News and Events


An informative and valuable resource helping to keep you up to date with key issues, especially around the COFA Role.

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...

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...

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...

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...

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...

The Accountants Report and the COFA role.

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Jason Mitchell looks at how the latest changes to the accountant’s reporting regime impact on the COFA role.   On 30 October 2015 the SRA published the latest round of changes made to the accountant’s report regime (updated on 17 December...

The COFA & Cybercrime Prevention

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The legal sector continues to be at the forefront of cyber-attacks from fraudsters attempting to access and extract both office and client money from a legal practice. Legal Abacus has recently focused on this issue from a variety of angles. Here Jason...

Fifty Shades of COFA

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COFA – A Practical View (Half Day Course) Workshop by Richard Hill, Practice Director at StepienLake and Chairman of the ILFM 14th April 2015  1.30 to 4.30pm – London Link to book: ...