ACCOUNTS IN A LAW FIRM? WHAT’S THE JOB REALLY LIKE?
Accounts is the one department in every firm that people want to dodge! Are we really a boring bunch who play around with figures all day?
I have to confess they were my thoughts when I first started working for Nayyars . I had come from a business background but never worked in a legal accounts team. I was worried that I would now spend my days punching digits into my calculator. However, I am glad to say this couldn’t be further from the truth! In reality the Accounts Department is a busy, energetic and dynamic hub.
The accounts department in every firm is one of the most important departments. It is the wheel that keeps the business going. As in any other business you need a team bringing the money in and that is essential to making the company survive.
But what is the job really like and what is involved in the everyday operation of a law firm? Having worked in the accounts in construction companies in the past I can say there are two major differences.
The first one is that in a law firm you have two bank accounts, one is for clients’ money and one for office. You have to be very clear as to where you bank the money you receive and what you pay out of each account. It is a breach of the Solicitors Accounts Rules if you get this wrong and the firm could end up in serious trouble.
The other one is that in the case of law firms, you are handling clients’ money. In most businesses they pay you for your services but in a law firm you actually handle their money.
We are still chasing money, when we receive it (cheques, cash, BACS) we need to “distribute” it accordingly. We have a plan to pay our suppliers, make arrangements for our monthly expenses as a business, take into account our staff and their salaries and of course take care of our clients by sending out their settlement money as soon as.
The nature of this job is very “structured”. There are rules you need to follow and deadlines you need to meet when dealing with clients’ money. They are crucial and when you meet them you know you’ve done your job right. To be successful in an accounts team you have to be well organised. The work-life balance works well and the job is rewarding as you know you are helping ordinary people find solutions to their problems. In comparison to other departments, thankfully our stress levels are low.
Another plus is that we get to hear about interesting cases from the inside, meet lots of different people and learn about law.
The Accounts Team at Nayyars consists of a Financial Controller, Legal Cashiers and Office Manager. We work with alongside the Directors and are known as the glue that binds the other departments! We do currently have vacancies in the Accounts Team and if you want to join us then please send your CV to firstname.lastname@example.org.