Time is money: Counting the cost of client money management for law firms

Regulators like the FCA and SRA have tightened oversight on law firms’ client accounts to prevent misuse as banking facilities. Firms holding large residual balances are under particular scrutiny, especially given the increasing complexity of financial crime and global sanctions, making compliance with AML and KYC rules essential.

Rising Cyber Threat:

The rising frequency and sophistication of cybercrime increases the risk to sensitive client data and funds, impacts insurance premiums, consumes resources, and can damage client relationships. Law firms must adopt robust anti-money laundering controls and cybersecurity measures to protect clients, maintain regulatory compliance, and safeguard their reputation.