Managed Accounts
Handle client money better. Enhance operational efficiency, mitigate risk and reduce administrative costs by outsourcing your client account function, either fully or partially
.svg)
Why choose Shieldpay?
Using Shieldpay, law firms can avoid challenges associated with using client accounts while mitigating risk through the use of our secure payments platform:
- Rapid account set up
- Robust KYC / KYB checks on transacting parties
- Full transparency and account visibility via our digital platform
Control funds, authorise payment, stay compliant
Authorise and track payments with a digital platform
Payout globally in 120+ currencies to 200+ territories. Money arrives in payees bank accounts within 3 working days of authorisation
Maintain oversight and control over funds but access additional protections
Receive notifications when funds flow to assigned parties. Reclaim unbillable, valuable time with enhanced operational efficiencies
SRA Rule 2.5 compliant
Control residual balances, enabling law firms to stay SRA Rule 2.5 compliant
Rules and regulations for law firms
The Solicitors Regulation Authority (SRA) Account Rules provide the right for firms to use Third-Party Managed Account (TPMA) as an alternative to holding client monies. The CLC also explicitly permits the use of TPMAs. CiLex has provided for the use of escrow accounts. BSB mandates that barristers cannot directly hold client funds.
SRA requirements to using TPMA:
- The TPMA provider must be authorised by the FCA as a payment institution
- You will need to inform your client of the arrangement and ensure they understand it
- You must notify the SRA
- You must obtain regular statements and ensure they reflect the transactions on account
Shieldpay can support law firms to meet these requirements with the necessary documentation and reports
Time is money
Cutting the cost of client money management for law firms
Read our research report looking into the main challenges law firms come up against when handling client monies in-house.
- The biggest challenges faced by law professionals
- What admin tasks law firms are spending the most time on
- Ways to meet client expectations
