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Finance FAQs

How important is Accountancy and Finance? 

Most businesses exist to make money, and law firms are no different. As profitable organisations, any law firm’s finance and accounting professionals are there to make sure the money they make is being saved or spent in the right ways. All firms need finance professionals as they play a fundamental role in running the business.

What finance and accounting jobs are there in a law firm?

The roles vary depending on the size of the firm. In small firms there may be just a Practice Manager or Senior Legal Cashier responsible for all transactional finance activity, while in a large firm there can be departments such as Credit Control, Management Accounts, Audit, Financial Reporting and Business Analysis.

What qualifications do I need to work in Finance?

Qualifications vary for each role and can be gained in different ways over varying lengths of time. The three key qualifications within law firm clients are ACCA, AAT  or CIMA – all recognised accountancy qualifications – while credit controllers can be accredited by the Institute of Credit Management (ICM).

What personal skills are needed?

You’ll need an eye for detail and an ability to work methodically, plus a good concentration span and strong Excel skills. At a more senior level, finance managers can play very strategic roles within a firm so business acumen and commercial astuteness is an asset.

the Brief
Charlotte John, associate in the employment & pensions group at DAC Beachcroft LLP...

1ST MAY 2012

What is your role at DAC Beachcroft? I am an associate in the employment and…

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Amanda Maskery, partner at Sintons LLP

2ND APRIL 2012

What is your role at Sintons? I am a partner in the company commercial…

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Read the brief