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ILFM - Solicitors' Software Awards 2019 WINNERS

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We are thrilled to announce the winners of the ILFM’s Solicitors’ Software Awards 2019, voted by our members. Each year the ILFM asks its members to respond to a survey regarding best software which they use every day.  The ILFM continues...

LEGAL FINANCE - ONE SIMPLE TRICK FOR PEACE OF MIND

Tim Kidd
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Working in legal finance brings its pressures and headaches. SRA Accounts Rules, compliance, regulations, fee earner demands and client placation.   ILFM Membership is a must for legal finance and management professionals in the UK.  We...

ILFM and CILEx Regulation - vital business skills for specialist lawyers

Tim Kidd
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            The ILFM and CILEx Regulation are working in partnership to provide high quality accounting and practice management knowledge and skills for lawyers.  In this post we talk about risk, compliance,...

2019 Legal Accounts Salary Survey

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As always, we start with a big thank you to all of you who took the time out to contribute to our latest Salary Survey. We’ve had a huge response from the combined network of the ILFM and Balance Recruitment, and have subsequently been very busy...

Happy Easter to each and every Legal Finance Professional

Tim Kidd
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Where has this first quarter gone? The ILFM team have been busy bunnies since January, mainly ensuring our experienced trainers are ready and raring to go with the new SRA Accounts Rules’ training events.  Probably not surprising that our...

Video Update from LegalEx 2019 'The SRA's Account Rules'

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Nice little update direct from the SRA on the New Accounts Rules 2109 - LegalEx 2019 https://www.youtube.com/watch?v=brXDgeK8ghE&feature=youtu.be Nice mention for the ILFM at 24mins This session offers an update on planned changes...

SRA - New Accounts Rules and how the ILFM help, train and support all legal finance & management professionals

Tim Kidd
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The SRA has confirmed that they will launch their new regulatory model on 25 November 2019, and the ILFM would like to ensure that all legal finance professionals are given practical training, updates and support before the rules come into play.  ...

Is it really that time again?

Darren Whelan AILFM
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No sooner have I finished one article, I’m receiving a gentle nudge from our editor, Karen to pull my finger out for the next! The months are really racing by - but I wouldn’t have it any other way. At the time of writing this article, the ILFM...

ILFMConnect is LIVE!

Tim Kidd
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ILFMConnect is LIVE!     ILFMConnect  links you to other ILFM Members via a forum-style portal.  Ask questions and get...

The need for transparency in pricing - and in general - in the legal sector

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By Amanda Hamilton, NALP ‘Transparency’ is the latest buzz-word in the legal services sector – and rightly so! This author has long since expounded the necessity for it and, at last, the Solicitors Regulation Authority will be...

Is Your Legal Software Ready to Remain Compliant in 2019?

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The legal software market is amidst a period of change and consolidation. Previously, most Law Technology suppliers tended to be owner-managed businesses. However, today’s landscape is very different, with a good number being bought up by larger...

Legal HR and Practice Managers - How Do You Support Your Legal Finance Teams or Candidates?

Tim Kidd
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From legal cashiers, bookkeepers, head of accounts to COFAs – there has never been so much education and support through the ILFM .  Knowledge is power. The ILFM team up each year with Balance Recruit , a specialist Legal Finance Recruitment...

Why Every Legal Cashier Needs ILFM Membership

Tim Kidd
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From cashiers to COFAs – the role of a person within legal finance has changed so much over the past 20 years.  Here’s why the profession requires support, training, education and friendly guidance more than ever before. The ILFM started...

Practice Excellence Awards 2019 - in association with the ILFM

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This year we’re doing something different for everyone running SME law firms – recognising excellence in driving efficiency, creating innovation and focusing on people. That’s why we’re proud to launch the LPM Practice...

Legal Finance - Insider Insight

Tim Kidd
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The ILFM’s history is one of support, advice and training. Over the years we have grown in tandem with new compliances and regulations to become the leading non-profit organisation for legal finance professionals. The ILFM was founded in 1978,...

An overview for COFAs of the anti money laundering requirements for a firm's clients

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COFAs are not necessarily responsible for the money-laundering requirements relating to a law firm’s clients. However, a recent disciplinary tribunal fined a principal, who was also the firm’s COFA, for failing to adhere to the relevant...

Legal Finance - What to expect and how the ILFM helps

Tim Kidd
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  Your journey in an Accounts Department of a Law Firm can be daunting.  It’s an exciting time, knowing you are in a specialist area of finance.  From bank reconciliations, to data entry, to understanding how lawyers and clients...

Getting ready for the year ahead

Darren Whelan AILFM
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Darren Whelan highlights the key changes ILFM members need to be on top of as the New Year gets under way... Happy New Year!  It sounds and feels a little strange wishing you all a happy new year considering I’m sat at Birmingham New Street...

Our 2019 Legal Accounts Salary Survey is now live...

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...and we again need to ask for your help in compiling the invaluable data, which allows us to produce the most comprehensive survey of its kind for this niche community.              The legal accounts community...

With major reforms to Law Firms coming in April why are so many law firms in the dark or in denial?

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In their recent Bellwether discussion paper, ‘ A dangerous allegiance to the status quo? ’, LexisNexis published the results of a major market research project looking at how Small and Independent Law firms are responding to the Solicitors...

Quill's employees credited with ILFM membership

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                           November 2018 Quill has strengthened its ties with The Institute of Legal Finance & Management (ILFM) by establishing a close partnership that will...

Can your Legal Accounts Software Make Tax Digital?

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Next Spring, something massive is coming that is going to lead to huge changes for millions of businesses in the UK. No, not Brexit, we’re talking about Making Tax Digital. Paul Wynn at DPS Software explains what this means for your existing accounting...

Chairs Message Nov/Dec 2018

Darren Whelan AILFM
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As I write this, temperatures have already plummeted to near zero. Looking out of the window, Summer and Autumn appear to be greeting one another as old friends as we begin the transition from one season to another. Summer, and 2018 overall, almost seem like...

ILFM 40th Anniversary Celebration Events

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40 years of supporting our members – come and celebrate with us and find out more about the ILFM. The Institute reaches a special anniversary this year. To celebrate its 40 years representing our members in the legal finance...

Chairs Message Sept/Oct 2018

Sue Williams FILFM
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Well, here we are approaching the Autumn and we have our annual Conference and AGM coming up in November. We have a great line up of speakers for the Conference, including Chris Handford, Director of Policy for the SRA, so we will be hearing all about the up...

Don't miss the Institute's 2018 Annual Conference

Tim Kidd
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With just a few weeks to go until the start of our conference celebrating the Institute’s 40 th anniversary, you still have an opportunity to book your place at our early-bird discounted rate. For me, these are the highlights I’m most...

The ILFM listed legal software suppliers guide 2018-2019.

Tim Kidd
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Deciding which 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 consideration, but we also have to include compliance, effectiveness and response times. Not...

Winner for 2018 of the ILFM Solicitors' Software Users Award

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Each year ILFM Members are asked to feedback on the software they use every day by way of a survey response to choose an award winner. Once all the data is collected and results determined, an announcement is made and an award...

Chairs Message July/August 2018

Sue Williams FILFM
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The SRA published a report in May evaluating their reforms to the Accountants’ report requirements. They found that in the period June to November 2017 they received 923 qualified reports, which is only a third of the number received in the same period...

Iceberg and the ILFM award first legal finance scholarship

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   The first legal finance scholarship in a three-year programme to encourage learning by The Institute of Legal Finance and Management (ILFM) has been awarded. Practice Manager Sarfraz Ahmed has been selected for the first scholarship,...

A second pair of eyes: how can accounts staff help the fight against money laundering

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Money Laundering is a massive global issue. Recent estimates are that over $1trillion of illicit funds are laundered annually, with £90bn of that in the UK. The problem is seemingly getting worse, and the professionals are coming under increased...

The aftermath of cybercrime - cofa actions

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Law firms are commonly targeted by cybercriminals and cybercrime presents a perpetual daily risk for them. Robust controls help prevent cybercrime in the first place, but, in this edition of COFA Corner, we look at the actions a law firm and its COFA must...

Chairs Message May/June 2018

Sue Williams FILFM
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Hello!  I’m sure you will all be surprised to see another Chair’s Message from me, as I completed my two years as chair at the AGM at the end of November and handed over to my Vice Chair, Jacky Ellis. I am very sorry to tell you that Jacky...

COFAS - SRA Accounts Rules changes on the horizon: time to prepare?

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In June 2017, the SRA published responses to the third and final phase of its review of the SRA Accounts Rules. The consultation looked to simplify the Account Rules, redefine the definition of client money and provide an alternative to holding client money...

COFAs - PI insurance claims and losses: are your client payment controls robust?

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One of the COFA’s core duties is to safeguard client money by ensuring the law firm has sound accounting controls and procedures. In this edition of COFA Corner, we look more specifically at a law firm’s payment controls. We also look at...

2018 Legal Accounts Salary Survey

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Last year saw a fantastic response to our annual salary survey, carried out in association with Balance Recruitment. We would love to see even more data, particularly from members in Wales and Northern England. Make sure you take part and enter the prize...

The VAT treatment of statutory charges such as land charges and land registry fees etc

Darren Whelan AILFM
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The ILFM recognise that there has been an increase in Member queries with regards to the VAT treatment of statutory charges such as land charges and land registry fees etc as a result of the Brabners First Tier Tribunal decision. For clarity, there is no...

COFAs - disbursement or recharge? VAT is the question

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Readers will no doubt have read about the recent VAT case, Brabners v HMRC. Brabners is a north- west firm of lawyers, which was supported by the Law Society in an unsuccessful appeal against an HMRC VAT assessment. The case primarily rested on whether...

FREE Online Excel Course for Members - DEMYSTIFY MICROSOFT EXCEL IN FOUR HOURS.

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£39.00   £0.00 to ILFM Members This online course contains four hours of basic Excel training split across-22 modules. If you’re new to Excel or have limited knowledge of Excel, this course is for you. In this course you...

VAT and online property searches - Updated 12th Oct

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  Following a recent Tribunal decision, the leading North-West law firm Brabners faces a £68,000 VAT bill for electronic local authority property searches it obtained by using a search agency, after the tribunal ruled that they should not have...

Financial reporting and management accounting for COFAs

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Monitoring financial stability is an important aspect of the COFA’s role and one essential tool is having timely financial management information. This information not only helps with monitoring financial stability and performance, but also has many...

Seven reasons why you can't miss the ILFM Annual Conference 2017

Tim Kidd
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With just ten weeks to go until the Annual ILFM conference,  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 exciting year for the ILFM...

YOU have voted Insight Legal as your winner!

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For the second year running, you have voted Insight Legal as your winner! This is the nineth time that ILFM members have been surveyed to choose an award winner and we again asked the users of legal accounts software to vote for their legal accounts...

Looking to the Future: SRA Accounts Rules Review

Sue Williams FILFM
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  The SRA have today published their decisions following consultations on “Looking to the Future: Flexibility and Public Protection” and “Looking to the Future: Accounts Rules Review”.  Following extensive consultation and...

North Wales Branch

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Following the success of the Cymru branch, the ILFM would like to introduce a new branch for members in North Wales. Would you be interested in joining a branch in your area? We are looking for volunteers who can assist in getting this new branch...

2017 Legal Accounts Salary Survey

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It’s that time of year again, and the results are now in! The ILFM and specialist legal accountancy recruitment consultancy Balance Recruitment have teamed up to produce a 2017 Legal Accounts Salary Survey. A huge thank you to all of those who took...

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...