Every legal practice regulated by the Solicitors Regulation Authority (SRA) must have a Compliance Officer for Finance and Administration (COFA).
The COFA is responsible for the protection of client money held by legal practices and compliance with the SRA Accounts Rules 2011. The COFA is responsible for the reporting any material breaches to the SRA and ensuring practices have the systems and procedures in place to handle client monies.
The role has therefore focused and highlighted legal finance as a required discipline and a fundamental area of legal management in any legal practice because the holding and transacting of client money is a vital function of delivering legal services. The role has directly impacted not just the individuals taking on the role but the practices themselves.
Knowledge of the SRA Account Rules is not enough in the modern legal business environment as areas to protect client money now include cybercrime, fraud, IT security, training and people management.
The ILFM understands the practical and real life dilemmas faced by today’s accounts and management teams. Whether you play the pivotal gatekeeper role of legal cashier, or are the lynchpin of financial governance as COFA, we would are here to support you in implementing the COFA role and best practice in legal accounting.
ILFM Members can access our COFA Resources Page