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
Why choose Shieldpay?
Using Shieldpay, law firms can have peace of mind that their own transactional compliance requirements are being met through the use of our secure payments platform:
- Rapid set up
- Robust KYC / KYB checks on transacting parties
- Full transparency and real-time account visibility via our platform
Control funds, authorise payment, stay compliant
Authorise and track payments with a digital platform
Manage payments made in and out of your Managed Account, with real-time funds status visibility.
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 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 to using a TPMA 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 biggest challenges law firms come up against when handling client monies in-house, including:
- The key risks and concerns keeping lawyers up at night
- Which tasks are accumulating unbillable hours and write-offs
- How law firms are reimagining their client money management
