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, regulation and finance for companies and individuals offering legal services.
Setting up a law firm can be a daunting prospect for a lawyer, with a range of new challenges to face and new skills to develop. The ILFM is therefore delighted to be working in partnership with CILEx Regulation to equip legal professionals with valuable knowledge and skills in accounting, financial management and practice management. The ILFM offer a cost-effective course and modular, so participants can choose to study as many or as few accounting and financial subjects as they need to supplement their skills.
Covering a wide range of subjects including an introduction level covering the purpose of accounting, bookkeeping, client money and VAT this level of the course offers a comprehensive introduction to the discipline. A further level is available which covers the safeguarding of client money, understanding profitability and credit management. Whatever their role is within a firm, lawyers will benefit from understanding the business, its financial health and its responsibilities. With regulators expecting those involved in managing a law firm to have a sound and demonstrable understanding of financial management, the course is ideal for those who want to adopt a strong standard of compliance and financial sustainability.
The course is particularly relevant for those people who are applying to become a manager in a law firm authorised by CILEx Regulation. It covers the key areas of competence that CILEx Regulation will assess in your application, helping you then demonstrate how you’ll apply it practically, so you can be confident you’ve put yourself in the best position to succeed.
The ILFM and CILEx Regulation are delighted to be able to offer professionals vital skills to build successful, sustainable, well-run businesses. Find out more about how the course or apply now.
CILEx Regulation is the independent regulatory arm of the Chartered Institute of Legal Executives (CILEx) – the professional association representing qualified chartered legal executive lawyers, paralegals and other legal practitioners. CILEx offers a flexible route to a career in law, with members ranging from those taking their first steps in the legal profession through to judges. CILEx Regulation offers a forward-thinking, constructive approach to regulation. It is proud to be able to grant practice rights in reserved legal activities and to authorise and regulate specialist law firms run either by CILEx members or solicitors.
ILFM’s membership trains its members for financial compliance and practice management, whilst offering qualifications aiding career moves & promotion. We offer a forum for general support, with frequent networking events, Legal Abacus magazine published bi-monthly, and so much more. Which is why collaborating with CILEx is so important to us. Education helps diversity and gives everyone within the legal and finance fields, the vital building blocks to comply with regulations and promote best practices in this competitive arena. The CILEx route has given countless opportunities for passionate practice managers, consultants and entrepreneurs of law and finance alike, which is why we at the ILFM are incredibly honoured to off their members the chance to enhance their policies and client care qualifications with our accounting and financial courses.
David Pope from CILEx Regulation says:
“We’re delighted that the UK’s leading legal finance and management training body is working with us to help lawyers fill vital skills gaps. Prospective managers of firms need to show us their competence in this area to make sure their business will be well run and sustainable – so we’re pleased to be able to suggest the ILFM course to lawyers considering starting up.”
Sarah Charlton, researched and wrote the Accounting and Practice Management Competencies for CILEx Regulation. We are thrilled that Sarah will be the ILFM’s tutor for this course, and when we asked for her thoughts, she replied:
“It has been an absolute pleasure working with CILEx Regulation on the competency framework. This course is progressive for the legal profession, providing a gateway for future lawyers to manage their own businesses. Developing and creating the course to deliver on the relevant competencies has been so fulfilling. I was then absolutely thrilled to be given the opportunity to tutor the course, and am overjoyed to know that the support I can give will support a new generation of lawyers.”