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The impact on law firms in the UK of the Coronavirus pandemic.

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The ILFM and Saffery Champness are inviting you to participate in a short survey (just 10 multiple choice questions), to understand the impact on law firms in the UK of the Coronavirus pandemic. All at the ILFM are here to support our members...

SRA - Coronavirus - Help with common queries

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  SRA News Help with common queries The SRA have summarised some of the most common queries they have received about the rules and the potential impact of coronavirus. They will keep these questions updated. They are also...

Message from our Chief Executive

Tim Kidd
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Message from our Chief Executive The rapidly changing situation due to the Coronavirus pandemic is affecting all of us and together we’re facing challenging times. At the ILFM, the health and wellbeing of...

Government announce a package of measures

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Last week the Government announced a package of measures never seen before to help protect jobs and business throughout the coronavirus crisis. The key announcement was Coronavirus Job Retention Scheme (CJRS) which will enable ALL businesses, regardless of...

​Read how the ILFM scholarship is helping professionals reach their potential in the legal finance industry

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Pascal Brass, a Controller in a global law firm, has been selected for a scholarship funded by Iceberg, which will allow him to study for an ILFM Diploma qualification. Pascal currently manages working capital and financial operations for three of the...

Tax Changes to Look Ahead to in 2020

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Changes to Inheritance Tax, Landlord Taxes and National Insurance Thresholds Expected in April 2020 As 2019 draws to a close and a new year and new decade awaits us, a number of changes to taxation legislation are due to be implemented in 2020....

The Legal Accounts Salary Survey

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It's that time again - The Legal Accounts Salary Survey carried out in partnership with Balance Recruitment. Please take part - the more data we can gather from across the country, the more accurate the results are. We need you! Our 2020 Legal...

Regulation and risk - the good, the bad and the ugly

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Saffery Champness and the ILFM recently collaborated for our inaugural law firm survey. We gathered thoughts and opinions from a wide range individuals working within law firms, including partners and non-partners. We were especially pleased to be able...

COFAs - it's all in the manual

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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

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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

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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...

New SRA Accounts Rules SPECIAL EDITION Legal Abacus

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  Welcome to our special edition issue of Legal Abacus. The big change of the year will soon be upon us - the New SRA Accounts Rules. The Rules have been whittled down to just 13, with the focus on safety of client money. The SRA have provided...

ILFM - Solicitors' Software Awards 2019 WINNERS

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We are thrilled to announce the winners of the ILFM’s Solicitors’ Software Awards 2019, voted by our members. Each year the ILFM asks its members to respond to a survey regarding best software which they use every day.  The ILFM continues...

LEGAL FINANCE - ONE SIMPLE TRICK FOR PEACE OF MIND

Tim Kidd
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Working in legal finance brings its pressures and headaches. SRA Accounts Rules, compliance, regulations, fee earner demands and client placation.   ILFM Membership is a must for legal finance and management professionals in the UK.  We...

ILFM and CILEx Regulation - vital business skills for specialist lawyers

Tim Kidd
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            The ILFM and CILEx Regulation are working in partnership to provide high quality accounting and practice management knowledge and skills for lawyers.  In this post we talk about risk, compliance,...

2019 Legal Accounts Salary Survey

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As always, we start with a big thank you to all of you who took the time out to contribute to our latest Salary Survey. We’ve had a huge response from the combined network of the ILFM and Balance Recruitment, and have subsequently been very busy...

Happy Easter to each and every Legal Finance Professional

Tim Kidd
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Where has this first quarter gone? The ILFM team have been busy bunnies since January, mainly ensuring our experienced trainers are ready and raring to go with the new SRA Accounts Rules’ training events.  Probably not surprising that our...

Video Update from LegalEx 2019 'The SRA's Account Rules'

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Nice little update direct from the SRA on the New Accounts Rules 2109 - LegalEx 2019 https://www.youtube.com/watch?v=brXDgeK8ghE&feature=youtu.be Nice mention for the ILFM at 24mins This session offers an update on planned changes...

SRA - New Accounts Rules and how the ILFM help, train and support all legal finance & management professionals

Tim Kidd
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The SRA has confirmed that they will launch their new regulatory model on 25 November 2019, and the ILFM would like to ensure that all legal finance professionals are given practical training, updates and support before the rules come into play.  ...

The need for transparency in pricing - and in general - in the legal sector

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By Amanda Hamilton, NALP ‘Transparency’ is the latest buzz-word in the legal services sector – and rightly so! This author has long since expounded the necessity for it and, at last, the Solicitors Regulation Authority will be...

It's the UK's very first National Paralegal Day - TODAY !!

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   14th March 2019 The National Association of Licenced Paralegals is pleased to announce the launch of National Paralegal Day. Today is to celebrate the work that Paralegals do and the contribution they make to the legal profession. Whether...

Is Your Legal Software Ready to Remain Compliant in 2019?

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The legal software market is amidst a period of change and consolidation. Previously, most Law Technology suppliers tended to be owner-managed businesses. However, today’s landscape is very different, with a good number being bought up by larger...

Legal HR and Practice Managers - How Do You Support Your Legal Finance Teams or Candidates?

Tim Kidd
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From legal cashiers, bookkeepers, head of accounts to COFAs – there has never been so much education and support through the ILFM .  Knowledge is power. The ILFM team up each year with Balance Recruit , a specialist Legal Finance Recruitment...

Why Every Legal Cashier Needs ILFM Membership

Tim Kidd
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From cashiers to COFAs – the role of a person within legal finance has changed so much over the past 20 years.  Here’s why the profession requires support, training, education and friendly guidance more than ever before. The ILFM started...

Practice Excellence Awards 2019 - in association with the ILFM

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This year we’re doing something different for everyone running SME law firms – recognising excellence in driving efficiency, creating innovation and focusing on people. That’s why we’re proud to launch the LPM Practice...

Legal Finance - Insider Insight

Tim Kidd
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The ILFM’s history is one of support, advice and training. Over the years we have grown in tandem with new compliances and regulations to become the leading non-profit organisation for legal finance professionals. The ILFM was founded in 1978,...

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

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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...

Getting ready for the year ahead

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Darren Whelan highlights the key changes ILFM members need to be on top of as the New Year gets under way... Happy New Year!  It sounds and feels a little strange wishing you all a happy new year considering I’m sat at Birmingham New Street...

Our 2019 Legal Accounts Salary Survey is now live...

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...and we again need to ask for your help in compiling the invaluable data, which allows us to produce the most comprehensive survey of its kind for this niche community.              The legal accounts community...

With major reforms to Law Firms coming in April why are so many law firms in the dark or in denial?

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In their recent Bellwether discussion paper, ‘ A dangerous allegiance to the status quo? ’, LexisNexis published the results of a major market research project looking at how Small and Independent Law firms are responding to the Solicitors...

Quill's employees credited with ILFM membership

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                           November 2018 Quill has strengthened its ties with The Institute of Legal Finance & Management (ILFM) by establishing a close partnership that will...

Can your Legal Accounts Software Make Tax Digital?

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Next Spring, something massive is coming that is going to lead to huge changes for millions of businesses in the UK. No, not Brexit, we’re talking about Making Tax Digital. Paul Wynn at DPS Software explains what this means for your existing accounting...

Chairs Message Nov/Dec 2018

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As I write this, temperatures have already plummeted to near zero. Looking out of the window, Summer and Autumn appear to be greeting one another as old friends as we begin the transition from one season to another. Summer, and 2018 overall, almost seem like...

APPROVED: LSB approves new SRA Accounts Rules

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The Legal Services Board has published a press release stating they have approved the ‘Looking to the Future’ rule change application as submitted by the Solicitors Regulation Authority.  Read the full release...

Chairs Message Sept/Oct 2018

Sue Williams FILFM
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Well, here we are approaching the Autumn and we have our annual Conference and AGM coming up in November. We have a great line up of speakers for the Conference, including Chris Handford, Director of Policy for the SRA, so we will be hearing all about the up...

Don't miss the Institute's 2018 Annual Conference

Tim Kidd
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With just a few weeks to go until the start of our conference celebrating the Institute’s 40 th anniversary, you still have an opportunity to book your place at our early-bird discounted rate. For me, these are the highlights I’m most...

The ILFM listed legal software suppliers guide 2018-2019.

Tim Kidd
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Deciding which new or replacement software is appropriate for our firms has never been easy, we have to take so many factors into account. Cost is always a critical consideration, but we also have to include compliance, effectiveness and response times. Not...

Chairs Message July/August 2018

Sue Williams FILFM
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The SRA published a report in May evaluating their reforms to the Accountants’ report requirements. They found that in the period June to November 2017 they received 923 qualified reports, which is only a third of the number received in the same period...

A second pair of eyes: how can accounts staff help the fight against money laundering

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Money Laundering is a massive global issue. Recent estimates are that over $1trillion of illicit funds are laundered annually, with £90bn of that in the UK. The problem is seemingly getting worse, and the professionals are coming under increased...

The aftermath of cybercrime - cofa actions

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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...

Chairs Message May/June 2018

Sue Williams FILFM
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Hello!  I’m sure you will all be surprised to see another Chair’s Message from me, as I completed my two years as chair at the AGM at the end of November and handed over to my Vice Chair, Jacky Ellis. I am very sorry to tell you that Jacky...

2018 Legal Accounts Salary Survey

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Last year saw a fantastic response to our annual salary survey, carried out in association with Balance Recruitment. We would love to see even more data, particularly from members in Wales and Northern England. Make sure you take part and enter the prize...

The VAT treatment of statutory charges such as land charges and land registry fees etc

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The ILFM recognise that there has been an increase in Member queries with regards to the VAT treatment of statutory charges such as land charges and land registry fees etc as a result of the Brabners First Tier Tribunal decision. For clarity, there is no...

COFAs - disbursement or recharge? VAT is the question

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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...

FREE Online Excel Course for Members - DEMYSTIFY MICROSOFT EXCEL IN FOUR HOURS.

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£39.00   £0.00 to ILFM Members This online course contains four hours of basic Excel training split across-22 modules. If you’re new to Excel or have limited knowledge of Excel, this course is for you. In this course you...

VAT and online property searches - Updated 12th Oct

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  Following a recent Tribunal decision, the leading North-West law firm Brabners faces a £68,000 VAT bill for electronic local authority property searches it obtained by using a search agency, after the tribunal ruled that they should not have...

Required: ILFM Tax Tutor and Examiner

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The ILFM needs you! The Institute is looking to appoint an examiner and tutor for its new associate-level tax course.  Do you have what it takes?  Would you like to take a key role in shaping the legal and finance professionals of the future? ...

Seven reasons why you can't miss the ILFM Annual Conference 2017

Tim Kidd
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With just ten weeks to go until the Annual ILFM conference,  the team asked me what I’m most looking forward to. When I stopped to give this some thought, I realised there was quite a lot – it’s an exciting year for the ILFM...

YOU have voted Insight Legal as your winner!

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For the second year running, you have voted Insight Legal as your winner! This is the nineth time that ILFM members have been surveyed to choose an award winner and we again asked the users of legal accounts software to vote for their legal accounts...

Looking to the Future: SRA Accounts Rules Review

Sue Williams FILFM
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  The SRA have today published their decisions following consultations on “Looking to the Future: Flexibility and Public Protection” and “Looking to the Future: Accounts Rules Review”.  Following extensive consultation and...

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