we have joined a group – and it feels good

we have joined a group – and it feels good

Humans are social creatures, we have an inherent need to belong, to feel part of a group and to be accepted by that group for who we really are. For me this rings so true, I love being part of a group! From a young child loving Brownies, to a student at University on the snow-boarding club, to a new mum in an ante-natal group, being part of a community is right up my street and personally I can really feel the benefits of it. Even if you are reading this thinking that isn’t your personality, there are a lot less obvious ways of being a member of a group; a lot of us are part of groups in our personal life and reap the positive attributes these bring. Studies show that even a simple relationship between people sharing a birthday or being assigned randomly to a group is enough to increase feelings of warmth and motivation and in a very strong community there is always someone doing something amazing which can inspire you to go harder and achieve bigger goals.

Being a lawyer or a professional person is in itself a group – you feel you have achieved a lot to gain this title and the title gives you a sense of belonging.

The Cashroom Ltd participates in many groups in the legal industry. Most recently, we have joined Calico Legal Solutions group as a founding member because we believe, that in business as well as our personal lives, being part of a group has so many brilliant benefits! Calico is a unique collaboration founded by software and service suppliers to law firms – who wouldn’t want to be part of a unique collaboration, it just sounds cool!

In a group there are shared lessons which are so valuable. Rather than you having to learn from a mistake or success, you can reach out to your community and ask if anyone has any experience that could be valuable to your situation. In all of our life, including business, you are always in need of a particular service or want to meet a particular type of person – when you are in a strong community then it is hugely likely that someone can make that introduction for you.

Another benefit of being in a group is the fun factor! Being social animals, we like to enjoy ourselves, and being part of a community always involves social aspects where we can have fun.

Did you also ever think that being part of a group or community could also help your health? It is well established that people who feel socially isolated have worse mental health than those who feel socially connected. Previous research has shown that connecting with others is as good for you as quitting smoking or doing exercise – it aids in the recovery from physical and mental illness and provides resilience for stressful life events and transitions. In a world where stress and our mental loads are constantly under pressure, anything that can help us should at least be considered.

However being part of a group isn’t just about mere contact making you feel good, it is about a feeling of belonging. You feel you belong to a group; that you trust others and they trust you in a shared purpose and group members can rely on each other. Having access to a bigger audience can only be a good thing but to get the maximum benefits you need to proactively engage in the process, you can’t just expect to receive the benefits without putting in the work. You can develop your own personal business skills from peers; being open to new ideas and ways of doing things is a way to do this. Yes you will learn a lot yourself in business or running your own business but believe me you will learn so much more being part of a group.

So what kind of groups can help your legal firm?

Perhaps the most obvious is your peer group, other lawyers. A valuable recommendation your peers might be able to give you is to recommend the best suppliers. When you use the best suppliers, you can offer your clients a much better service because you are keeping costs down, sourcing the right products and having reliable delivery of what you need.

Another way peers can help is by referring work. You might not offer family law but your client needs this advice, by giving the work to a peer then you are enhancing your client’s service and you may be referred work in return. These types of referral groups are becoming extremely popular and can mean you are able to offer your clients a full service legal firm.

Another idea is that you may want to join a group that contains complimentary businesses to help your clients, for example a corporate legal firm might join a group containing accountants and financial planners who may have services that complement what you provide for your client.

For your staff to feel all the benefits of being part of a group you may want to create internal groups within your business, you could have a marketing group that thinks up new ways to market your legal firm or even having social committee will give the individuals in the group a buzz. On LinkedIn there are so many forums you can join to communicate with your peers, so even if the idea of face to face groups gives you a bit of a shiver of dread, these can be a great way to achieve the benefits of a group. You may also be in a remote area where it is difficult to join a group and so online forums are a brilliant way to connect.

Join a group, interact and proactively engage in it and enjoy shared ideas, shared advice and experiences, better mental health, a feeling of belonging and security and have fun!

Cashroom

http://www.thecashroom.co.uk/

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The Cashroom Ltd exists to deal with the day to day administration of a law firm’s finance function, ensure compliance with the Solicitor’s Accounts Rules, and provide firms with management information and Management Accounts. We provide the time and the information allowing solicitors to focus on their business.

The Cashroom provides a specialist accounting service to the legal profession, comprising an outsourced legal cashiering service, and an outsourced management accounting service. We now do this for almost 150 clients in the UK. Our legal cashiering service is delivered remotely by a team of qualified cashiers, working in our offices. We use our client’s own practice management system (there is no need to change system), logging on remotely to run their cash room, as if we were in the room next door.

We also provide an outsource management accounting service delivering management accounts and management information to law firms quickly and economically, often to firms who could not afford to employ a full time accountant. More importantly, we work with clients to analyse that information, helping them understand their firm’s finances more clearly.

Lawyers are not accountants and employing, supervising and managing a cash room, was a worrying prospect for many solicitors. Our Legal Cashiering Service takes away that worry, running and managing a firm’s cash room, on an outsourced basis, and ensuring compliance with the Accounts Rules.

And we usually do it for around two thirds the cost of running an accounts function in house.

Few small to medium sized firms produce the management information they need to run their business effectively. Few produce monthly Management Accounts, few have annual budgets, and fewer still track performance against budget on a monthly basis.

Our Accountants combine “best practice” from a number of firms to create a finance function, which produces Management Accounts and management information quickly and efficiently. The Cashroom produces annual budgets, monthly management accounts, monthly management information and cash flow projections. More importantly, our Accountants spend time with our clients making sure they understand the information, and what it tells them about their business.

And, again, we do it for a fraction of the cost of employing a Finance Director.

We also run a full outsourced payroll including auto-enrolment services for firms of all sizes.

Key Contacts:

If you are regulated within the English and Welsh market then please contact:

Alex Holt
T: 07817 420 466
E:  [email protected]

English Office
The Cashroom, West Lancashire Investment Centre, White Moss Business Park, Maple View, Skelmersdale , Lancashire, WN8 9TG
Tel: 01695 550 950

If you are regulated by the Law Society of Scotland, please contact:

Gregor Angus
T: 07875 598 593
E: [email protected]

Scottish Office, Livingston
The Cashroom, Craglea House, 7 Quarrywood Court, Livingston Village, Livingston, West Lothian. EH54 6AX
Tel: 01506 401 270

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