Net zero and sustainability targets have been in the news again recently. The ILFM asked some law firms, accountants and software suppliers to share their approaches to reaching these targets. Shoosmiths’...
Law Firms who are thinking of accepting payments for credit cards into their client accounts should be aware of the risks and use the ILFM's pointers to navigate potential pitfalls. When it comes to deciding if the law firm accounts department will...
From 6th April 2024, the newly approved Employment Rights Bill (Flexible Working ) will go through. What does this mean for us as employees AND employers? Employment Rights Bill (Flexible Working) ...
RESEARCH: Blog on accuracies when relying on GenAI for technical information. The ILFM is the go-to professional body for business support roles in legal finance, compliance and practice management and so we urge members and those...
Helplines for self-assessment tax advice were going to be drastically cut but then yesterday afternoon the HMRC did a 180 degree turn around on that decision! What’s going on with the HMRC? HMRC was going to close...
Regulated law firms in England & Wales hold dual ledgers and residual client account balances need prompt attention. The accounts law firms hold are: business accounts client accounts ...
SRA Transparency Rules and Law Firm Clients When legal regulators use the word “consumers”, the general meaning is actually “clients of law firms”. We are all consumers of law in one way or another, buying a...
ILFM feedback to the SRA's news on consumer protection and client account risk management Updated 20 February 2024 The Solicitors Regulation Authority (SRA) has launched a review of consumer protection in response to...
Updated 6 February 2024 Artificial intelligence (AI) is literally everywhere in the news and conversations. There is so much noise surrounding this topic and no more so than in law firms, from tech to marketing to support to transparency to legislation...
COFA News: First law firm fined by SRA for failing to notify regulator of a material changes Recognised* law firms in England & Wales must, at all times, have in place a have a compliance officer for finance and...
ILFM News - Jatinderpal Loyal, Honorary Fellow ANNOUNCEMENT: Tim Kidd, Chief Executive of the ILFM, has today confirmed Jatinderpal Loyal has been made an Honorary Fellow of the Institute of Legal Finance &...
The Legal Ombudsman is changing its postal address with effect from Monday 22 January 2024. The Legal Ombudsman’s new postal address will be: Legal Ombudsman PO Box 6167 Slough ...
Questions coming from practice managers and reporting accountants at the our November Conference in regard to professional indemnity insurance (pii). Joel Harding, from Howden Broking, was one of our guest speakers at the ILFM’s November Virtual...
Let’s begin with the fact that the Solicitors Regulation Authority (SRA) has upped its powers for their anti-money laundering supervision and investigation measures. The SRA now has dedicated resources to ensure law firms comply with anti-money...
The ILFM work with the Solicitors Regulation Authority (SRA) to receive updates and priorities that we can impart to our members. Going forward, the SRA’s focus is to: Deliver high professional standards. ...
Conveyancing solicitors and CILEx lawyers play a critical role in preventing money laundering. They are the gatekeepers of property transactions and must remain vigilant whilst upholding professional standards. What are the best practices, firmwide, to...
Could you be breaching the Accounts Rules with your suspense ledgers (often known as "suspense account")? For those that aren’t aware, the main regulator, Solicitors Regulation Authority (SRA),...
Law firms in the UK, together with hard working sole practitioners are crying out for legal cashiers. Have you ever thought about running your own business and becoming self-employed? Often, we fall into working in law firm's accounts department, but...
Good luck to everyone who sat their GCSEs and are reading their results today. It’s a big day for students as well as parents, teachers and carers who support these young people with their future studies and career choices. The General Certificate...
Whether your law firm offers B2B services, or your practice itself requires this information to function seamlessly, this update is for you to read and share. In 2023, Companies House introduced new legislation to improve the transparency of UK companies...
The Institute of Legal Finance & Management (ILFM), by default, boosts socio-economic diversity through our qualifications and training into UK Law Firms. The majority of our students who come through the ILFM to study legal finance have not had...
Press Release ILFM & ILSPA Partnership - Raising Standards in the Legal Industry The Institute of Legal Finance & Management (ILFM) today (1 August 2023) announces a partnership with the Institute of...
The Institute of Legal Finance & Management (ILFM) membership is the first port of call for UK law firm COFAs (Compliance Officer for Finance & Administration). In England & Wales, law...
Online Safety Bill – are you ready and what does it mean for your law firm? At the time of writing, the online safety bill is at the Report Stage of the bill at the House of Lords, i.e. it’s very nearly coming to...
If your law firm is authorised by the Solicitors Regulation Authority (SRA) then there is a requirement that a COFA and a COLP is appointed. A COFA is a compliance officer for finance and administration, and a COLP is a compliance officer for legal...
Legal Cashiers - bookkeeping for law firms In a solicitor's practice the accounting and finance functions are paramount in keeping the law firm compliant and regulated, whilst keeping cashflow and double entry bookkeeping managed...
Chancellor Jeremy Hunt delivered a ‘ Budget for Growth ’ after the Office for Budget Responsibility forecast a stronger than expected performance from the UK economy this year with inflation continuing to fall. Let’s look into the...
How great is it that we can openly discuss being healthy in both body and mind nowadays. There was a time when burnout, depression and anxiety at work were seen as inconsequential. Stiff upper lip, just get on with it mentality. Any good manager will know...
Receiving credit card payments in a law firm can ease cashflow as a simple, effective and affordable way of getting clients to pay their invoices quickly. That said, as a Finance Director or Legal Cashier in a Law Firm, you must ask yourself a...
The government will be able to prosecute businesses, including law firms and accountants, if a new “ failure to prevent fraud ” clause is added to the Economic Crime and Corporate Transparency bill, which is currently at the Second Reading Stage...
Updated January 2024 Your out-of-office at Christmas time was on, and you were signing off to enjoy the festive period! You’re now back, the number of emails gathering in your inbox is upsetting, and the January weather has hit you like...
Meet Simon Smith – ILFM Legal Practice Management Course Tutor What a pleasure it was for me to chat with Simon Smith, the Institute of Legal Finance & Management (ILFM)’s new Legal Practice...
Attracting and Retaining in Law Firms - An Interview with Richard Hill Richard Hill has sat on the Executive Council at the Institute of Legal Finance & Management since 2008, and his career in law all the while has taken him from...
Every Sole Practitioner has many plates to spin: practising technical law; adhering to regulations, keeping on top of compliance; their own marketing; navigating the best PII deal; and of course, the accounting. Further to the sorry tale of the...
Further to the SRA’s Compliance Conference this year, it became apparent that misuse of suspense accounts irritated them! Whether you are in legal finance as a Legal Cashier, or a COFA, hopefully this short guide will offer you confidence,...
Finding out cyber criminals have targeted your law firm is awful, especially if you were in the belief that you had put in place due diligence and protection. If you are a COFA, ask yourself what would your legal cashier/s do if they received a...
Without fail World Mental Health Day #WMHD falls on the same day of the same month each year. If you’re not already aware, it’s 10 th October! The ILFM and LawCare – Legal Finance Professionals’ Mental Health Matters ...
Here we go again! Stamp duty changes in the government’s mini-budget. A number of changes are made to the Stamp Duty Land Tax (SDLT) regime but in the main, the changes increase the amount that a purchaser can pay for a residential property before...
When conveyancing is heavily in demand and research shows us that an average UK legal practice is seeing a 60% rise in transactions, we ask, is your legal cashier compliant, trained, and qualified to cope with the pressures surrounding risk assessment and...
Compliance officers in law firms have certainly got their work cut out for them, which is why the ILFM team really supports COFAs especially with our membership and training . Let’s talk about cybercrime, scams and fraud and how you and your...
Managing credit has always been something that causes stress for law firms as it brings plenty of unexpected challenges for solicitors and their accounts department. As we all know in the legal sector, it’s important...