Trust Accounting
- Written by: Legal Workspace
Trust accounting involves managing funds that a law firm holds on behalf of a client, separate from the firm’s own operational finances.
In the UK, law firms are required to follow strict regulations, including those regulated by the Solicitors Regulation Authority (SRA), for managing client funds.
Non-compliance with these regulations can lead to penalties, harm to the firm's reputation, and potentially the revocation of the firm's license to practice.
Legal Workspace is tailored to the specific requirements of UK law firms, providing tools for managing client trust funds, generating invoices & credit notes, maintaining client ledgers, and keeping comprehensive financial records.
It allows law firms to manage all the transactions matter by matter including legal fees, expenses, disbursements, billable hours and more.
By providing real-time insights into trust account balances, the software allows firms to manage their cash flow more effectively. Firms can see exactly when and how much client money is available for disbursement or billing, ensuring that they stay on top of their financial obligations.
Key Features & Benefits
Client Ledgers
Each client has a separate ledger within the trust accounting system, showing all transactions related to their funds. This makes it easy to monitor the balance for each client.
Disbursements
Keep full track of all the disbursements incurred, disbursements received, disbursements paid and unpaid disbursements separately for each matter.
Fees Types
Our legal case management system handles all common types of legal fees such as Flat/Fixed fees, Hourly rates, Contingency fees and Pro Bono.
Instalments
The instalment option allows your client to agree to make instalment payments within a specified timeframe. Send reminders about overdue instalments.
Invoicing
Manage the schedule of costs, invoices, credit notes, refunds, discounts, and bad debts with ease.
Time Tracking & Billing
Our legal case management software offers integrated timekeeping features, enabling UK law firms to record, track, and bill the time spent on each case.
Interested in our legal case management software?
Contact us by calling 0203 488 0008 or filling in the online enquiry form to book a FREE 60-minute demo of our Legal Case Management Software to see how it works and what our case management software has to offer for your law firm.
Legal Case Management Software: Key Features
Legal Workspace is a feature-rich, yet affordable legal case management software with a ton of useful features to run a law firm smoothly & efficiently.
Client & Matter Management
Improve case handling and manage all aspects of legal cases with ease such as client details, matter details, attendance notes, deadlines etc.
Document Management
Store legal documents, letters and scans separately for each matter. Create custom templates to speed up the process. Free e-signature tool.
Deadlines & Tasks
Keep track of every deadline coming up for each case. Never miss a deadline again by setting up reminders. Create and assign tasks to your team.
Time Recording & Billing
Integrated time recording and billing functionality will help you to generate bills based on recorded time, expenses & disbursements.
Trust Accounting & Invoicing
Keep track of every transaction matter by matter with a detailed client ledger report. Manage invoices, credit notes, and refunds with ease.
Business & Financial Reports
A wide range of business and financial reports are available to improve efficiency and see how your business is doing on a day-to-day basis.
Client Portal
Improve client service with the client portal feature in our case management software. Secure, real-time case updates and document sharing.
Cloud-Based Software
Manage your cases efficiently with our cloud-based legal case management software. Secure, efficient, and accessible on any device, anytime.
