As the legal industry has continued to grow throughout the pandemic, there has been an increase in demand for certain roles. Legal Cashier roles are particularly in high demand; however, it’s a niche role with a limited pool of qualified candidates, meaning the demand currently outweighs the supply.
Zoe Alexander, Legal Recruitment Consultant, takes a look at this role and why there is increased demand for Legal Cashiers.
What is a Legal Cashier?
A Legal Cashier is a specialised type of bookkeeper for law firms who is responsible for the accounting and finance functions of a solicitor’s practice. This can include recording day-to-day financial transactions and ensuring compliance with the Solicitors’ Accounts Rules.
Nearly all firms that transact money will have a Legal Cashier or, in larger firms, a team of cashiers, making them a pivotal part of a law firm. While ‘Legal Cashier’ is a common term used in England and Wales, the role might also be referred to as ‘Legal Accountant’, ‘Financial Controller’ or ‘Legal Accounts Manager’.
What are the responsibilities of a Legal Cashier?
Legal Cashiers will be responsible for some of the following duties:
- Processing account transactions, both inbound and outbound payments
- Performing bank reconciliations to tally up bank accounts and books
- Producing daily, weekly and monthly reports on the financial status of the law firm
- Checking for errors and reporting any account breaches
- Invoicing clients for work done and chasing overdue monies
- Submitting quarterly and year-end VAT returns
- Maintaining separate client and office ledgers
- Ensuring compliance with relevant rules and regulations
- Liaising with compliance officers, clients, auditors, regulators, suppliers and banks
Has there been an increase in demand for the role?
Yes, I would say so! A few of our clients are beginning to ask about Legal Cashier opportunities and this is becoming increasingly regular. We have also seen a consistent number of Legal Assistant and Administration roles remaining highly sought after year-round.
Recruiting for these roles has been very difficult due to the high demand and limited candidates. From my experience, there are very limited Legal Cashiers nationwide and most candidates aren’t interested in moving either. When a Legal Cashier is settled in a firm, they appear to desire to stay in this role unless a change is necessary.
What skills does a Legal Cashier need?
Cashiers play an incredibly important role in the smooth running of a legal practice, so cashiering experience is a must. Those who excel in the role will also be skilled multi-taskers and team players who are able to work under pressure and have a keen eye for detail.
The fundamental knowledge that a Legal Cashier includes:
- Double entry bookkeeping
- Client and office accounts
- SRA Accounts Rules
- Legal accounts software
- Annual audits and inspections
- VAT returns
If you’re looking for a legal cashier, or interested in becoming a legal cashier, feel free to contact Legal Recruitment Consultant Zoe Alexander to hear more about the opportunities available to you.