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Legal Finance - Insider Insight

View profile for 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, when the Law Society was the regulating authority. Before 2010 the ILFM was known as the Institute of Legal Cashiers and Administrators (ILCA). As an organisation and team, we have developed with technology, compliance and training offering an incredibly supportive structure for a highly regulated sector. We are proud to acknowledge one of our current slogans, “Finance & Management Professionals for Legal Professionals” because proficiency underpins legal finance roles.

SRA Account Rules

Anyone who handles client money within a legal firm is under pressure to uphold the Rules, together with having a total understanding of safety and integrity for the client. Knowing that you, as a legal finance professional, are fully supported by the ILFM when it comes to training and support is invaluable. As you will know, the SRA’s Account Rules are changing.  As CEO at the ILFM, I work hand-in-hand with our in-house trainers to provide the very best courses, and our one day training will provide an outline and review of the new SRA Accounts Rules 2019, as published by the SRA (now approved by the Legal Services Board). One of our members confirmed,

"….An amazing trainer and will make anyone feel comfortable and confident, you will always walk away from her training with additional knowledge and a smile. The trainers knowledge of the Solicitors Accounts industry is exceptional."

Our experienced trainers all work in practice and deal with the Accounts Rules on a daily basis, so can give in-depth knowledge and important guidance on the new rules to take back to your firms. To book onto a course please click here.

ILFM Trainers

Meet Sarah Charlton, one of our trainers at the ILFM. Our trainers mean so much to our members and students; they go above and beyond their role as a trainer, and this week when asked why she would urge anybody working in the legal finance profession to become a member of the ILFM, Sarah commented,

“There is very much a ‘family’ feel to the ILFM and you only have to go on a one day course or branch meeting to see this. It is often a very isolated role and to have such great support from colleagues is priceless”.

Sarah has worked in the Legal Accounting field for nearly 30 years, having been a member of the ILFM throughout her career. In 2007 Sarah wrote the accounting rules for the Association of Costs Draftsmen. Sarah also serves on the Institute’s Executive Council, where she is responsible for various guidance notes including VAT and billing. Sarah has been awarded many awards during in legal finance career for contributions to the profession.

Legal Finance Professionals who are members of the ILFM give us continued feedback and insight into their concerns for the future. We hear their concerns that firms face investing in technology and AI rather than legal finance, or fail to recognise how important their roles in law are. The ILFM work tirelessly for the education, support and authority legal finance professionals deserve. Our partnerships with leading technology and software brands mean we are always ahead of the game and therefore can impart industry information to assuage fears. We work closely with the Law Society and the SRA to ensure our internal team and our members receive compliance support and hands-on education, together with leading industry articles and blogs.

Don't miss out on the opportunity to be part of a growing a community of legal finance professionals to help, share and celebrate success.

Why not take our short salary survey whilst you’re here! Click here for the survey. It is one of the ways compile invaluable data, which allows us to produce the most comprehensive survey of its kind for this niche community.

We’d love to hear from you, so if you’d like to meet Sarah, myself or any of the ILFM Team, please get in contact now.