Reporting from a recent industry roundtable, Legal Futures writes that conveyancers will be urged to move away from client account. Our Head of Legal, Ed Boal, joined the session to share his insights as a representative from the leading Third-Party Managed Account (TPMA) provider.
Ed commented that there was a commonly held belief that “operating a client account gives legal teams control, and that control is a good thing”.
He said: “This perceived ‘control’ is not always a good thing, because with it comes the responsibility and additional burden of complying with the rules, auditing, contributions to the compensation fund, costlier indemnity insurance, cybersecurity risk, and anti-money laundering compliance.
“These are not things that law firms were established to have to deal with. They are there to advise their clients and provide a legal service.”
The full article is available on Legal Futures - link to the blog here.
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