Working for a law firm does not necessarily have to be in the capacity as a lawyer. Indeed like any other businesses, law firms have finance and other departments that are integral to the management of the firm. Legal finance professionals are no exception and their role is very important in managing the financial needs of a law firm. To become a legal cashier you are required to undertake related training to ensure compliance with SRA Accounts Rules. So what training do you require to get a legal cashier job? Today we will be looking at the training requirements, cost implications, career development options, and the likely salary range for legal cashier jobs.
Given the important function of legal cashiers in a law firm and the heavily regulated legal sector, it is hardly surprising that specific training is required for such roles. The following are some core training courses:
In order for you to get started, you will need to complete as a minimum the ILFM Diploma which consists of two parts/training courses and is widely recognized as formal qualification compliant with SRA Accounts rules. The associate level and fellowship are typically tailored for those already working in legal finance but are looking to expand their function in a firm, therefore, taking up a higher level of training. These courses are distance learning and usually last around 18 months. There are also other bespoke training available to experienced cashiers looking to expand their knowledge and expertise.
The most widely recognized body that provides these training courses is the Institute of Legal Finance and Management. This is a not for profit body dedicated to legal finance professionals. Other providers such as Legal Finance Professionals also do run these training courses.
The fees for the diploma through ILFM includes a membership fee of £105 per year (membership required to enroll on the course) course fees of £495 and exam fees of £90 per each exam sat. Legal Finance Professionals fees vary depending on the course and route were taken, so we recommend you check with them directly.
Career Development Options
As you gain more experience as a legal cashier you could progress to become a more senior member staff and manage other cashiers or even a financial controller. One of the more attractive options available to progress would become a practice manager although you may be required to be partly or fully qualified accountant.
As with any other jobs, the salary range will depend on the location but typically legal cashier salary ranges from £21,000 to £32,000 in London. You can also check with your friends at Totaljobs for a more detailed salary range.
Do I need a Degree?
No, you are not required to have a university degree to become a legal finance professional but firms will expect you to have GSCE's in English and Maths and office administration experience will help as well.
As always we welcome any comments or experiences you had perhaps with the route to becoming a legal cashier. Feel free to share the article with anyone who may find it helpful.
Legal recruiter and blogger @purelegaljobs