- Legal Futures - https://www.legalfutures.co.uk -

Quill-Shieldpay third-party managed accounts solution

QuillBy Legal Futures’ Associate Quill [1]

If you’re au fait with the revised SRA Accounts Rules, you’ll know that part 3 includes handling client monies through the use of third-party managed accounts (TPMAs). These are an alternative to holding client money directly and have been permitted by the SRA since 2017. It’s part of the regulator’s ongoing focus on protecting client money by making transactions more efficient, safe and transparent. The SRA has set out guidelines [2] in relation to their use.

One of the leading pioneers in providing TPMAs is Shieldpay. Quill and Shieldpay have formed an exclusive partnership offering our law firm clients the opportunity to use Shieldpay on a pay-as-you-go basis alongside our Interactive legal accounting software [3].

You see, by operating Interactive and Shieldpay in tandem, accounting transactions are recorded in the Shieldpay bank account just like any other bank and the corresponding transactions logged on the client’s ledger in Interactive. You’re given online access to your Shieldpay account to manage and view transactions in relation to your clients’ matters.

The benefits of using Shieldpay with Interactive include:-

To learn more about third-party managed accounts, download Shieldpay’s useful ‘Changing Properties’ [4] white paper.

If you’re interested in Shieldpay, please get in touch by emailing Ciara Snowball at csnowball@shieldpay.com [5] or by calling 020 8610 9599.