Your Associate Course

The ILFM Associate course has 3 papers;  Accounting, Financial Management and Legal Practice Management. Only students who have successfully completed the ILFM Diploma can enrol for any of the Associate topics.  

To achieve the Associate qualification level all 3 topics need to be completed and a package fee will apply to each one.  Candidates have a maximum of 18 months from enrolment on each one of the courses to complete and register for the next available examination sitting. You are required to be an ILFM member.

It is recommended to start with the Accounting paper followed by Financial Management and finally Legal Practice Management, but it is not a required order.

Accounting

Objective:  The aim of the Accounting paper is to meet the training needs of those dealing with the preparation and / or use of the annual partnership or limited company accounts in the legal and other professions. It is not intended that this course cover company accounts in more than general principles.

Contents of the Course:

  • Tutorial 1  From Ledger Accounts to Trial Balance
  • Tutorial 2  Introduction to the Framework of Accounting
  • Tutorial 3  Basic Sole Trader Profit and Loss Account and Balance Sheet
  • Tutorial 4  Basic Accounting Adjustments
  • Tutorial 5  More Complex Accounting Adjustments
  • Tutorial 6  Partnership Accounts
  • Tutorial 7  Partnership Accounts: Alteration Arising on Changes of Partners
  • Tutorial 8  Financial Reporting Standards
  • Tutorial 9  Limited Companies
  • Tutorial 10  Outline of Company Accounts
  • Tutorial 11  Auditing and Interpretation of Financial Statements

We also highly recommend these ILFM Trainings, to help your in your course : Financial Management for Law Firms

Financial Management

Objective:  The Financial Management paper is intended to help improve your financial management skills and enhance the contribution you can make to the success of your firm.  It focuses on three areas; profitability, working capital and using information to improve your financial understanding.

Contents of the Course:

  • Tutorial 1  Financial Management – what are we aiming for?
  • Tutorial 2  Understanding Profitability
  • Tutorial 3  Profitability KPIs
  • Tutorial 4  Analysing Profitability within the Firm
  • Tutorial 5  Forecasting - Budgets
  • Tutorial 6  Understanding the Cost Base of Your Firm and the Minimum Fees Needed
  • Tutorial 7  Working Capital
  • Tutorial 8  Working Capital KPIs
  • Tutorial 9  Managing Working Capital and Forecasting the Bank Position with a Cash Flow Projection
  • Tutorial 10  Management Accounts and Partner Reports
  • Tutorial 11  LLPs an Introduction

We also highly recommend these ILFM Trainings, to help your in your course : Financial Management for Law Firms

Legal Practice Management

Objective: To provide students with the underpinning knowledge needed to manage a legal practice effectively and efficiently.  The course is suitable for students from an array of backgrounds; an experienced cashier with little management experience through to a solicitor starting off their own practice or a managing partner/director.  The course intends to challenge students overall business concepts, encourage research and be able to implement processes which will ultimately add value to the organisation as a whole.

Contents of the Course:

  • Tutorial 1  About the Legal Profession - the impact and changes following the Legal Services Act 2007, Alternative Business Structures (ABS) and Multi-Disciplinary Practices (MDP), the responsibilities firms have as well as employees.
  • Tutorial 2  Court Structures & Civil Proceedings – An outline of the Courts and the procedures needed to collect outstanding debts.
  • Tutorial 3  SRA Code of Conduct 2011 – Introduction into outcome focused regulation, the Handbook, the Principles, Equality and Diversity, Conflict of Interest, File Retention/Storage/Destruction.
  • Tutorial 4  Relationships with Third Parties – What are third parties, Stakeholders and Corporate Social Responsibility (CSR).
  • Tutorial 5  Managing your Business – Chapter 7 (SRA Code 2011), Good Practice, Referrals, Sources of business, Cross Selling, Internal Controls, External Auditing and Undertakings.
  • Tutorial 6  Risk Management – Identifying Risks, Transfer of Risk, Contingency Plans, Money Laundering, Health & Safety.
  • Tutorial 7  Client Care – Chapter 1 (SRA Code 2011), Information, Controlling Costs, WIP, Client Satisfaction, Complaints, Client retention.
  • Tutorial 8  Getting Noticed – Marketing (e-marketing), Advertising, Publicity, Branding, Evaluation of success, website and E-business.
  • Tutorial 9  Management & Leadership – the difference between the two roles, motivation, training, development, communication, people management.
  • Tutorial 10  Business Analysis – Strategy, Mission Statements, SWOT Analysis, PESTEL, Critical Success Factors, Competitive Advantage, Managing Change.
  • Tutorial 11  Project Management – managing and leading projects, identifying stakeholders, project planning and control, project team selection, software projects and project evaluation.

We also highly recommend these ILFM Trainings, to help your in your course : Legal Practice Management

Qualification Course Packages

Members are able to choose from the following packages. (A package fee (gold, silver or bronze) is applicable for each paper).

NB. Following student feedback and a review of uptake at each level, these packages will change 1st September 2017

Bronze £295 (Available until 31st August 2017)

  • Online course material
  • Tutor support
  • Access to students forum
  • Sample examination type questions

(Please note this package does not include the examination fee (£85), or the optional revision course material (£75), or the revision course (£125), these can be purchased separately).

Silver £395 (Available until 31st August 2017)

  • Online course material
  • Tutor support
  • Access to students forum
  • Sample examination type questions
  • Exam preparation day material
  • Single examination fee (students wishing to take the exam locally will be required to pay any additional costs incurred)

(Please note this package does not include the optional revision course (£125), this can be purchased separately).

Gold £495 (Available until 31st August 2017)

  • Online course material
  • Tutor support
  • Access to students forum
  • Sample examination type questions
  • Exam preparation day material
  • One day exam preparation day
  • Employer updates (if required)
  • Single examination fee (students wishing to take the exam locally will be required to pay any additional costs incurred)
  • One additional examination re-sit fee (if required)
  • Three additional assignment submissions of the student's choice when re-sitting