Finance and Accounting

Time Recording & Billing

Our time recording system allows you to record time in real-time or manually, as you would expect.

At the end of each month, our Accounts team will issue billing guides to you for all client matters for which you  are responsible.

Once signed off by you, the Accounts team will then issue the invoice centrally with any amendments within 48 hours to the account, usually within 48 hours of the billing guide being returned.

We manage a highly efficient WIP and working capital process as is evidenced in the Credit Control section below. Strong working capital performance is imperative for the successful management of the firm and is very much part of the firm’s culture. As part of that, we invoice all outstanding WIP on every matter on a monthly basis unless otherwise agreed with clients and the Practise Manager in advance.


Credit Control

The Accounts team automatically chases all outstanding client invoices and will liaise with you directly on any necessary actions to chase up payments which are overdue.

The success of our WIP and working capital management has enabled us to achieve an average lock-up over the past 12 months of 80 days. This compares very favourably to lock-up reported in the PwC Law Firms’ Survey 2020 which for the Top 100 law firms ranged from 115 to 126 days.


Financial transparency for you 

Each month you will be provided with a summary report showing: your recorded time, billing and a monthly fee summary. We provide you with a fully transparent picture each month of where you stand financially. We even provide the proforma wording and numbers for you to include on your invoice to us.

In detail, the report will show:
• WIP brought forward at the start of the month, chargeable time recorded in the month, chargeable time billed and written-off during the month and WIP carried forward in hours and values
• Fees billed to clients on matters reported for the month and on a cumulative basis for the year
• Fees paid by clients will also be reported for the previous month and on a year-to-date basis
• The aggregated remuneration you have earned will be calculated by applying the relevant percentages to client fees paid to the Firm during the preceding month
• The cost of any items recharged to you in relation to agreed goods or services supplied by the firm
• A proforma narrative and the amounts to be included by you in your invoice to the Firm for that month’s activity

Invoicing us & payment

Once you have reviewed the monthly report summary you simply raise an invoice which will include the proforma narrative and amounts provided by our Accounts team in the summary document once they have been agreed by you.

The target payment date for invoices received in any month will be the 15th day of the next month or the next business day if the 15th falls on a weekend.

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