Job Summary

The Legal Cashier is a vital position within the Duncan & Toplis Legal Services team, responsible for managing and overseeing the financial operations of the legal department. This role ensures compliance with the Solicitors Regulation Authority (SRA) Accounts Rules, maintains accurate financial records, and supports the legal team in the efficient processing of client and office account transactions. The Legal Cashier will work closely with both the legal and finance teams to ensure timely, accurate, and compliant financial processes.

Key Responsibilities

Daily Responsibilities:

The Legal Cashier’s primary daily task is to perform bank reconciliations for both the office and client accounts, ensuring that all transactions are accurately recorded and reconciled. This requires close attention to detail and a strong understanding of accounting principles to guarantee the accuracy of financial records. After reconciling the accounts, the Legal Cashier is responsible for periodically checking the bank to identify any incoming funds. Upon identification, the cashier will promptly notify the Legal Team and post these transactions to the appropriate ledgers as soon as possible.

Additionally, the Legal Cashier plays a crucial role in maintaining compliance with the SRA Accounts Rules. This includes monitoring all financial transactions and notifying the COFA (Compliance Officer for Finance and Administration) of any potential breaches of these rules. The cashier is expected to challenge any discrepancies or queries related to payments or receipts, collaborating with team members, including Directors, to ensure adherence to the SRA Accounts Rules.

The Legal Cashier will also be responsible for managing client account payments efficiently, ensuring funds are cleared and sufficient before posting transactions. It is essential to ensure all payments and receipts are accurately reflected in the ledger. For the office account, the cashier ensures that nominal codes are used correctly and maintains accurate ledger postings. Other daily tasks include posting disbursements to the office ledger for relevant matters, ensuring costs are correctly recharged to clients, and ensuring that invoices for HMLR and other rechargeable items are processed appropriately with VAT correctly split or added.

Furthermore, the Legal Cashier is responsible for reconciling direct debit invoices with client matters, transferring funds for invoices paid on account, maintaining the accuracy of all ledger postings, and processing payments made by card.

Weekly Responsibilities:

Each week, the Legal Cashier will be responsible for checking unallocated client monies and office credits, investigating any anomalies, and ensuring that any overpayments or misallocations are resolved within the agreed timeframe. This may include coordinating the return of funds to the sender. Additionally, the Legal Cashier monitors unpresented cheques, taking the necessary steps to resolve any outstanding issues, including ensuring cheques are presented promptly or cancelled if required.

Monthly Responsibilities:

On a monthly basis, the Legal Cashier is required to prepare and review month-end financial reports, ensuring all accounts are reconciled and accurate. They must respond promptly to any queries raised by the COFA, conducting thorough investigations into discrepancies or issues and working with fee earners to resolve them. The Legal Cashier must generate reports outlining outstanding debt and client transfers, attending debt recovery meetings and ensuring that any necessary actions, such as transfers or correspondence to clients, are completed.

Additionally, the Legal Cashier will conduct monthly checks of client balances, recording any discrepancies and taking the appropriate actions to resolve them. They will maintain a comprehensive register of all invoices raised to clients, including credit notes and void bills, and will be responsible for creating invoices for the team to approve before sending them to clients.

Annual Responsibilities:

The Legal Cashier manages the annual SRA Accounts Rules audit, acting as the point of contact for auditors and providing any necessary documentation or information. They will also respond to any issues raised during the audit, addressing action points and ensuring that corrective measures are implemented in a timely manner.

Experience & Qualifications:

The ideal candidate will have prior experience in legal finance, but training will be provided for those with less experience. A qualification or membership with the Institute of Legal Finance and Management (ILFM) is desirable but not mandatory. The candidate should have strong organisational skills, attention to detail, and a thorough understanding of financial processes in a legal environment.

Responsible To:

The Legal Cashier will report directly to the COLP (Compliance Officer for Legal Practice) and COFA (Compliance Officer for Finance and Administration).

This role requires an individual who is both proactive and diligent, with a keen eye for detail and a strong commitment to ensuring financial compliance and accuracy within the legal department. The successful candidate will be an integral part of the finance team, providing essential support to the legal team and ensuring the smooth operation of the department's financial functions.