Services
People
News and Events
Other
Blogs

What is happening in the legal finance world?

  • Posted

Christmas is rapidly approaching us, but before the sleigh bells start jingling and the mulled wine gets served, we’ve got to get through October and November and there is a LOT going on!

Upcoming Legal and Finance events in October and November

Virtual Branch Meeting – Members Only

Join us at the Virtual Branch meeting on Friday, October 29th, 2021, from 4-5pm. This event is well-attended by members and is absolutely free to join! An ILFM member is not just about training, education or compliance – it’s about being part of a growing community. Togetherness and community has never been more relevant.

These sessions are extremely important for discussing concerns, sharing expertise, and receiving professional guidance! You can unwind at home with a drink of your choice and spend the late afternoon, relaxing in this informal group discussion.

The virtual branch meetings are NOT recorded

Here’s the link to register – come and join in!

Times are still tough for a lot of people since Covid and there have been many changes with legal practices’ behaviour and working ways, some changes are for the better but the help for legal finance professionals seems to have a gap. We understand that being a legal finance professional means that you have a lot of pressure on your plate, and we want to provide that safe space and offer you support where necessary.

Being a legal finance professional, you have a lot of pressure, it’s such a unique situation with specific expectations but what happens when you are put under too much stress and your mental health starts to get hit? You’re not alone, and we can help you with whatever you need. Join our Virtual Branch Meeting and open up about your struggles or listen to others who may be feeling similar ways to yourself.

Come to the Virtual Branch Meetings where you can receive this help and completely un-wind from feeling stressed and alone. We hear you and we want to help you.

If you can’t make the 29th October then we also have more Virtual Branch Meetings coming up, please keep an eye out on our page here for what’s going on.

 

VAT Training

Darren Whelan, for those who don’t know him, is the ILFM’s Director of Education & Development, and has over 23 years of legal finance experience under his belt.  

In November, Darren is running two training events on VAT, which are listed below:

 

VAT for legal accounting

This super informative event is being held on the 4th November 2021 and it is perfect for those in legal management or practice. Darren Whelan is going to head up the training and he will give you advice and top-quality guidance on VAT for legal accounting including treatment of disbursements and recharges. Come along to this event if you’re wanting to build up your confidence, learn some new skills, or refresh your memory on the key aspects of VAT.

Here’s what Darren will be covering:

  • Types of supply
  • Time of Supply and Tax Points
  • VAT rate change
  • Accounting for VAT
  • Reverse Charge
  • Bad Debt Relief
  • When to Account for VAT
  • How to Correct Errors
  • Disbursement -v- Recharge
  • Place of Supply
  • Brexit Changes re Goods and Services
  • VAT Invoices/Bills etc

They are broadcast live on the advertised date and time and can be continuously replayed for 30 days after broadcast (after which it will auto delete). You will receive an automated email with the replay link once the session has concluded.

What will you gain by attending our VAT for Legal Accounting training?

  • Confidence that you are prepared for a VAT inspection
  • Assertion that your accounting procedures are in order and are correct from a compliance perspective
  • Information to ensure you are fully compliant and up to date in accordance with the VAT Act 1994
  • Click HERE to Register

 

Disbursement Vs Recharge

This online training focuses on the correct treatment of disbursements for VAT purposes and recharged overheads. The training therefore has an emphasis on the practical application of both HMRC’s and the SRA’s definition of disbursement to help law firms to remain compliant. The training will look at recent case law and enable law firms to easily identify what is and what isn’t a disbursement for VAT purposes.

Thursday, 25th November a hard-hitting hour-long training kicking off at 15:00 – 16:00. As with the other sessions, this will be via Zoom.

Register your place HERE

 

Cash IS king

Cashflow, it should be simple right? Not as much as any of us thing, especially in the current climate where small businesses everywhere are struggling. Whether it is adjusting to disruption, planning for change or diversification, having a firm grasp of the figures and cash throughout is sound practice for good financial management. In this session brought to you by Darren Whelan,  we will look at:

  • Budgets and cash-flow
  • How to monitor and use them
  • Stress testing
  • Collection and conservation of cash

This event is great to give you a firm grasp of the figures and cash throughout is sound practice for good financial management and will take place over Zoom on the 11th November at 11:00-12:00. Come and learn all about budgets and cash-flow, how to monitor and use them, stress testing and the collection and conservation of cash.

This is live and interactive and will be kept fun but informative too! You will have the opportunity to pose questions to all of our experts and learn amazing information!

Click HERE to register

 

ILFM Winter Conference

We are delighted to announce the ILFM Conference that will be held over Zoom on the 18th November, and we are so excited to see you join! The conference is packed full of helpful information and many amazing topics that you’re going to love! We’ll go into detail about how the pandemic has impacted on law firms and especially how we are here to help you, there will be lots of communication from experts and you will get insights into all different aspects of the legal world.

Attend this event and get yourself fully updated on any changes and developments in SRA policy and guidance. We’ll of course go over any common problems and breaches and have only the best people informing us about it.

Mental Health is more important than ever which is why it is a must to talk about in our conference. We’ll go over how to support your team members and how to build mental resilience, maintain wellbeing and tools on how to build team relationships. This is a safe space to learn how to adapt to life after Covid and learn new tips on managing your mental health. We’re all in this together and we can’t wait to see you all via Zoom!

Don’t forget to join us afterwards for virtual drinks and networking! It will be a great event so make sure that you book your place now!

Book your place HERE

 

SRA Account Rules – Two Sessions

 

Darren Whelan is running two training sessions in November on the SRA’s Account Rules.

SRA Accounts Rules - Introduction

 

This training event is valuable for all those looking for an introduction to the new rules and anyone working in legal finance, whether as cashier or senior management role. This is being held on Monday 15th November 2021, and it’s a 3-hour session kicking off at 10:00 to 13:00.

It will compare the new rules to the old rules and explain the potential implications for law firms. The training will cover the key aspects of the new rules to consider the fact that the SRA have gone from 52 to 13 rules…in reality, what does this mean?

Register right HERE

 

SRA Accounts Rules – The Changes and the Implications

This training event is an hour-long in-depth session, will be held on the 25th November 11:00-12:00.  

As you may know, in November 2019, the SRA introduced a new briefer edition of the Accounts Rules, reducing 52 rules to just 13.

This session focuses on the changes and the implications of those changes, which allow more flexibility but also require law firms to make their own professional judgement and decisions on protecting client money. The training therefore has an emphasis on the practical application of the new rules, best practice to help law firms to remain compliant and will address issues that have emerged from the new rules/guidance that has been subsequently released.

As with most of Darren Whelan’s training events, this will be a live and interactive event which will allow you to pose questions to him.

 

If you have any queries as to what else we’re up to at the ILFM by supporting our members and that of the wider legal finance and management community, please do get in touch, we really are a friendly bunch!  Please contact the ILFM office on 020 8302 2867, or if you’d like to know more about our training events or have any queries about them, please email helen@ilfm.org.uk.

Tim Kidd

CEO of the ILFM

Comments