According to a recent survey, the management of client funds by UK law firms is rapidly becoming an uncommon practice. The survey indicates that nearly three quarters of UK’s top 100 law firms are opting for external management of client funds to navigate concerns around due-diligence, data security and regulatory issues.
Specifically, the topics of holding client funds and facilitating payments are areas highlighted as sources of concern for many firms. Internally managing these areas brings about its own set of risks, which an increasing number of firms are hesitant to take on.
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