Welcome to the ILFM Blog where you will find industry news, tops tips, guest editorials and more!
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. Strengthen its risk based and proactive...
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), has a specific rule to adhere to...
The latest Gross Legal Product (GLP) Index Report from LexisNexis is an interesting read, with the data showing that the post-pandemic legal bubble is under pressure and the research predicts the legal market's slowing down for...
CROWE's Press Release as follows: Law firm revenues increase but surging costs drag profits 25 September 2023, LONDON: Audit, tax, advisory and risk firm, Crowe, provides a timely...
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...
Greater Than the Sum of Its Parts: Why Law Firm Marketing Requires All Hands Guest writer and ILFM Member Rewards Partner, Lara Squires from Consortium, gives us her take on why it takes a whole team to market a law firm Marketing is all about...
12 September 2023 The Law Society of Northern Ireland partners with the Institute of Legal Finance & Management (ILFM) The Law Society of Northern Ireland and the Institute of Legal Finance & Management (ILFM) announced today that...
Guest writer, Simon McCrum, gives us his opinion on data that shows law firms can take up to 6 months before they get paid for work they have done. Looking at the recent piece in the Law Society Gazette , law firms can still take 3-6 months to...
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 Legal Secretaries and PAs (ILSPA) ...
Legal Software and how to avoid a software change being too much of a gamble Guest writer and ILFM member, Alex Simons, from the Law Factory LLP giv es us his take on legal cashiering and legal software. I’ve been working in legal...
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 firms are required to appoint a Compliance...
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 fruition. MPs and law...
Crowe’s annual Law Firm Benchmarking survey is live! We are delighted to announce that Crowe have launched their 2023 Law Firm Benchmarking survey , working in conjunction with the Institute of Legal Finance and Management (ILFM) for the...
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...
Interest rates are currently 4.5% and set to increase again- are you getting the most from your client account deposits? Some law firm owners and partners may wonder if this is a legitimate source of income and whether looking around for...
The Institute of Legal Finance & Management (ILFM) is the educational body for qualifying bookkeepers to become confident legal cashiers. Working in a legal practice and looking after their books is detailed and intricate, and couple that with adhering...
Guest writer, ILFM Member and Finance Compliance Officer, Christine Hirons from Pinsent Masons LLP I recently reached the milestone of working for 35 years at Pinsent Masons LLP which, when I think about it, seems a very long time ago… ...
Outsourcing your marketing can support the whole law firm and not just the marketing team Guest writer, Dan Hodges , is the Head of Account Management at Conscious Solutions. What are the benefits of using a marketing agency? ...
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 efficiently and up...
Guest writer and ILFM Member and Award Winner, Jess Davis ILFMDip Walking across the stage for my university graduation, and receiving my Bachelors with Honours degree in psychology in October 2021, I would never have expected that only a few...
Guest writer is Dr Benita Maynard, Chartered FCIPD and Director at North-52 My colleague, Tessa Dodwell , is thrilled to have been asked by the Institute of Legal Finance & Management (ILFM) to speak at their Spring Conference this...
Living with attention deficit hyperactivity disorder (ADHD) whilst working, studying and often parenting can feel completely overwhelming. We have hundreds of students (adult) here at the Institute of Legal Finance and Management (ILFM) and although...
By guest writer, Nichola Macciocchi FILFM, a Fellowship ILFM member and Legal Accounts Manager at a leading law firm in Northumberland . Always a driven child, I was really into my sport and loved art at school and quite competitive! Like many of my...
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...
ILFM member firm, RIAA Barker Gillette (UK) LLP write for us with their specialism in family law on the subject of marital agreements and financial planning. Head of the family law department, Vandana Chitroda , explores the use of marital...
Crowe , in partnership with the Institute of Legal Finance & Management (ILFM), carried out a comprehensive benchmarking survey from 50 UK law firms and the results are now in. The results are based predominantly on UK law firms’ data sent in...
Guest writer Heather Gaffney, Partner and Head of Residential Property at Lewis Denley, an ILFM Member Firm Heather Gaffney, who is a Partner and Head of Residential Property gives us some insight into a day in her life. As legal finance and...
By guest writer, ILFM Member and Financial Management Award Winner, Brogan Halcrow We asked Brogan about her thoughts and best advice when it comes to studying via a correspondence course with the Institute of Legal Finance and Management (ILFM), and...
Guest writer, Richard Hooper from Balance Recruitment, tells us his take on how best to attract and retain the right person for your law firm. I’ll soon be approaching 20 years of recruiting within the legal finance community and I’m looking...
Guest writer, Joanna Gaudoin, is a best selling author and Managing Director of Insight Out Image . She helps professionals with their technical skills whilst improving their non-technical ones to aid career progression and boost their...
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...
The ILFM announces that Karen Edwards joins as the Head of Professional Development The Institute of Legal Finance & Management (ILFM) announced on Wednesday 22 February 2023 the appointment of Karen Edwards as the new Head of...
Guest writer, Mark Adderley, ILFM Council Member and Manager at Crowe has kindly written this article for us in this LGBT history month. LGBT history month is a time of reflection for many people in the LGBTQ+ community. It’s a time to...
Tim Kidd, Chief Executive of the Institute of Legal Finance and Management (ILFM) , shares his thoughts on how modern law firms can attract and retain talent - a conversation with Osprey Approach in their series of webinars. I was delighted to take part...
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...
Guest writer, Davina Patel from Access to Justice Foundation ATJF and supporter of the ILFM Access to Justice Foundation and working with the ILFM – a personal perspective Having met with Elaine Pasini, Head of Communications at the...
In the life of Legal Finance - 25 years and Counting Guest writer, Marc Pegg, ILFM Member and Finance Director at Actons Solicitors. My first position at a law firm would begin in the summer of 1997 at the tender age of 17. Careers Advice! ...
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...
How I Became a Finance Manager in a Law Firm in England Charlotte May is a guest writer for the ILFM, a Finance Manager at Nalders Solicitors and an ILFM Award Winner with her Fellowship studies. My name is Charlotte May and I live and...
Legal aid firms offered free, government-backed cyber security support Guest post from Richard Hughes, Head of Technical Cyber Security at A&O IT Group The Institute of Legal Finance & Management (ILFM) is known for protecting its members ...
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 a ton of bricks. How do you...
Presentation and Representation are key to a successful PII renewal Guest Writer, Joel Harding from Howden Group, Insurance Brokers Professional Indemnity insurance (PII) is critical to the very existence of a law firm and a significant expense....
How the ILFM studies helped me become the first non-solicitor board member of a 200+ year-old law firm Guest post from Peter Adams, Finance Director at GA Solicitors. I am in my mid-fifties. I started my ILFM studies five years ago. I have...
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 Management Tutor. I was able to...
Guest editorial from Dan Warburton, Law Firm Consultant, Speaker & Author The Law Firm Owners' 3 Secrets to Major Take-Home Profits While Freeing up Their Time Having now worked with over 1000 entrepreneurs and business owners in the last...
