The ILFM has a wide range of training options for those wanting to learn and also keep up-to-date with the latest developments in Legal Finance and Practice Management.
ILFM Members can save up to £100 on a full day course. Membership is just £95+VAT More info or to join..
Cybercrime and Fraud Workshop - A half day workshop
Cybercrime and fraud is one of the top risks facing law firms. Sophisticated fraudsters are targeting law firms to defraud money with the rapid increase in bogus law firms posing as a genuine firm and the use of voice phishing (vishing) scams to steal client money. Cyber-attacks in the form of malware and ransomware viruses grow more common by the day. All these attacks can cause huge damage and present a real danger to firms and their clients which can lead to a multitude of regulatory, reputational and business challenges.
This workshop explains some of the risks being faced and the latest threats. It will offer useful tips and everyday solutions to reduce the risk of being a victim of fraud and cybercrime. Increase your awareness to protect your clients and your business!
This workshop is for COFAs, COLPs, managing partners, solicitors, CEOs, heads of risk and operations, accounts and IT personnel, office managers, business/practice managers and directors working in a SME legal business.
- This workshop will not include constant technical jargon and phrases to confuse you! We speak in English.
- The threats will sound frightening but they are real so this workshop will inform you of the risks so you can feedback to your firms with ideas and raise awareness of the issues.
- Survey by Willis insurance brokers states that 87% of surveyed firms with more than 100 partners highlighted cyber-attacks and fraud in their top 3 risks. Only 16% of firms with under 100 partners put this in their top 3 risks and the majority did not recognise it as a risk. Small firms in many ways can be susceptible to cyber-attacks due to smaller IT resources and the ability to enact preventative measures.
Credit Management – This is a one day training
We will consider working capital and the whole credit control function; looking at the strategic aspects such as what should be included in a firm’s credit policy down to the more transactional level detail such as template letters and bills.
Topics covered include:
- Why a firm needs a credit policy and how to create one
- Where the credit cycle begins in a solicitors practice
- Work in Progress (WIP) and the billing process
- Credit checks and scoring your clients
- Credit control procedures and collection techniques
- Reporting and how to calculate debtor days
- Debt recovery procedures and legal proceedings
Practical exercises and hints and tips for best practice throughout the day
SRA Accounts Rules 2011 – a one day training
This one day workshop provides a full review of the SRA Accounts Rules 2011
This day is particularly valuable for those looking for a refresher course or who are new to legal finance. Cashiers are often involved in the preparation of the COFA report and a sound knowledge of the rules would be a distinct advantage for both this and when dealing with the Reporting Accountant and the Annual Accounts Report.
The training gives a thorough grounding in all aspects of the rules with workshops and discussions throughout the day. Emphasis is put on the practical application of the Rules and in particular how this is attained in the practices represented in each group. Participation from the delegates is actively encouraged in particular using their knowledge of the rules through group or open discussions.
The basic topics covered are:
- Principles of SRA Accounts Rules and Code of Conduct
- COFA and COLP and the impact on the Cash Office role
- Client Account and Client Money
- Use of Client Account
- Client Monies Withheld from Client Account
- Operating a Client's Own Account
- Interest Rules
- What is a bill? What is an agreed fee?
- Office Monies and Professional Disbursements
- Bank Reconciliations
- LAA (In brief and AR's only)
- Accounting Systems and Records including Central Register
Half Day – a half day practical training covering some of the main provisions of the SRA accounts rules 2011; particularly useful as a refresher for those more familiar with the rules including experienced legal finance staff, solicitors, fee earners, administrative and cash office personnel.
COFA Training – a one day training
Two half day workshops dedicated to the compliance role of COFA. Available as a whole day or attendees can choose to attend either one of the half day sessions. Whether you are being appointed as a COFA, a member of an accounts team or supporting the COFA in their role you will find these workshops valuable.
COFA - A Practical View, Half-day Workshop – - A half day workshop
Useful as a refresher for COFAs or those supporting the COFA, this half day training takes a practical look at some of the issues faced by COFAs on a daily basis, including materiality testing and what to consider when categorising breaches.
VAT for Legal Accounting - a one day training
Pending VAT inspection? Just had an inspection and received a hefty assessment? Or maybe you're one of the lucky ones and haven't received one in years?
How prepared and confident are you in taking on HMRC's officers? Are you 100% satisfied that your accounting procedures are in order and are correct from a compliance perspective?
Whether you're waiting on an inspection, just had one or are yet to see one of HMRC's officers, the ILFM's VAT for Legal Accounting training will ensure you're fully compliant and up to date in accordance with the VAT Act 1994.
Did you know? FACT!
- You should receive a visit from HMRC every four years in respect of VAT inspection. If you haven't, it IS coming.
- Your invoice/bill template must distinguish between the date of issue and 'Time of Supply' in order for it to be valid.
- A credit note MUST refer to the tax point date and invoice number of the invoice being credited. It must also state the reason for credit note.
- From January 2010, you should be completing the EU sales list for any business clients that belong in the EU.
- A bank transfer fee, even when charged back to the client at cost, must be shown in the profit costs / charges section of your invoice.
- Providing you have a petrol VAT receipt, you can reclaim VAT on mileage.
- You must NOT reclaim input VAT on disbursements before you have billed/accounted for the output VAT on them.
Practice Management – a one day training
This training provides a whistle stop tour through all the key responsibilities of a practice manager, and provides practical insight into many areas of the day-to-day management of a legal practice.
Being a practice manager is often a lonely position. This training is designed to provide you with practical advice, tools to handle the most difficult situations and the opportunity to discuss challenges and opportunities with others. The training covers all of the key areas and is a fantastic opportunity to bring yourself up to date in one day as opposed to attending multiple courses across multiple areas of discipline.
- This training provides practical advice from an experienced and highly respected practice manager who has the most up to date and hands on knowledge of the problems faced by practice managers.
- Our Practice Management training is highly regarded and consistently scores 'excellent' in our delegate feedback questionnaires.
- The ILFM Practice Management training is unique in its approach and delivery promoting an informal discursive atmosphere, but with reference to real life experiences and solutions to day to day issues faced within legal firms.
Delegates will get an opportunity to forge relationships with other practice managers, and enable them to go away having exchanged contact details, some have gone on to form support groups in their local area.
Financial Management in the Legal Department - a one day training
Designed to provide practical advice and guidance for all those responsible for maintaining and managing the accounts of a solicitors’ practice.
This training is aimed at those who are comfortable with their role as a cashier but may wish to expand their knowledge to include producing information for management purposes, right up to producing a full set of final accounts. It will be especially helpful for those who decide to sit the ILFM Associate Level Exams and have not dealt with underlying and fundamental accounting concepts before. Also looked at is the setting up and running of fundamental business practices that are required to run a practice in a business-like manner.
Management information, how to produce such and to a certain extent, how to interpret is also considered. No doubt most of you can, at a touch of a button, produce Profit and Loss Accounts and Balance Sheets through your computer package, however, this training will give you the knowledge of how these Accounts are put together and give you an understanding of why certain items are in certain places including the difference between Asset accounts and Expense accounts.
Introduction to the Legal Finance Department - a one day training
Ideal for those new to legal finance this one day workshop is designed to equip delegates with the fundamentals of legal cashiering.
Topics covered include:
- Double Entry Bookkeeping
- Client and Office Accounts
- The Annual Audit
Test understanding of Double Entry Bookkeeping, Client and Office Transactions, Running a Petty Cash tin