Striving for bigger things? How outsourcing can help your firm’s growth

Key Benefits to Outsourcing  

Innovation  

During the pandemic, 85% of firms were using some form of software to manage their firm. 83% of client meetings were virtual and 79% were storing their data in the cloud. Reuters have reported that the number of lawyers wanting to work remotely is now 86%, this is double pre-pandemic figures.  

Outsourcing gives firms access to the latest innovations and technology to enhance their processes but without the cost and stress of implementing it themselves. This means firms can access the latest technology to ensure their infrastructure is as robust and efficient as possible. Outsourced partners will have the ownership too, freeing up time for the fee earners and directors. Why pay for systems and take time for training when you can outsource to an expert who has helped other law firms just like you?  

Cost Savings  

Reduce long term expenses and stay within your budget. Outsourcing provides cost savings in multiple areas for law firms. Save costs on office space and avoid overpaying senior members of staff to complete junior tasks. Save on NI and pension contributions amongst many other staff costs. Outsourcing allows you to get specific jobs done at a lower cost without compromising on quality.  

Compliance  

Outsourcing increases compliance for law firms. By outsourcing to experts in a specific area, you can relax in the knowledge that you are compliant with the regulator. Your firms processes and procedures can be optimised by outsourced professionals, ensuring compliance – let outsourced professionals take the burden of compliance on, so you don’t have to.  

Accelerate Organisational Growth  

Outsourcing provides you more time to spend on core functions and growing your business. Outsourcing also provides the tools firms wouldn’t have access to on their own, gaining expertise and amending processes to ensure optimal efficiency for your firm allows your business to grow substantially quicker, especially with the support and guidance of specialists coming in who see the business from an outside perspective.  

Increase Resource 

Outsourcing increases resource for your organisation at a fraction of the cost. You don’t need to worry about holiday cover, sick leave, parental leave, or pensions, all of this becomes the responsibility of the outsourced provider. All the reward, none of the stress. This also means your firm can operate with a reduced turnaround time which supports you, especially during particularly busy periods.  

Efficiency  

Outsourcing increases efficiency for firms, meaning firms can focus on what they do best. Law firms can outsource administrative support, IT services, accounting and cashiering, money laundering, compliance checks and many other services. All of which allows firms to increase their efficiency when it comes to their processes. Increasing efficiency again allows firms to focus on what matters – their clients. 

To discuss outsourcing your finance function, speak to one of our experts today:  

info@thecashroom.co.uk  

P: 01695 550950