The ILFM is the UK’s leading education authority and membership body for legal finance, administration and practice management professionals working in the legal sector.
Whether you are looking for a new career path into the legal profession or are currently working in a law firm the ILFM has something to offer you. We offer qualifications, training and continued support for professionals and personnel working in accounts and legal finance. The ILFM training also offers a career path to becoming a Practice Manager or Senior Cashier.
Through the ILFM you will also learn the techniques in preparing, presenting and producing year-end statements and regular financial management information in a law firm. You will also gain a qualification in legal practice management if you are seeking a career as a Practice Manager.
What is legal finance and accounting?
Law firms or legal providers that offer legal services are regulated (e.g. by the Solicitors Regulation Authority) to maintain the public trust and the ethical delivery of legal services. Solicitors often receive and hold their client’s money as part of a legal service e.g. buying a house. There are prescriptive governance rules to ensure the protection of these client monies whilst being held by a solicitor. When receiving client funds the funds must be held in a “client” account. The Solicitors Accounts Rules 2011 set out the detailed treatment and rules that must be followed in dealing with client monies.
The rules are very specific and unique.
What is a legal cashier?
A Legal Cashier is a specialist type of bookkeeper who works in law firms and is responsible for the accounting and finance functions of a solicitor's practice such as recording day-to-day financial transactions and ensuring compliance with the Solicitors' Accounts Rules. The term "Legal Cashier" is in common use within the legal profession in England and Wales. Nearly all firms that transact client money will have a legal cashier, or in larger firms, a team of cashiers. They are a pivotal role in a law firm.
Are you thinking of working in the legal sector?
If you are interested in working in the legal industry, but not interested in becoming a solicitor and practising law, there is a unique opportunity to develop or start a career in the business management and accounting of a law firm.
Are you new to the legal sector?
The legal sector is a specialist profession and area of business. If you have changed career and are now thinking of working in the legal sector the ILFM can offer training and qualifications in legal accounting, financial management and practice management so you understand the workings of a law firm.
Are you currently working in the legal sector?
The changing landscape of the legal industry means it is important to keep up to date with best practice, compliance and solutions to those day-to-day problems. We offer qualifications to add to your experience and the support to keep on top of legal management topics.
Do you want to start a career in accountancy?
Are you considering an accountancy qualification but wonder if you are quite ready? The ILFM qualifications can be an important step in the path to a full accountancy qualification with our exemptions with CIMA and ACCA. Read more about our exemptions.