Welcome to the ILFM Blog where you will find industry news, tops tips, guest editorials and more!
Managing risk and safeguarding financial stability are key challenges for modern law firms. At the heart of this responsibility lies the role of the COFA, which has grown from regulatory necessity into a driver of operational...
Why is having plans for a departing COFA so important, and what should those plans cover? Our recent article (first published in Legal Futures) explains... The departure of a Compliance Officer for Finance and Administration (COFA) can create immediate...
We’re delighted to announce that Professor Richard Susskind CBE , the UK’s foremost authority on legal technology and the future of professional services, will headline the ILFM Autumn Virtual Conference 2025 as our Keynote Speaker . ...
Thank you to everyone who joined us for the launch of iCOFA , the ILFM’s new dedicated membership for COFAs and compliance professionals. The breakfast event brought together COFAs from a range of different sized firms for an engaging morning of...
The Crisis in Legal Aid and how technology can help. Legal aid in England and Wales is at a tipping point. A decade of funding cuts, growing demand, and outdated systems has left the sector struggling to deliver justice to those who need it most. With...
For over 20 years, the Institute has proudly invited its members to share candid feedback on the legal software they use every day. Through a structured survey, members evaluate how their chosen systems support compliance, productivity and the demands of...
The Institute of Legal Finance & Management (ILFM) has today announced the launch of iCOFA – The COFA Institute, a dedicated new resource designed to support Compliance Officers for Finance and Administration (COFAs), Deputy COFAs and members of a compliance team directly supporting a COFA across the UK legal sector.
Our special Guest Speaker is highly respected auctioneer Jonathan Pratt FGA FRICS who will share his expertise on valuations for probate and insurance, as well as working with solicitors to give an enhanced service. With a career spanning 30...
ILFM Chief Executive Tim Kidd was pleased to contribute an article to The Law Society's Managing for Success and Legal Compliance magazines, looking at the recent SRA consultation on handling client money. You can read the articles by clicking...
Just launched ! - a survey leading to a benchmark report from one of our Sponsors - Legl A short, anonymous survey for risk, compliance and ops leaders at UK law firms, digging into how firms are actually managing AML, onboarding, tooling,...
Crowe, a leading national audit, tax, advisory and consulting firm, is urging law firms across the UK to take part in its 13th annual Law Firm Benchmarking Survey. Crowe, in collaboration with The Insitute of Legal Finance and...
It was a significant moment for the legal landscape last month when the Solicitors Regulation Authority (SRA) authorised Garfield.law, the UK’s first AI-driven law firm. This “landmark moment”, as SRA chief executive Paul Philip...
In this guest blog, GDPR expert Judith Andrews from Business Tamer outlines the lessons law firms can learn from recent cyber attacks on some well-known brands. The recent high-profile cyber-attacks on M&S, Co-op and Harrods have highlighted the...
This year’s survey comes off the back of another slow year for hiring activity across the UK, with economic uncertainty creating a lack of growth and confidence in the jobs market. Recruitment industry reporting, covering all industries, has evidenced...
The Legal Services Board (LSB)’s decision this week to issue binding directions to the Solicitors Regulation Authority (SRA) marks a pivotal moment for legal regulation in England and Wales. Following the catastrophic failure at Axiom Ince, which...
The world of legal compliance is a pressured one, with few positions carrying the weight of personal responsibility quite like that of the compliance officer for finance and administration (COFA). As a professional body dedicated to supporting COFAs across...
Law Firm Ambition is holding its third annual conference on 17 June 2025 aimed at growing law firms. This one day event in London will focus on "Competing effectively in the legal sector" and will feature a host of speakers including: Ben...
The Solicitors Regulation Authority (SRA) recently closed its consultation on potential changes to the handling of client money, sparking widespread debate across the legal profession. The consultation, launched in November 2024, explores fundamental...
New research from Lexis Nexis released this week has revealed a concerning disconnect between lawyers' expectations and firms' actual adaptation of new technology, creating potential regulatory and competitive vulnerabilities for practice...
ILFM Empowering Excellence - Gammon, Piercy & Gaiger
The ILFM was delighted to run a popular and successful breakfast seminar last month, attended by COFAs from a range of different-sized law firms. The seminar, held in conjunction with Howden , featured guest speakers James Peacham, Sheona...
Last October, Karen Edwards, the ILFM's Head of Professional Development , took part in a podcast with Amy Bruce at Osprey as part of Osprey's Empowering Law Firm Leaders podcast. Karen and Amy...
The Solicitors Regulation Authority (SRA) has launched a crucial consultation that could reshape how law firms handle client money, presenting a pivotal opportunity for ILFM members to influence the future of their industry. Launched on 14 November 2024,...
In the latest in our mini-series "Empowering Excellence" we spoke to Sam Griffin, Legal Finance Supervisor at Furley Page, about her experience as a member of the ILFM, how it helps her in her role and what she enjoys most about being...
Tim Kidd, Chief Executive of the ILFM reflects on 10 years in the role, considering the regulatory changes that have had the biggest impact, how the ILFM has evolved its offering, and how it can help address ongoing issues around trust in the legal...
All SRA-regulated law firms in England and Wales (unless exempt) must undergo an annual SRA audit of client accounts, prepared by an external accountant who is a member of one of the chartered accountant bodies, and is a registered auditor. This audit is a...
The higher residential rates of Land Transaction Tax (LTT) has risen by one percentage point across all bands from today. These adjustments take effect on 11 December. Taxpayers who have already exchanged contracts will still pay the previous rates,...
Congratulations to OneAdvanced, Gold Award Winners OneAdvanced Legal - Helping UK and Irish firms supercharge productivity with a cost-efficient single solution that offers practice and case management, accounts, legal forms, wills management,...
Tim Kidd, Chief Executive of the ILFM, has announced that Richard Hill and Ian Johnson have been made Honorary Fellows of the Institute of Legal Finance & Management for their outstanding contribution to the legal profession. ...
In our new mini-series "Empowering Excellence" we chat to some of the ILFM's members about the benefits they've enjoyed through their membership, how it helps them both in their role day-to-day and more strategically, and the...
Thank you so much Ravi, for giving us your thoughts on the ILFM and how we have helped you in your role.
Ravi Lola, Finance Manager, Bowling & Co
An interesting read on the Legal PII market compiled by Howden. This report provides an in-depth analysis of the current state of the professional indemnity insurance (PII) market for solicitors. It covers key trends, challenges, and developments affecting...
How does your firm measure up? In collaboration with Crowe’s annual Law Firm Benchmarking survey is live! We are pleased to announce that Crowe have launched their 2024 Law...
2024 Legal Accounts Salary Survey Results
The month of June is a very important one for the LGBTQIA+ community, it is a month dedicated to the celebration of both societal progress and of LGBTQIA+ culture. It also marks the anniversary of the Stonewall riots, which were a series of gay liberation...
Guest writer, Alun Jones, Director at GSA Global imparts his knowledge of the legal requirements required when family offices/private client lawyers are instructing security companies on behalf of UHNWI’s and their families. Questions private...
The SRA has issued an update regarding interest rates and client account, specifically focusing on the importance of paying interest fairly. According to the Law Society’s recent financial benchmarking survey , many law firms have and still are...
Guest writer, Ben Brookes a Partner at Wellers, discusses how basis period reform will impact those in Limited Liability Partnership law firms. The UK tax system is one of the most complicated in the world and it can be confusing to get your head...
How legal tech helps modern law firms to mitigate risk and stay compliant I was delighted to take part in the second series of Osprey Approach’s Build Better Habits webinars . I was joined by fellow panellists Amy Bell , owner of Teal...
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’ approach to a net zero future ...
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) Employees can make a flexible working request twice...
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 in legal roles to...
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 its telephone helpline...
Guest writer Judith Andrews is a data protection and GDPR specialist and founder of Business Tamer. The ILFM invited Judith to share her insights into how the UK’s data protection framework including GDPR could change when the...
Legal Operations – what the hell is that? Guest writer, ILFM member and Head of Legal Operations at The Burnside Partnership, Lynda Bradbury. Like many of my colleagues in Legal Operational roles, my journey has been transitional....
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 Client accounts are heavily regulated under the SRA...
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 property, divorcing,...
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 evolving risks in the legal...
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...
