An informative and valuable resource helping to keep you up to date with key issues, especially around Solicitors Regulation Authority and Solicitors Accounts Rules.
The SRA has issued an update regarding interest rates and client account, specifically focusing on the importance of paying interest fairly. According to the Law Society’s recent financial benchmarking survey , many law firms have and still are...
Law Firms who are thinking of accepting payments for credit cards into their client accounts should be aware of the risks and use the ILFM's pointers to navigate potential pitfalls. When it comes to deciding if the law firm accounts department will...
RESEARCH: Blog on accuracies when relying on GenAI for technical information. The ILFM is the go-to professional body for business support roles in legal finance, compliance and practice management and so we urge members and those in legal roles to...
Regulated law firms in England & Wales hold dual ledgers and residual client account balances need prompt attention. The accounts law firms hold are: business accounts client accounts Client accounts are heavily regulated under the SRA...
SRA Transparency Rules and Law Firm Clients When legal regulators use the word “consumers”, the general meaning is actually “clients of law firms”. We are all consumers of law in one way or another, buying a property, divorcing,...
ILFM feedback to the SRA's news on consumer protection and client account risk management Updated 20 February 2024 The Solicitors Regulation Authority (SRA) has launched a review of consumer protection in response to evolving risks in the legal...
ILFM News - Jatinderpal Loyal, Honorary Fellow ANNOUNCEMENT: Tim Kidd, Chief Executive of the ILFM, has today confirmed Jatinderpal Loyal has been made an Honorary Fellow of the Institute of Legal Finance & Management for his outstanding...
SRA proposed minor changes to the Accounts Rules
Let’s begin with the fact that the Solicitors Regulation Authority (SRA) has upped its powers for their anti-money laundering supervision and investigation measures. The SRA now has dedicated resources to ensure law firms comply with anti-money...
The ILFM work with the Solicitors Regulation Authority (SRA) to receive updates and priorities that we can impart to our members. Going forward, the SRA’s focus is to: Deliver high professional standards. Strengthen its risk based and proactive...
Conveyancing solicitors and CILEx lawyers play a critical role in preventing money laundering. They are the gatekeepers of property transactions and must remain vigilant whilst upholding professional standards. What are the best practices, firmwide, to...
The Institute of Legal Finance & Management (ILFM) membership is the first port of call for UK law firm COFAs (Compliance Officer for Finance & Administration). In England & Wales, law firms are required to appoint a Compliance...
Crowe’s annual Law Firm Benchmarking survey is live! We are delighted to announce that Crowe have launched their 2023 Law Firm Benchmarking survey , working in conjunction with the Institute of Legal Finance and Management (ILFM) for the...
If your law firm is authorised by the Solicitors Regulation Authority (SRA) then there is a requirement that a COFA and a COLP is appointed. A COFA is a compliance officer for finance and administration, and a COLP is a compliance officer for legal...
The Institute of Legal Finance & Management (ILFM) is the educational body for qualifying bookkeepers to become confident legal cashiers. Working in a legal practice and looking after their books is detailed and intricate, and couple that with adhering...
By guest writer, Nichola Macciocchi FILFM, a Fellowship ILFM member and Legal Accounts Manager at a leading law firm in Northumberland . Always a driven child, I was really into my sport and loved art at school and quite competitive! Like many of my...
Finding out cyber criminals have targeted your law firm is awful, especially if you were in the belief that you had put in place due diligence and protection. If you are a COFA, ask yourself what would your legal cashier/s do if they received a...
If you are starting the process into who you should assign as the COFA in your legal firm , you might not know exactly what it means to be a COFA, and who you can consider for the role. As you will, I’ve no doubt already know, your practice is...
The Professional Institute for COFAs Membership of the Institute will give COFAs independent advice, support and resources to help in their day-to-day role. COFAs play a vital role in the move to regulation focused on outcomes and they are key to fulfilling...
The SRA have stated that “We expect solicitors and firms to continue to meet the high standards the public expect”….. and…”We expect firms to have appropriate contingency plans in place for disruption, but we recognise that...
02 Apr 2020 It has only been a couple of days since we made firms aware of new guidance relating to the SRA’s Accounts Rules and, in particular, the considerations for firms where there may be a delay in obtaining an Accountant’s Report, but...
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...
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 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...
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...
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 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...
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...
The SRA has published it's recent decisions and consultation response documents. Follow this link to see > consultation response documents . Downloadable documents at the bottom of this post. ...
On 19 January 2016, the Solicitors Regulation Authority (SRA) published a new webpage for SRA-authorised firms involved in, or considering becoming involved in, the carrying on of consumer credit activities under Part 20 of the Financial Services and...
Criminals raid 50 firms in cyberattacks this year – SRA 15 October 2015 By John Hyde Up to 50 firms have fallen victim to cyberattacks since Christmas as criminals find ever-more sophisticated ways of targeting the legal...
SRA News release Proposals for consumer credit regulation adopted by SRA Board 9 September 2015 Solicitors should be able to carry out certain consumer credit activities under SRA authorisation as long as their...
15 July 2015 Changes to the format of accountants' reports for solicitors' practices - and the criteria for qualifying accounts and submitting them - should further improve their value and reduce the burden on firms, the Solicitors...
TO OUR MEMBERS SRA consultation – have your say! The SRA wants your views on its proposals last month to regulate consumer credit activities carried on by SRA-authorised individuals and firms under Part 20 of the Financial Services and Markets...
The Solicitors Regulation Authority (SRA) has delayed the introduction of the second phase of its reforms of the rules on submitting accountants’ reports from next month to November this year. Read full story here ....
The Institute of Legal Finance and Management’s response to the Solicitors Regulation Authority’s consultation on reporting accountant requirements Proportionate regulation: reporting accountant requirements Do...
