Trust Accounting

Thursday, 20 June 2024 10:05
Saturday, 07 September 2024 05:56
Trust accounting made easy for UK law firms. Manage client ledgers, transactions, disbursements, invoices, and credit notes with our comprehensive software. Trust accounting made easy for UK law firms. Manage client ledgers, transactions, disbursements, invoices, and credit notes with our comprehensive software.

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.

Trust Accounting

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.

Download Mobile App

Download our mobile app

Legal Workspace app for Android & iOS enables you to access your legal case management software from anywhere and manage your client's records and legal matters remotely.

  • Anytime, Anywhere Access
  • Facilitates Remote Work
  • Document Access
  • Real-Time Case Updates
  • Timely Response to Client

Download on the App Store Get it on Google Play