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We’re here to keep you up-to-date with all the latest in everything Legal Finance and Management, so come back often if you want to hear about what's happening !

Please feel free join the conversation and comment... 

Latest Posts

Seven important employment law changes taking place this April

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From businessadvice.co.uk   (Expert Advice for the engine room of the British economy) April 2017 will see wide-reaching changes in UK employment law Next month marks the busiest time of year, where major employment law changes will take...

Are COFA's Ready for Change?

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During 2016 we saw the third phase of the SRA consultations to undertake a full review of the SRA Accounts Rules. This phase of the consultation put forward some significant changes to the SRA Accounts Rules and in particular a change in the definition of...

ILFM Listed Legal Software Suppliers Guide 2017

Tim Kidd
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Welcome to the Institute’s 2017 guide to listed legal software suppliers Deciding on what new or replacement software is appropriate for our firms has never been easy: we have to take so many factors into account. Cost is always a critical...

ILFM 2018 Scholarships for Members

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Barry Hilton was one of the founders of the Institute and one of his passions was the education and advancement of legal accounting staff. Barry was responsible for writing many of the Institute’s original courses and seminars along with being a...

2017 Salary Survey

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A huge thank you to everyone who participated in our now award-winning 2016 Legal Accounts Salary Survey. For 2017 we’re kicking the process off slightly earlier than usual to allow more time and to help generate an ever greater volume of...

Seven reasons why you can't miss the ILFM Annual Conference

Tim Kidd
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With less than six weeks to go until the Annual ILFM conference entitled ‘Brave New World’, the team asked me what I’m most looking forward to. When I stopped to give this some thought, I realised there was quite a lot – it’s an...

Automating international payments

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Automating international payments - the many advantages for law firms expanding globally Globalisation of the legal market is still growing, as law firms tap into the potential for expansion that cross-border markets offer. Firms venturing into...

2016 Salary Survey Results

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The ILFM have once again teamed up with specialist legal business services recruitment consultancy Balance Recruitment to produce the 2016 Legal Accounts Salary Survey and we have had a whopping response with an increase in participation across the length...

Entrepreneurs' Relief - a Budget 2016 U-Turn?

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Entrepreneurs’ Relief – a Budget 2016 U-turn?   We have written previously for Legal Abacus on the various changes that have been made to the availability of Entrepreneurs’ Relief on the value of goodwill when incorporating...

The Accountants Report and the COFA role.

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Jason Mitchell looks at how the latest changes to the accountant’s reporting regime impact on the COFA role.   On 30 October 2015 the SRA published the latest round of changes made to the accountant’s report regime (updated on 17 December...

The COFA & Cybercrime Prevention

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The legal sector continues to be at the forefront of cyber-attacks from fraudsters attempting to access and extract both office and client money from a legal practice. Legal Abacus has recently focused on this issue from a variety of angles. Here Jason...

Win a FREE Place at ILFM Conference 2016

Tim Kidd
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  Dear Members,  To complete our recent rebranding exercise we wanted to ask you about your ideas for an ILFM strapline.   You will of heard many many straplines in everyday life... Just do it, Vorsprung durch technik, I'm lovin'...

SRA: Looking to the Future: Accounts Rules review

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SRA Consultation Open Please see below from the SRA. We at the ILFM will be seeking input from our membership and then putting together a response to the The deadline for submission to ILFM is 31st August 2016 ...

The Access to Justice Foundation Award

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Nominations are still open for the  The Access to Justice Foundation Award , organised in conjunction with the LawWorks & Attorney General Student Awards 2016 and are looking for your nominations of educational institutions or...

Salary Survey 2016 - Win an iPad Mini

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Our eagerly anticipated Legal Accounts  Salary Survey  is back for a fifth year and we need to ask for your assistance to help us compile the most comprehensive salary survey available for those working within the accounts departments...

Clio offers ILFM Members discounted rate

Tim Kidd
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Clio offers ILFM Members discounted rate via member benefits program. This partnership allows the Institute’s members to subscribe to Clio at a discounted rate. “We’re delighted to be offering Clio as a member benefit to...

SRA launches a new consumer credit toolkit

Richard Hill
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On 19 January 2016, the Solicitors Regulation Authority (SRA) published a new webpage  for SRA-authorised firms involved in, or considering becoming involved in, the carrying on of consumer credit activities under Part 20 of the Financial Services and...

The faceless enemy

Richard Hill
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We live in a digital world where we are more connected than ever. Technology influences our daily lives, activities and decisions. In business it drives innovation, efficiency and collaboration. From customers to suppliers to employees to owners, technology...

The Great Email Deception

David Jackson
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Facebook recently announced that they are to start alerting users if their online accounts have been targeted by state sponsored hackers.  Information is then provided on how the user can increase the security of their account.   Facebooks...

Law Society updates note on deposit protection for client accounts to reflect new limit

Richard Hill
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On 1 January 2016 , the protection limit for deposits protected under the Financial Services Compensation Scheme (FSCS) was reduced from £85,000 to £75,000. This has implications for solicitors who hold client money. In conveyancing...

Criminals raid 50 firms in cyberattacks this year

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Criminals raid 50 firms in cyberattacks this year – SRA 15 October 2015 By   John Hyde   Up to 50 firms have fallen victim to cyberattacks since Christmas as criminals find ever-more sophisticated ways of targeting the legal...

Legal career 'hit by vishing scam'

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Legal career 'hit by vishing scam' By Joe Lynam and Ben Carter BBC Radio 4's Money Box 2 October 2015 From the section Business   Karen Mackie says she is devastated about what happened A solicitor has told the BBC that being tricked...

The best thing I learnt in Excel this year

Tim Kidd
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The best thing I learnt in Excel this year Often it is the simplest things in life that are most rewarding. Finding a new function in Excel that saves time doing a repetitive task is definitely something I count as rewarding, which is why I wanted to share...

Changes to the format of accountants' reports for solicitors' practices

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  15 July 2015 Changes to the format of accountants' reports for solicitors' practices - and the criteria for qualifying accounts and submitting them - should further improve their value and reduce the burden on firms, the Solicitors...

Learn Excel: How to Protect your Workbook

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Learn Excel: H­­­ow to protect your workbook ILFM Members can get a huge discount off Filtered.com Excel training (£45 Inc VAT instead of £75) Click here to find out more .  If you wish to learn...

Consumer Credit Activities the latest SRA Consultation

Richard Hill
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TO OUR MEMBERS SRA consultation – have your say! The SRA wants your views on its proposals last month to regulate consumer credit activities carried on by SRA-authorised individuals and firms under Part 20 of the Financial Services and Markets...

ILFM Conference 2015 - Save the Date & Sponsorship Opportunities

Tim Kidd
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Save the Date! Our Conference at The Law Society, London  will take place on Friday 13th November 2015. You can start to join the conversation and see the latest updates on Social Media using hashtag #ilfmconf15 OPPORTUNITY.. If you are interested...

Win an iPad Mini - ILFM Salary Survey in association with Recruitment

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ILFM Salary Survey in association with  Recruitment. Chance of winning an iPad Mini Our annual Legal Accounts Salary Survey is back for a fourth year and we would like to ask for your involvement to help us compile the most comprehensive salary survey...

Businesses say the Government has its confidence....but budget 2015 made little difference

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There was welcome news for the Government from Kent Business [arrow] at McBrides Chartered Accountants Budget briefing with 93% of delegates in attendance confident about the prospects for the economy in the South East. However, despite taking a penny off a...

SRA delays second phase of reforms on submitting accountants' reports

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The Solicitors Regulation Authority (SRA) has delayed the introduction of the second phase of its reforms of the rules on submitting accountants’ reports from next month to November this year. Read full story here ....

Legal regulators are working on ways to stop solicitors from handling client money

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Legal regulators are working on ways to stop solicitors from handling client money, it has been revealed. But the Law Society has urged caution, stressing that the number of problems is low and that the current system protects consumers.     ...

The ILFM's response to the Solicitors Regulation Authority's consultation on reporting accountant requirements

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  The Institute of Legal Finance and Management’s response to the Solicitors Regulation Authority’s consultation on reporting accountant requirements  Proportionate regulation: reporting accountant requirements  Do...