of legal cashiers based on our 2019 data: Although there is no legal requirement for a legal cashier to have formal training in England and Wales, the Solicitors Accounts Rules 1998 state that “the person keeping the books of accounts must be fully informed of the accounting rules and requirements of law firms”. Believe it or not, one of the main tasks of a legal cashier is to fully understand and ensure compliance with the SRA`s accounting rules with respect to all tasks. This means that you should avoid violations of account rules. If you would like to attend one of our account rules training sessions to help you feel truly confident, you can check out our schedules HERE. There are no established qualifications to become a legal cashier. The Institute of Legal Finance & Management (ILFM) offers a degree course that gives you a widely recognised ILFM (Dip) qualification. To complete the degree, you must pass two tests: While the legal cashier may be primarily a back-office role, senior roles are responsible for managing client funds and collecting fees, which often puts them in touch with fee recipients and clients. Done right, it`s also a role that plays a crucial role in ensuring a company`s transaction performance and contributes immensely to a company`s cash flow efficiency. You are exclusively a legal cashier – you only manage client accounts, not additional tasks such as office management and human resources.
If you like these business features, you may prefer in-house. Cashiers play an incredibly important role in running a law firm, so the cashier experience is a must. Those who excel in this role are also experienced multitaskers and team players who can work under pressure and have a keen eye for detail. Workaround – The ability to extend or move your career as a legal cashier to more business-oriented roles. Depending on the category of legal work performed, lawyers regularly manage client funds and, due to the risk of fraud or money laundering, they must adhere to a strict code of conduct for lawyers[2] and comply with the rules relating to lawyers` accounts. For others, the legal fund is a career choice in itself. You can go from a relatively young role at around £28,000 to one that has supervisory functions (senior cashier or head cashier) and charges a salary of almost £50,000 for managing more complex requirements. For example, one of the roles we recently assigned was that of legal cashier for a company that serves the administrative needs of many of its law firm clients – the legal cashier took on an advisory role and managed the accounts of several law firms, which required both excellence in accounting processing and relationship management. Dedicated role – focused on full-time legal accounts for a single company. Legal cashiers don`t have to wait long for a job to arrive. It`s one of those roles for which there`s always a demand – and if you have experience in a law firm, great. You have the choice between the company and the team in different places.
It is also a critically important position that not only provides the transactional processes that ensure the efficiency of a law firm`s performance, but also protects a law firm (and its clients) by ensuring compliance with accounting rules. There are two environments in which a cashier can work – either in-house at a law firm or for a legal cash register office like Quill`s. Here are some pros and cons: Of course, it depends on the company or agency you work with, but in our (long!) especially small practices. As a result, my role was constantly changing, including not only the legal fund, but also office management and human resources. While I liked these aspects, I wanted a purely legal cashier job and Quill fit the criteria perfectly. On average, legal cashiers can earn around £25,545.53 a year in 2019, according to data from Simply Law Jobs. Workers in London and the South East can earn up to £30,000 a year. Finance teams always strive to provide efficient and accurate accounting services to their legal departments or clients (if outsourced).
The role of a legal cashier is to ensure that client and office accounts are kept up to date and that invoices are created accurately and in a timely manner. In addition to experience as a cashier, those who excel in this role stand out, multitaskers and team players who can work under pressure and have an interest in accounts with attention to detail. While new hires can learn a lot on the job, it`s the legal cashier`s responsibility to ensure law firm compliance and gain the trust of partners that their finances are being managed properly.
