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Coming soon

Digital client accounts reduce risk

Lucra is building the next-generation of third party managed accounts (TPMA) with its digital client account service.

Managing client money incurs high risks for little reward

Client accounts are beloved by clients because they simplify transaction execution. Yet for law firms, managing client money presents high risk challenges, for which they are not compensated.

Today, firms face an incresingly hostile and sophisticated cyber landscape, all while client transactions grow in size, jurisdiction and/or complexity. Unsurprisingly, the challenge to coordinate and complete client money payments on time, securely and correctly is becoming increasingly onerous.

The problem is hard: close the client account and upset clients? Or continue to operate and incur risk?

TPMAs can reduce client money risks

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  • Approved by regulator. The Solicitors Regulation Authority (SRA) approved the use of TPMAs in 2019 in recognition of the challenges faced by firms.

  • Exemption from Accounts Rules. SRA guidance states that money held in a TPMA does not fall under the defintion of client money under the SRA Accounts Rules because it is not held or received by the firm. The Accounts Rules, therefore, do not apply to client money held with a TPMA, save for Rule 11.

  • Regulatory breach risk eliminated. Given Account Rules exemptions, majority of admin tasks are eliminated, including obligation to deal with residual balances, removing the possiblity of a rules breach.

  • Payment risk elimiated. As cash is not held or received by the firm, there is no longer any risk of missing, stolen or failed payments.

Lucra will offer digital TPMAs

Funds will be safeguarded in secure client-money account that only you and your clients control

Complex funds flows can be set up and approved in minutes with automated built-in workflow

Payments are tracked live and alerts delivered in real time.

Reporting, transaction monitoring and audit trails ensure you maintain compliance at all time

Register your interest in Lucra's digital client account solution today to receive updates and priority access

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