HMRC has issued further guidance on the new mandatory tax adviser registration regime, which will affect many law firms that interact with HMRC on behalf of clients. This ILFM article explains who is caught by the broad definition of “tax adviser”, what counts as interacting with HMRC, key registration dates, and the potential consequences of non‑compliance, helping firms understand their obligations and prepare in good time
The third in a three-part series based on Crowe's annual law firm financial management benchmarking report In this third and final series on the ILFM's collaboration with Crowe and its annual Law Management Benchmarking report I deal with various...
The UK government is preparing major reforms to modernise the home‑buying and selling process, aiming to replace today’s slow, fragmented and failure‑prone system with a fully digital, data‑driven model. Kevin Horlock, CEO of the Legal Software Suppliers Association (LSSA), outlines what these proposals could mean for conveyancers and legal software providers.
With average transactions taking 150 days and a third collapsing, the government is exploring digital logbooks, upfront information (UFI), and common data standards to reduce duplication, speed up searches, and improve trust between parties. Sellers would be required to gather verified information before listing, including title details, ID checks, lease terms, safety data, searches, and key property facts.
For conveyancing firms, the shift would mean new workflows, reliance on secure data sources, and the need for software capable of integrating with trusted digital frameworks. The LSSA stresses that firms should review their systems now, as technology will underpin the reforms. With over 13,000 consultation responses under review, two principles guide the proposals: open data within a trusted framework, and equal access for all accredited professionals.
The LSSA stands ready to support members as the sector prepares for a digital future.
Law firms can sometimes have a tendency to believe their way of operating is unique... While there are certainly regulatory complexities – such as client accounts, SRA rules and professional indemnity obligations – law firms are not insulated...
In this, the second of my three-part series on the ILFM’s collaboration with Crowe and its annual UK Law Management Financial Benchmarking Report (see the first here ), I take a closer look at some of the everyday financial activities of a law...
As the financial year draws to a close, leadership teams across the legal sector are poring over the same reports: WIP, lock-up, debtor days, write-offs, aged debt. The conversations are familiar. Why is lock-up still so high? Why are we writing off so...
Indirect and direct services relating to Land (VAT Act 1994 Schedule 4A Paragraph 1) Services Directly Relating to Land (Direct) If you're supplying services directly relating to land and property such as conveyancing or dealing with applications for...
In the first of a three-part series based on the ILFM’s collaboration with Crowe and its annual UK law firm financial benchmarking report, our Council member Robert Banner considers the importance of these reports and what this one tells us...
The SRA has recently completed a thematic review of the role of compliance officers within law firms. Tim Kidd considers the findings, which highlight some of the key challenges faced by those working in compliance. The SRA review, which saw them visit 25...
A warm welcome to Samantha Griffin joins us this month as our new professional development manager, strengthening our commitment to supporting, educating and championing professionals working in legal finance across...
Protecting the client money that solicitors hold - Have your say! This consultation follows on from the SRA's November 2024 consultation 'Client money in legal services – safeguarding consumers and providing redress'. It seeks...
The Ministry of Justice has launched a major consultation proposing an Interest on Lawyers’ Client Accounts Scheme (ILCA) — a reform that could reshape how law firms handle client account interest across England and Wales. For ILFM members,...
HMRC has stated that from May 2026, any conveyancer submitting Stamp Duty Land Tax (SDLT) returns on behalf of clients will be required to register as a tax adviser. Under the new rules, SDLT filings are formally recognised as a form of tax advice. Why...
It was a pleasure to welcome everyone to the ILFM Autumn Virtual Conference on Thursday 20 November 2025. The theme, The Future of Client Money, could not have been more timely. As the legal sector continues to evolve and, no doubt, with changes for the SRA...
Update on the Solicitors Regulation Authority’s consultation on client money safeguards, reporting accountants, and law firm compliance.
Compliance – what does that word mean to different people within a law firm? For some, it signals client care, protection, professionalism and trust. For others, it might still mean paperwork, red tape or another added layer of bureaucracy. From...
So what is it with residual balances and why do I keep returning to this thorny subject? I often ask myself the same question. Surely it can’t be as bad as all that. And if it is that bad, why hasn’t the regulator done something to fix the...
Congratulations to Osprey Approach, voted as our Software Users Award Winners of 2025. This highly respected and sought-after award is presented to the winners to show that they have earned the title “ILFM Law Firm Software Users Award...
Tim Kidd, Chief Executive of the ILFM, has confirmed that Amy Bell has been awarded an Honorary Fellowship of the Institute of Legal Finance & Management, recognising her exceptional contribution to the legal finance & practice management profession....
Despite mounting cost pressures, our Law Firm Benchmarking analysis reveals strong profit pool performance with city firms seeing notable growth, while regional firms face a decline. City firms saw partner profit pools grow by 12.12%, driven by tight...
The Solicitors Regulation Authority (SRA) used its recent COLP/COFA Conference in October to clarify its position following the Consumer Protection Review earlier this year. While the SRA had...
In the ever-evolving landscape of legal finance and compliance, clarity is everything. The Compliance Officers Conference 2025 brought together professionals from across the sector to tackle one of the most pressing areas of practice: Accounts Rules. This...
The Institute of Legal Finance & Management (ILFM) is inviting expressions of interest from enthusiastic and committed individuals to join our Council. This is a unique opportunity to help shape the ILFM’s strategic...
Residual balance issues just don’t seem to go away. Despite years of guidance and multiple regulatory warnings, many firms still trip up on these sums of money, forgotten or left unresolved long after a matter concludes. Why do they matter? Lingering...
Managing risk and safeguarding financial stability are key challenges for modern law firms. At the heart of this responsibility lies the role of the COFA, which has grown from regulatory necessity into a driver of operational...
Why is having plans for a departing COFA so important, and what should those plans cover? Our recent article (first published in Legal Futures) explains... The departure of a Compliance Officer for Finance and Administration (COFA) can create immediate...
We’re delighted to announce that Professor Richard Susskind CBE , the UK’s foremost authority on legal technology and the future of professional services, will headline the ILFM Autumn Virtual Conference 2025 as our Keynote Speaker . ...
Thank you to everyone who joined us for the launch of iCOFA , the ILFM’s new dedicated membership for COFAs and compliance professionals. The breakfast event brought together COFAs from a range of different sized firms for an engaging morning of...
The Crisis in Legal Aid and how technology can help. Legal aid in England and Wales is at a tipping point. A decade of funding cuts, growing demand, and outdated systems has left the sector struggling to deliver justice to those who need it most. With...
For over 20 years, the Institute has proudly invited its members to share candid feedback on the legal software they use every day. Through a structured survey, members evaluate how their chosen systems support compliance, productivity and the demands of...
The Institute of Legal Finance & Management (ILFM) has today announced the launch of iCOFA – The COFA Institute, a dedicated new resource designed to support Compliance Officers for Finance and Administration (COFAs), Deputy COFAs and members of a compliance team directly supporting a COFA across the UK legal sector.
Our special Guest Speaker is highly respected auctioneer Jonathan Pratt FGA FRICS who will share his expertise on valuations for probate and insurance, as well as working with solicitors to give an enhanced service. With a career spanning 30...
ILFM Chief Executive Tim Kidd was pleased to contribute an article to The Law Society's Managing for Success and Legal Compliance magazines, looking at the recent SRA consultation on handling client money. You can read the articles by clicking...
Just launched ! - a survey leading to a benchmark report from one of our Sponsors - Legl A short, anonymous survey for risk, compliance and ops leaders at UK law firms, digging into how firms are actually managing AML, onboarding, tooling,...
Crowe, a leading national audit, tax, advisory and consulting firm, is urging law firms across the UK to take part in its 13th annual Law Firm Benchmarking Survey. Crowe, in collaboration with The Insitute of Legal Finance and...
It was a significant moment for the legal landscape last month when the Solicitors Regulation Authority (SRA) authorised Garfield.law, the UK’s first AI-driven law firm. This “landmark moment”, as SRA chief executive Paul Philip...
In this guest blog, GDPR expert Judith Andrews from Business Tamer outlines the lessons law firms can learn from recent cyber attacks on some well-known brands. The recent high-profile cyber-attacks on M&S, Co-op and Harrods have highlighted the...
This year’s survey comes off the back of another slow year for hiring activity across the UK, with economic uncertainty creating a lack of growth and confidence in the jobs market. Recruitment industry reporting, covering all industries, has evidenced...
2025 Legal Accounts Salary Survey Results
The Legal Services Board (LSB)’s decision this week to issue binding directions to the Solicitors Regulation Authority (SRA) marks a pivotal moment for legal regulation in England and Wales. Following the catastrophic failure at Axiom Ince, which...
A solicitor who allowed his firm’s client account to facilitate a suspicious £1.1m property transaction 20 months after it had closed has been struck off. The Solicitors Disciplinary Tribunal (SDT) found that Liaqat Ali had also lied to the...
The SRA has imposed the biggest fine ever issued against any firm or individual working in the profession.
The world of legal compliance is a pressured one, with few positions carrying the weight of personal responsibility quite like that of the compliance officer for finance and administration (COFA). As a professional body dedicated to supporting COFAs across...
Law Firm Ambition is holding its third annual conference on 17 June 2025 aimed at growing law firms. This one day event in London will focus on "Competing effectively in the legal sector" and will feature a host of speakers including: Ben...
A solicitor who defrauded her employer of £160,000 has been jailed for three years. Fiona Parsons, 54 and from Cornwall, pleaded guilty to fraud by abuse of position at Worcester Crown Court last Thursday.
A solicitor who successfully released money frozen in a client’s bank account then broke the accounts rules by having it transferred into her firm’s client account, from which various payments were made.
Investigators found six-figure sums languishing in the client account.
The Solicitors Regulation Authority (SRA) recently closed its consultation on potential changes to the handling of client money, sparking widespread debate across the legal profession. The consultation, launched in November 2024, explores fundamental...
That is a key message of this year’s Law Society Financial Benchmarking Survey, one of the sector’s most respected annual bellwethers.
Median net profit per equity partner climbed 20.7% in 2023-24 to £249,000, the second-biggest annual rise for at least 15 years after the pandemic outlier of 2021. More than £50,000 of that surplus was contributed by client interest.
New research from Lexis Nexis released this week has revealed a concerning disconnect between lawyers' expectations and firms' actual adaptation of new technology, creating potential regulatory and competitive vulnerabilities for practice...
