Services
People
News and Events
Other
Blogs

COFA

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

Does a COFA have to be a solicitor?

  • Posted

If you are starting the process into who you should assign as the COFA in your legal firm , you might not know exactly what it means to be a COFA, and who you can consider for the role. As you will, I’ve no doubt already know, your practice is...

What a COFA of a Law Firm has to do

  • Posted

Unsure of your duties after being designated as a COFA? These responsibilities indicate that you are a trustworthy person who can adhere to the SRA's standards. But what does it really mean to be a COFA? What are you expected to do in this new role? ...

Savvy consumers and Legal Firms - Why your legal cashiers need training and support

Tim Kidd
  • Posted
  • Author

We are consumers, all of us, so you’ll understand when we explain why we are a savvy lot when choosing a law firm to work with our business, or indeed, our personal affairs. How many people in your Accounts Department do you know? The Director? The...

COFAs - Client money protection during COVID-19

Richard Hill AILFM
  • Posted
  • Author

The SRA have stated that “We expect solicitors and firms to continue to meet the high standards the public expect”….. and…”We expect firms to have appropriate contingency plans in place for disruption, but we recognise that...

COFAs - it's all in the manual

  • Posted

All law firms should ideally have some form of office manual detailing the policies, controls and processes which have been agreed internally and which cover all operating aspects of the practice. The office manual is the law firm’s internal handbook...

New Accounts Rules focused on keeping client money safe

  • Posted

Ahead of the new SRA Accounts Rules coming into force in November, Juliet Oliver, SRA General Counsel, outlines the key principles of the new regulations and the approaches available to manage and safeguard client money. Click here for:  Full...

The COFA's hitlist 10 things to do for 25 November 2019

  • Posted

The new SRA Accounts Rules come into force on 25 November 2019 and COFAs need to prepare and take the opportunity to review their role. Richard Hill, ILFM Executive Council member and Practice Director at Stepien Lake LLP provides a few tips of what to...

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

  • Posted

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
  • Posted
  • Author

  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

  • Posted

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?

  • Posted

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?

  • Posted

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

  • Posted

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

  • Posted

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.

  • Posted

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

  • Posted

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

  • Posted

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: ...