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Managed Accounts

Handle client money better. Enhance operational efficiency, mitigate risk and reduce administrative costs by outsourcing your client account function, either fully or partially

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Over £8bn processed
Shieldpay has processed over £8 billion in transactions to date, helping hundreds of companies like yours with their payment needs
Top 100 law firms
We have worked hand-in-hand with over 100 top tier law firms to help streamline complex payments for their clients
FX for global reach
Send funds to payees internationally with transparent fees and agreements, thanks to our FX capability

Why choose Shieldpay?

Using Shieldpay, law firms can avoid challenges associated with using client accounts while mitigating risk through the use of our secure payments platform:

  • Rapid account set up
  • Robust KYC / KYB checks on transacting parties
  • Full transparency and account visibility via our digital platform

Control funds, authorise payment, stay compliant

Authorise and track payments with a digital platform

Payout globally in 120+ currencies to 200+ territories​. Money arrives in payees bank accounts within 3 working days of authorisation

Maintain oversight and control over funds but access additional protections

Receive notifications when funds flow to assigned parties. Reclaim unbillable, valuable time with enhanced operational efficiencies

SRA Rule 2.5 compliant

Control residual balances, enabling law firms to stay SRA Rule 2.5 compliant

Rules and regulations for law firms

The Solicitors Regulation Authority (SRA) Account Rules provide the right for firms to use Third-Party Managed Account (TPMA) as an alternative to holding client monies. The CLC also explicitly permits the use of TPMAs. CiLex has provided for the use of escrow accounts. BSB mandates that barristers cannot directly hold client funds.

SRA requirements to using TPMA:

  • The TPMA provider must be authorised by the FCA as a payment institution
  • You will need to inform your client of the arrangement and ensure they understand it
  • You must notify the SRA
  • You must obtain regular statements and ensure they reflect the transactions on account

Shieldpay can support law firms to meet these requirements with the necessary documentation and reports


Time is money

Cutting the cost of client money management for law firms

Read our research report looking into the main challenges law firms come up against when handling client monies in-house.

  • The biggest challenges faced by law professionals
  • What admin tasks law firms are spending the most time on
  • Ways to meet client expectations

Ready to speak to a payments expert?

Get in touch to find out how Shieldpay can support your firm's payments on what you’re working on today.
Save time, reduce risk and provide enhanced experiences to your customers.