How ORJ goes the extra mile to safeguard your money

Categories: News

Georgie Phillips, Finance Manager at ORJ, explains the thorough measures the firm implements to ensure its clients’ money is secure and safe.

As a leading law firm offering a wide array of legal services, we are often entrusted to hold millions of pounds belonging to our clients.

Whether it’s during conveyancing between exchange and completion, in the midst of a divorce before assets are distributed or as part of the probate process after a death, there are multiple times when a law firm needs to take care of significant sums of money.

Often this money is a huge proportion of the individual’s overall wealth – if not the entirety of it – so it’s vitally important that our clients trust us implicitly.

At ORJ, we have a series of rigorous checks and balances to ensure that every penny is treated with care and respect.

As a solicitors, we are bound by the Solicitors Regulation Authority (SRA) and the Solicitors’ Accounts Rules (SARs). There are a number of strict rules around finances, but the overriding principle is that client money must be kept entirely separate from the firm’s money.

The firm’s operating funds and money belonging to our clients never mix – and only one of our solicitors can request the release of funds. Detailed records are kept of every transaction that is made involving client money.

The client bank account is reconciled multiple times a day – and then again at the end of each day – to check balances match exactly.

Once a month our Compliance Officer for Finance and Administration (COFA) Patrick Tedstone, also our CEO, carries out a further check.

The other key principle of the SARs is that client funds should be returned promptly. There is no set time limit, but our goal at ORJ is to never hold onto money longer than necessary. At all times we remember that we are merely custodians of the money, not the owner.

Aside from the SARs, we have a number of other safety measures in place. Online security is paramount so we never request money by email and we use a payment portal on our website which has been designed specifically for solicitors.

We also perform thorough ID checks on clients to guard against fraud and money laundering.

I joined ORJ in January after years of experience at a large law firm in Birmingham. Working alongside Emma and Linda in the ORJ finance team, my main aim has been to streamline the department and improve security.

We take our responsibilities seriously and understand the level of integrity required of us all when it comes to handling your life savings.

Get in touch today to talk with our expert team. Email team@orj.co.uk or call 01785 223440.