A new specialist currency and payments offering to Birmingham Law Society members.

Western Union Business Solutions and Birmingham Law Society have agreed a sponsorship to offer specialist currency and payments expertise to Birmingham Law Society members.

As some legal professionals pursue relationships with partners and clients across borders, many are faced with the need to better plan their treasury and currency exposure. They also need to look at key areas such as uncertain cash flow cycles – when currencies fluctuate between invoicing a client and the payment’s due date – or to payments being sent and received efficiently across borders.

“Labour intensive payment processes can be a drain on a firm’s resources” said Karen Penney, VP of Payments Products at Western Union Business Solutions, “and it can impact their ability to efficiently service clients and pay foreign associates. This is where our experts can help, supporting legal firms to design a customised solution and to help simplify domestic and international payments, as well as payroll and invoice workflows”.

For Birmingham Law Society, this collaboration is part of the work not only to encourage closer contact with relevant industries for legal professionals, but also to ensure members are kept aware of pertinent business topics.

“This sponsor partnership will help support those members who need advice on currency and international payments. This is one more step towards how Birmingham Law Society can help support our members” said Dee Kundi, Chairwoman of Birmingham Law Society.

As the global legal services market is expected to grow from $713.66 billion in 2020 to $734.56 billion in 2021 at a compound annual growth rate (CAGR) of 2. 9% according to Legal Services Global Market Report 2021: COVID-19 Impact and Recovery to 2030, it is important that legal services organisations understand their options when it comes to foreign exchange and international payments solutions. Western Union Business Solutions’ world leading network, spanning 200 countries/territories and over 130 currencies can help businesses manage international payments and forex simply, effectively and efficiently.

For further information on how Western Union Business Solutions can support those in the legal sector, click here to view case study with Hogan Lovells or contact them below.

Also, for further information on events and activities between Birmingham Law Society and Western Union Business Solutions, follow Birmingham Law Society and Western Union Business Solutions’ social media channels. Alternatively, for further information or to set up a free, non-obligatory meeting, email partners@westernunion.com.