KPMG Law partners with Shieldpay to centralise transactions in UK

KPMG Law has partnered with Shieldpay to utilise its third-party managed account (TPMA) platform to standardise and centralise legal transactions across its UK teams. The collaboration aims to mitigate risks associated with payments and modernise KPMG Law's operational practices.

This development follows an existing relationship that began in 2020, during which Shieldpay has supported KPMG Law’s corporate clients as an escrow and paying agent for complex financial transactions. Shieldpay will now extend its services to support KPMG Law's newly established real estate team in addition to its corporate division.

Andrew Hawkins, CEO of Shieldpay UK and Europe, expressed enthusiasm about the partnership: “We are delighted to be working with KPMG Law. They have an innovative and ambitious approach to legal services, reflecting the changing needs of businesses and the evolution of the sector. We look forward to further supporting KPMG Law as they continue to grow, providing payment services to effectively mitigate the inherent risks of client money and unlock efficiencies.”

KPMG Law's commitment to enhancing its corporate and real estate offerings is evident through the integration of Shieldpay's TPMA platform, which seeks to bring more secure and efficient ways of handling legal transactions. By managing client money through a third-party managed account, legal teams can focus more on delivering their services while Shieldpay handles the associated risks and operational challenges.

Stuart Bedford, Head of KPMG Law UK, highlighted the benefits of this technological integration. “Our clients are operating in an increasingly complex, global and fast-moving legal environment. We meet their needs by combining expertise in law with business insight and technological solutions. We believe Shieldpay provides fast, secure and seamless payment solutions that enhance our ways of working and our clients' experience and give KPMG Law a competitive advantage in the market,” he said.

Bedford further noted, “At KPMG Law, we choose technology suppliers that create efficiency, mitigate risk and uphold rigorous standards for regulation and security. Shieldpay delivers on all of these criteria for us and their TPMA solution simplifies high-value, complex transactions for our clients.”

The partnership is intended to help KPMG Law achieve its ambitious growth targets by streamlining transactional payments and facilitating excellence in client service. Shieldpay's role will be limited to operating TPMAs and collaborating closely with KPMG Law to continuously improve the firm’s transactional payment processes.

The recognition of third-party managed accounts in the legal sector is growing as firms seek ways to enhance client satisfaction and optimise business operations. Innovative digital solutions like Shieldpay’s are increasingly favoured for handling complex transactions, including corporate, real estate, litigation, and M&A, thus providing a more secure and cost-effective alternative to traditional client account management.

Shieldpay, regulated by the Financial Conduct Authority (FCA), helps top-tier law firms navigate the complexities of financial transactions. Its technology aims to streamline the process, enhance security, and reduce the burdens typically associated with client accounts.