Welcome to the ILFM Blog where you will find industry news, tops tips, guest editorials and more!
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 resources they...
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...
Guest writer, Richard Hooper , Founder and Director of Balance Recruitment, gives us his insights into how the UK’s legal finance recruitment market has changed since 2022 and 2023. Hiring trends within Legal Finance Balance...
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 administration ( COFA ) 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 & Management for his outstanding...
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 SL1 0EH Why is change important for your firm's...
Latest LexisNexis research predicts a slower growth for the 2024 legal market Back in October 2023, LexisNexis released its "Gross Legal Product (GLP) Index report, which predicts the legal sector growth will drop to +2% in 2024 (from...
Guest expert writer, Tina Caldwell from Excalibur Press, imparts her knowledge on AI and content marketing for law firms. ...
SRA proposed minor changes to the Accounts Rules
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...
Updated 14 May 2024 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...
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...
