The Institute of Legal Finance & Management (ILFM) and the Society of Law Accountants in Scotland (SOLAS) have signed a Memorandum of Understanding (MoU), formalising a shared commitment to support legal finance, law accounting, governance and compliance professionals through closer collaboration.
As law firms continue to face increasing regulatory, financial and operational demands, both organisations recognise the importance of ensuring professionals responsible for financial management and the protection of client money have access to high-quality education, professional support and opportunities to share knowledge and experience.
A Shared Commitment to Professional Excellence
The agreement reflects the significant common ground between the two organisations. While operating independently and supporting members working within different legal and regulatory frameworks, both the ILFM and SOLAS are committed to promoting professional standards, ethical practice and continuous learning across the legal sector.
The MoU provides a framework for collaboration in areas of mutual interest, creating opportunities for both organisations to work together when doing so will bring value to their members and the wider profession.
Learning, Knowledge Sharing and Collaboration
Through the agreement, the ILFM and SOLAS will explore opportunities to collaborate on professional education, knowledge sharing, events and member engagement activities. This may include the exchange of insights, the development of learning opportunities and discussion around emerging issues affecting legal finance, governance, compliance and law accounting professionals.
For members of both organisations, the partnership provides access to a broader network of expertise and creates additional opportunities for professional learning and engagement.
Supporting Confidence in the Legal Sector
The partnership is underpinned by a shared belief that well-trained, professionally supported finance and accounting professionals play a vital role in helping firms maintain high standards of governance, meet regulatory requirements and safeguard client money.
By promoting competence, integrity and best practice, both organisations aim to support the professionals who help protect financial stability within law firms and maintain trust in the legal system.
Tim Kidd, Chief Executive of the ILFM, said:
“The responsibilities carried by legal finance and compliance professionals continue to grow, making access to professional knowledge, training and peer support more important than ever. This agreement reflects the shared values of our organisations and provides a framework for working together where it benefits our members and the wider profession. We look forward to creating opportunities to share expertise, strengthen professional standards and support those responsible for safeguarding financial integrity within law firms.”
David Hamilton, President of SOLAS, said:
“SOLAS and the ILFM share a commitment to supporting professionals who play a critical role within legal practices. While our organisations serve different memberships, many of the challenges and responsibilities facing our members are the same. This agreement recognises those shared interests and creates opportunities to collaborate in ways that strengthen professional knowledge, support high standards and benefit both our members and the legal sector more broadly.”
The Memorandum of Understanding was agreed a few weeks ago, but last weekend provided an opportunity to formally mark the collaboration while representatives from both organisations were together in Edinburgh for the SOLAS AGM and Dinner. The MoU will be reviewed periodically to ensure it continues to support meaningful collaboration and delivers value for members of both bodies.
For further information about the ILFM please visit: www.ilfm.org.uk
For further information about SOLAS please visit: www.solas.org.uk
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