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Welcome to the ILFM Blog where you will find industry news, tops tips, guest editorials and more!

Social Mobility in the Legal and Finance Profession

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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...

ILFM and ILSPA Partnership

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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 - Stick or Twist

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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...

How does your law firm stay compliant in a heavily regulated profession

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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 and what it means to law firms

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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 Law Firm Benchmarking Survey 2023

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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...

Training for the Role of a COFA in a law firm

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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 Rate Increase and Law Firm Cashflow

Karen Edwards FCILEx ILFM(Dip)
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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...

Double Entry Bookkeeping Guide for Law Firms

Karen Edwards FCILEx ILFM(Dip)
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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...

Life of a Legal Finance Compliance Officer

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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… ...

How can a marketing agency support a whole law firm?

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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

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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...

Advice for Working and Studying at the same time

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Guest writer and ILFM Member and Award Winner, Jess Davis ILFM(Dip) 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...

Coaching and Mentoring for Law Firm Employee Retention

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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...

ILFM Correspondence Course Study Advice for ADHD

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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...

The route to becoming a Legal Accounts Manager in a Law Firm

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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...

Spring Budget - ILFM Snapshot

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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...

Marital Agreements and Financial Planning from ILFM Member Firm

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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...

Law Firm Benchmarking Survey 2022 - Analysis

Tim Kidd
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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...

Life as the Head of Residential Property at a firm of Solicitors

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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...

Study Advice for ILFM Correspondence Courses

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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...

How to get the best candidate for your law firm

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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...

Skills To Future-Proof Your Career in Law and Finance

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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...

Employee wellbeing in the legal industry

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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...

Karen Edwards joins the ILFM as Head of Professional Development

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  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...

The ILFM and LGBT History Month

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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...

How modern law firms can attract and retain talent

Tim Kidd
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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...

Is your Law Firm starting to offer Credit Cards for Payments?

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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...

Access to Justice from a Law Grad's POV

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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...

Case Study of a Legal Finance Director

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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! ...

Are Law Firms and Accountants at Risk of Prosecution

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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 to become a Law Firm Finance Manager

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How I Became a Finance Manager in a Law Firm in England Charlotte May FILFM 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...

Legal Aid Law Firms and Cyber Security Update

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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 ...

Dealing with Winter Blues in Law Firm Offices

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Updated January 2024  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...

Top Tips for PII Renewals from Howden Group

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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....

ILFM Studies and Law Firm Finance Director Roles

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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...

Simon Smith - ILFM Legal Practice Manager Course Tutor

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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...

The Law Firm Owners' 3 Secrets to Major Profits

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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...

Law Firm Business Models and Retaining Talent

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Attracting and Retaining in Law Firms - An Interview with Richard Hill Richard Hill has sat on the Executive Council at the Institute of Legal Finance & Management since 2008, and his career in law all the while has taken him from accounting and...

A Day in the Life of a Freelance Legal Cashier

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Guest Writer, Lillian Oliveri, founder of Kale Accountancy and ILFM Member. Lillian is AAT qualified with over 25 years of experience in Accountancy and, more specifically, Legal Accounting. Sole Practitioner and Freelance Legal Account Life Based...

Conveyancing Fraud - Practical Steps for Prevention

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Conveyancing Fraud – Practical Steps for Prevention On 12 November 2022, the House of Lords Fraud Act 2006 and Digital Fraud Committee published its report “Fighting Fraud: Breaking the Chain”.  This included a number of key...

Solicitors and Legal Accounting - NEVER ASSUME

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Every Sole Practitioner has many plates to spin: practising technical law; adhering to regulations, keeping on top of compliance; their own marketing; navigating the best PII deal; and of course, the accounting. Further to the sorry tale of the...

Misuse of Suspense Accounts in Law Firms

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  Further to the SRA’s Compliance Conference this year, it became apparent that misuse of suspense accounts irritated them! Whether you are in legal finance as a Legal Cashier, or a COFA, hopefully this short guide will offer you confidence,...

Law Firms and International Payment Information

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Guest Post by Lesley Mcdowell, co-founder of Fortuna FX. Lesley specialises in all products and services within the International Payments sector. With her client-led approach she ensures all clients achieve the most competitive rates across the market from...

New ILFM Member Benefit - Dell UK Products & Support

Tim Kidd
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ILFM partners with DELL UK – NEW MEMBERSHIP BENEFIT Dell UK has partnered with the Institute of Legal Finance & Management to enhance the ILFM’s membership benefits. We always look to add value to our hard-working ILFM...

A Day in the Life of an Operations Director

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  Guest blog from ILFM Member, Karen Edwards. A day in the life of an Operations Director in a regional law firm. A Day in the Life of an Operations Director and Compliance Officer Being Operations Director at Hedges Law, I have a varied and...

A Day in the Life of a Senior Legal Cashier

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  My name is Subha Sabeshan, and I am a Legal Cashier Professional at Bolt Burdon Kemp LLP. I started at BBK back in 2005. How time flies! I have been invited by the ILFM to write a guest post and although numbers and solutions are my passion, I hope...

Microsoft Teams - a Quick Guide

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  Microsoft Teams - a Quick Guide Guest blog from Suzanne Driver from  365 Training Consultants   What is Teams? Teams is online or desktop application with the majority of users using “Chat” and...

Legal Finance Support from LawCare Charity

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Without fail World Mental Health Day #WMHD falls on the same day of the same month each year. If you’re not already aware, it’s 10 th October! The ILFM and LawCare – Legal Finance Professionals’ Mental Health Matters Legal...

Stamp Duty and the Impact on Legal Finance Professionals

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Here we go again! Stamp duty changes in the government’s mini-budget. A number of changes are made to the Stamp Duty Land Tax (SDLT) regime but in the main, the changes increase the amount that a purchaser can pay for a residential property before...

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