Global News
Shieldpay, the payments partner for the legal sector, is working with KPMG Law UK (part of KPMG LLP) to provide payments services for its high value, complex client transactions. Shieldpay has been supporting KPMG Law’s corporate clients as an escrow and paying agent provider for corporate and M&A deals since 2020.
Following the success of this relationship, built through working on numerous deals with KPMG Law’s UK corporate teams, Shieldpay has been selected to support KPMG Law’s corporate and newly launched real estate team through Shieldpay’s third-party managed account (TPMA) platform.
KPMG Law is futureproofing its corporate and new real estate offerings by embedding new, more secure ways of working from the outset, that bring clear benefits to its lawyers and their clients. The adoption of Shieldpay’s TPMA is supporting the drive to standardise and centralise the firm’s approach to completing legal transactions across teams and offices in the UK.
Managing client money through a client account can be high risk, costly and labour intensive for law firms. Using a specialist payments provider overcomes these operational challenges and mitigates client money risks, enabling legal teams to focus on delivery of their legal services. With greater levels of efficiency and the capacity to deliver client service excellence, the law firm is setting itself up to meet ambitious growth targets.
As well as operating a TPMA for KPMG Law’s corporate and real estate teams, Shieldpay will continue to work closely with the firm to streamline transactional payments and deliver excellence for their clients.
Andrew Hawkins, Shieldpay’s CEO of UK and Europe, said: “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.”
“The legal sector is increasingly recognising the benefits of using third-party managed accounts to increase client satisfaction and improve business operations. Innovative digital solutions dedicated to supporting complex payments, such as corporate, real estate, litigation and M&A transactions, means client money management no longer needs to come at such a heavy cost to law firms.”
Stuart Bedford, Head of KPMG Law UK, commented: “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.”
“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.”
Shieldpay is the leading provider of TPMAs (where a firm holds and disburses money on behalf of two or more transacting parties). Shieldpay is FCA regulated and works hand-in-hand with top tier law firms to help streamline complex payments for their clients. Shieldpay’s technology helps the legal sector to improve efficiency and avoid the challenges associated with using client accounts while mitigating risk through the use of a secure payments platform.
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