Module 7
Controls, risk and resilience: protecting the firm’s money and its future
Law firms hold money that is not theirs, pay out large sums on the instruction of an email and are run by people who trust each other. These are exactly the conditions in which fraud and honest error thrive. A single missing control can let a clerk pay a false invoice, a partner misuse a client’s money in a moment of panic or a criminal redirect a completion payment. Good financial control is not about distrusting people. It is about arranging the work so that no one person can cause or conceal a serious mistake. This final module covers the basic controls, the particular care needed with client money, the frauds that target law firms, reviews and audit, insurance, how to stress-test the firm against shocks, a continuity plan and the longer-term choices about borrowing, growth and exit.
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See what is included in All-Access →General education on law-firm finance, using invented firms and figures. It is not accounting, tax, financial or legal advice. Rules on accounting, tax, client money, insurance and fees differ between countries and change: take advice from a qualified accountant and check your regulator’s current rules.
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