The Institute of Legal Finance and Management (ILFM) is the UK’s leading membership organisation in the legal sector that provides a range of services designed exclusively for legal finance experts and legal management professionals, such as legal cashiers and practice managers.
By offering regular and industry-relevant training courses, regulatory information, a live chat support feature, and an industry magazine, the ILFM has become the ‘go to’ for thousands of leading professionals, including those considering a new career in the legal sector.
You don't have to be a student to be a member and you don't have to study with us, many of our members simply work in the legal finance sector.
For £105 (+VAT) per year, ILFM members benefit from a range of supportive features:
- Accessible, easy-to-digest information, updates and advice
- Training courses - Big Savings with Member Discounts
- Industry magazine
- Member Queries support and live chat online support
- Downloadable tools and resources
- Discounted access to annual conference
- Industry and lifestyle discounts
Who can become a member?
Membership is open to everyone who has a professional interest in legal accounting, management and compliance, including:
- Cashiers and accountants working in legal practices
- Practice Managers, Finance Directors and non-lawyer partners/managers
- Solicitors, Legal Executives and similarly recognised professionals
- Members of accountancy professions
- Suppliers and consultants to the legal industry
ILFM members can progress through five levels of membership, with all new members starting as either an ordinary or an affiliated professional member.
Ordinary Member: The qualifications for admission as an Ordinary Member shall be: 1) the intention to pursue and study the profession and learn the basic principles of legal cashiering and/or administration within a legal practice; 2) in addition to all the above requirements he shall satisfy the Executive Council as to his general character, experience and suitability for admission. Ordinary members may attend and speak but not vote at general meetings of the Institute.
This is attained by the successful completion of two 3-hour examinations one on each of the 2 papers that are designed to assess a sound working knowledge of basic legal accounts and the Solicitors accounts rules. Diploma members may use the designatory letters ILFM (Dip). A Diploma Member may attend, vote and speak at general meetings of the Institute.
This requires successful completion of three examination papers which assess the students’ knowledge and understanding of both legal and accounting topics, together with three years' relevant experience in legal accounting. Associate members may use the designatory letters AILFM. An Associate Member may attend, vote and speak at general meetings of the Institute.
This is the highest level of membership and is attained by Associate members undertaking a Fellowship Thesis on a subject approved by the ILFM's Strategy Committee, together with five years' relevant experience in legal accounting. Fellow members may use the designatory letters FILFM. A Fellow may attend, vote and speak at general meetings of the Institute.
Affiliated professional member
The qualification for admission as an Affiliated Professional Member shall be membership of a relevant professional bodies as determined by the Executive Council from time to time. This category is for members of other professional accountancy bodies - such as chartered/certified accountants, solicitors, suppliers to the legal sector such as software suppliers etc. Affiliated Professional Members may enjoy such benefits as the Executive Committee may determine from time to time and shall have the right to attend and speak but not vote at general meetings of the Institute.
All members must be over 16 years old.
By starting or renewing membership of the Institute of Legal Finance & Management you hereby agree to be a member of the Company and to be bound by its Articles of Association.