From 6th April 2024, the newly approved Employment Rights Bill (Flexible Working ) will go through. What does this mean for us as employees AND employers? Employment Rights Bill (Flexible Working) Employees can make a flexible working request twice...
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...
Helplines for self-assessment tax advice were going to be drastically cut but then yesterday afternoon the HMRC did a 180 degree turn around on that decision! What’s going on with the HMRC? HMRC was going to close its telephone helpline...
Guest writer Judith Andrews is a data protection and GDPR specialist and founder of Business Tamer. The ILFM invited Judith to share her insights into how the UK’s data protection framework including GDPR could change when the...
Legal Operations – what the hell is that? Guest writer, ILFM member and Head of Legal Operations at The Burnside Partnership, Lynda Bradbury. Like many of my colleagues in Legal Operational roles, my journey has been transitional....
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...
Updated 6 February 2024 Artificial intelligence (AI) is literally everywhere in the news and conversations. There is so much noise surrounding this topic and no more so than in law firms, from tech to marketing to support to transparency to legislation...
Guest writer, Richard Hooper , Founder and Director of Balance Recruitment, gives us his insights into how the UK’s legal finance recruitment market has changed since 2022 and 2023. Hiring trends within Legal Finance Balance...
COFA News: First law firm fined by SRA for failing to notify regulator of a material changes Recognised* law firms in England & Wales must, at all times, have in place a have a compliance officer for finance and administration ( COFA ) and...
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...
The Legal Ombudsman is changing its postal address with effect from Monday 22 January 2024. The Legal Ombudsman’s new postal address will be: Legal Ombudsman PO Box 6167 Slough SL1 0EH Why is change important for your firm's...
Latest LexisNexis research predicts a slower growth for the 2024 legal market Back in October 2023, LexisNexis released its "Gross Legal Product (GLP) Index report, which predicts the legal sector growth will drop to +2% in 2024 (from...
Guest expert writer, Tina Caldwell from Excalibur Press, imparts her knowledge on AI and content marketing for law firms. ...
SRA proposed minor changes to the Accounts Rules
Questions coming from practice managers and reporting accountants at the our November Conference in regard to professional indemnity insurance (pii). Joel Harding, from Howden Broking, was one of our guest speakers at the ILFM’s November Virtual...
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...
Could you be breaching the Accounts Rules with your suspense ledgers (often known as "suspense account")? For those that aren’t aware, the main regulator, Solicitors Regulation Authority (SRA), has a specific rule to adhere to...
The latest Gross Legal Product (GLP) Index Report from LexisNexis is an interesting read, with the data showing that the post-pandemic legal bubble is under pressure and the research predicts the legal market's slowing down for...
CROWE's Press Release as follows: Law firm revenues increase but surging costs drag profits 25 September 2023, LONDON: Audit, tax, advisory and risk firm, Crowe, provides a timely...
Law firms in the UK, together with hard working sole practitioners are crying out for legal cashiers. Have you ever thought about running your own business and becoming self-employed? Often, we fall into working in law firm's accounts department, but...
Greater Than the Sum of Its Parts: Why Law Firm Marketing Requires All Hands Guest writer and ILFM Member Rewards Partner, Lara Squires from Consortium, gives us her take on why it takes a whole team to market a law firm Marketing is all about...
12 September 2023 The Law Society of Northern Ireland partners with the Institute of Legal Finance & Management (ILFM) The Law Society of Northern Ireland and the Institute of Legal Finance & Management (ILFM) announced today that...
Guest writer, Simon McCrum, gives us his opinion on data that shows law firms can take up to 6 months before they get paid for work they have done. Looking at the recent piece in the Law Society Gazette , law firms can still take 3-6 months to...
Good luck to everyone who sat their GCSEs and are reading their results today. It’s a big day for students as well as parents, teachers and carers who support these young people with their future studies and career choices. The General Certificate...
Whether your law firm offers B2B services, or your practice itself requires this information to function seamlessly, this update is for you to read and share. In 2023, Companies House introduced new legislation to improve the transparency of UK companies...
The Institute of Legal Finance & Management (ILFM), by default, boosts socio-economic diversity through our qualifications and training into UK Law Firms. The majority of our students who come through the ILFM to study legal finance have not had...
Press Release ILFM & ILSPA Partnership - Raising Standards in the Legal Industry The Institute of Legal Finance & Management (ILFM) today (1 August 2023) announces a partnership with the Institute of Legal Secretaries and PAs (ILSPA) ...
Legal Software and how to avoid a software change being too much of a gamble Guest writer and ILFM member, Alex Simons, from the Law Factory LLP giv es us his take on legal cashiering and legal software. I’ve been working in legal...
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...
Online Safety Bill – are you ready and what does it mean for your law firm? At the time of writing, the online safety bill is at the Report Stage of the bill at the House of Lords, i.e. it’s very nearly coming to fruition. MPs and law...
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...
Interest rates are currently 4.5% and set to increase again- are you getting the most from your client account deposits? Some law firm owners and partners may wonder if this is a legitimate source of income and whether looking around for...
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...
Guest writer, ILFM Member and Finance Compliance Officer, Christine Hirons from Pinsent Masons LLP I recently reached the milestone of working for 35 years at Pinsent Masons LLP which, when I think about it, seems a very long time ago… ...
Outsourcing your marketing can support the whole law firm and not just the marketing team Guest writer, Dan Hodges , is the Head of Account Management at Conscious Solutions. What are the benefits of using a marketing agency? ...
Legal Cashiers - bookkeeping for law firms In a solicitor's practice the accounting and finance functions are paramount in keeping the law firm compliant and regulated, whilst keeping cashflow and double entry bookkeeping managed efficiently and up...
Guest writer and ILFM Member and Award Winner, Jess Davis ILFMDip Walking across the stage for my university graduation, and receiving my Bachelors with Honours degree in psychology in October 2021, I would never have expected that only a few...
Guest writer is Dr Benita Maynard, Chartered FCIPD and Director at North-52 My colleague, Tessa Dodwell , is thrilled to have been asked by the Institute of Legal Finance & Management (ILFM) to speak at their Spring Conference this...
Living with attention deficit hyperactivity disorder (ADHD) whilst working, studying and often parenting can feel completely overwhelming. We have hundreds of students (adult) here at the Institute of Legal Finance and Management (ILFM) and although...
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...
Chancellor Jeremy Hunt delivered a ‘ Budget for Growth ’ after the Office for Budget Responsibility forecast a stronger than expected performance from the UK economy this year with inflation continuing to fall. Let’s look into the...
ILFM member firm, RIAA Barker Gillette (UK) LLP write for us with their specialism in family law on the subject of marital agreements and financial planning. Head of the family law department, Vandana Chitroda , explores the use of marital...
Crowe , in partnership with the Institute of Legal Finance & Management (ILFM), carried out a comprehensive benchmarking survey from 50 UK law firms and the results are now in. The results are based predominantly on UK law firms’ data sent in...
Guest writer Heather Gaffney, Partner and Head of Residential Property at Lewis Denley, an ILFM Member Firm Heather Gaffney, who is a Partner and Head of Residential Property gives us some insight into a day in her life. As legal finance and...
By guest writer, ILFM Member and Financial Management Award Winner, Brogan Halcrow We asked Brogan about her thoughts and best advice when it comes to studying via a correspondence course with the Institute of Legal Finance and Management (ILFM), and...
Guest writer, Richard Hooper from Balance Recruitment, tells us his take on how best to attract and retain the right person for your law firm. I’ll soon be approaching 20 years of recruiting within the legal finance community and I’m looking...
Guest writer, Joanna Gaudoin, is a best selling author and Managing Director of Insight Out Image . She helps professionals with their technical skills whilst improving their non-technical ones to aid career progression and boost their...
How great is it that we can openly discuss being healthy in both body and mind nowadays. There was a time when burnout, depression and anxiety at work were seen as inconsequential. Stiff upper lip, just get on with it mentality. Any good manager will know...
The ILFM announces that Karen Edwards joins as the Head of Professional Development The Institute of Legal Finance & Management (ILFM) announced on Wednesday 22 February 2023 the appointment of Karen Edwards as the new Head of...
Guest writer, Mark Adderley, ILFM Council Member and Manager at Crowe has kindly written this article for us in this LGBT history month. LGBT history month is a time of reflection for many people in the LGBTQ+ community. It’s a time to...
Tim Kidd, Chief Executive of the Institute of Legal Finance and Management (ILFM) , shares his thoughts on how modern law firms can attract and retain talent - a conversation with Osprey Approach in their series of webinars. I was delighted to take part...
Receiving credit card payments in a law firm can ease cashflow as a simple, effective and affordable way of getting clients to pay their invoices quickly. That said, as a Finance Director or Legal Cashier in a Law Firm, you must ask yourself a...
Guest writer, Davina Patel from Access to Justice Foundation ATJF and supporter of the ILFM Access to Justice Foundation and working with the ILFM – a personal perspective Having met with Elaine Pasini, Head of Communications at the...
In the life of Legal Finance - 25 years and Counting Guest writer, Marc Pegg, ILFM Member and Finance Director at Actons Solicitors. My first position at a law firm would begin in the summer of 1997 at the tender age of 17. Careers Advice! ...
The government will be able to prosecute businesses, including law firms and accountants, if a new “ failure to prevent fraud ” clause is added to the Economic Crime and Corporate Transparency bill, which is currently at the Second Reading Stage...
How I Became a Finance Manager in a Law Firm in England Charlotte May is a guest writer for the ILFM, a Finance Manager at Nalders Solicitors and an ILFM Award Winner with her Fellowship studies. My name is Charlotte May and I live and...
Legal aid firms offered free, government-backed cyber security support Guest post from Richard Hughes, Head of Technical Cyber Security at A&O IT Group The Institute of Legal Finance & Management (ILFM) is known for protecting its members ...
Updated January 2024 Your out-of-office at Christmas time was on, and you were signing off to enjoy the festive period! You’re now back, the number of emails gathering in your inbox is upsetting, and the January weather has hit you like...
Presentation and Representation are key to a successful PII renewal Guest Writer, Joel Harding from Howden Group, Insurance Brokers Professional Indemnity insurance (PII) is critical to the very existence of a law firm and a significant expense....
How the ILFM studies helped me become the first non-solicitor board member of a 200+ year-old law firm Guest post from Peter Adams, Finance Director at GA Solicitors. I am in my mid-fifties. I started my ILFM studies five years ago. I have...
Meet Simon Smith – ILFM Legal Practice Management Course Tutor What a pleasure it was for me to chat with Simon Smith, the Institute of Legal Finance & Management (ILFM)’s new Legal Practice Management Tutor. I was able to...
Guest editorial from Dan Warburton, Law Firm Consultant, Speaker & Author The Law Firm Owners' 3 Secrets to Major Take-Home Profits While Freeing up Their Time Having now worked with over 1000 entrepreneurs and business owners in the last...
Attracting and Retaining in Law Firms - An Interview with Richard Hill Richard Hill has sat on the Executive Council at the Institute of Legal Finance & Management since 2008, and his career in law all the while has taken him from accounting and...
Guest Writer, Lillian Oliveri, founder of Kale Accountancy and ILFM Member. Lillian is AAT qualified with over 25 years of experience in Accountancy and, more specifically, Legal Accounting. Sole Practitioner and Freelance Legal Account Life Based...
Conveyancing Fraud – Practical Steps for Prevention On 12 November 2022, the House of Lords Fraud Act 2006 and Digital Fraud Committee published its report “Fighting Fraud: Breaking the Chain”. This included a number of key...
Every Sole Practitioner has many plates to spin: practising technical law; adhering to regulations, keeping on top of compliance; their own marketing; navigating the best PII deal; and of course, the accounting. Further to the sorry tale of the...
Further to the SRA’s Compliance Conference this year, it became apparent that misuse of suspense accounts irritated them! Whether you are in legal finance as a Legal Cashier, or a COFA, hopefully this short guide will offer you confidence,...
Guest Post by Lesley Mcdowell, co-founder of Fortuna FX. Lesley specialises in all products and services within the International Payments sector. With her client-led approach she ensures all clients achieve the most competitive rates across the market from...
ILFM partners with DELL UK – NEW MEMBERSHIP BENEFIT Dell UK has partnered with the Institute of Legal Finance & Management to enhance the ILFM’s membership benefits. We always look to add value to our hard-working ILFM...
Guest blog from ILFM Member, Karen Edwards. A day in the life of an Operations Director in a regional law firm. A Day in the Life of an Operations Director and Compliance Officer Being Operations Director at Hedges Law, I have a varied and...
My name is Subha Sabeshan, and I am a Legal Cashier Professional at Bolt Burdon Kemp LLP. I started at BBK back in 2005. How time flies! I have been invited by the ILFM to write a guest post and although numbers and solutions are my passion, I hope...
Microsoft Teams - a Quick Guide Guest blog from Suzanne Driver from 365 Training Consultants What is Teams? Teams is online or desktop application with the majority of users using “Chat” and...
Without fail World Mental Health Day #WMHD falls on the same day of the same month each year. If you’re not already aware, it’s 10 th October! The ILFM and LawCare – Legal Finance Professionals’ Mental Health Matters Legal...
Here we go again! Stamp duty changes in the government’s mini-budget. A number of changes are made to the Stamp Duty Land Tax (SDLT) regime but in the main, the changes increase the amount that a purchaser can pay for a residential property before...
ILFM Member and Guest Writer, Grant Sanders, gives us an overview of the Day in the Life of being a Legal Practice Manager. Read on!
When conveyancing is heavily in demand and research shows us that an average UK legal practice is seeing a 60% rise in transactions, we ask, is your legal cashier compliant, trained, and qualified to cope with the pressures surrounding risk assessment and...
The ILFM is adding to its leadership team with the appointment of Elaine Pasini as Head of Communications. In this new role, Elaine will be responsible for leading the ILFM’s external and internal communications effective immediately. With over...
Hampshire based Insight Legal has today been confirmed as the ILFM’s Gold Award 2022 for the best law firm software from our members and software users. For more than...
We are now looking to appoint a Head of Professional Development, who will have a unique opportunity to build the profile and transform the knowledge of members of an organisation dedicated to driving innovation, advancing education and promoting excellence...
Mental Health Awareness Week 9-15 May 2022 Legal mental health charity LawCare has extended its online chat service for legal professionals from one to four days a week from today, Tuesday 10 th May. The charity, which offers free, confidential, emotional...
Compliance officers in law firms have certainly got their work cut out for them, which is why the ILFM team really supports COFAs especially with our membership and training . Let’s talk about cybercrime, scams and fraud and how you and your...
Firstly, and as always, we start with a huge thanks to all of you who took time out to contribute to this year’s survey. We’ve had another great response, driven by members of the ILFM community and our connections at Balance Recruitment from...
Totum Consultant Carolyn Beckford Balogun takes a look at the role of Legal Cashier and the vital part it plays in the law firm finance team. Legal cashiers don’t have to wait long for a job to come along. It’s one of those roles for...
Saffery Champness latest benchmarking survey of the legal sector, in conjunction with The Institute of Legal Finance and Management (ILFM) , looks at firms’ financial performance, their strategies for success and the key challenges they are...
Managing credit has always been something that causes stress for law firms as it brings plenty of unexpected challenges for solicitors and their accounts department. As we all know in the legal sector, it’s important for law firms to understand...
Dr Tom Mortimer has joined the National Association of Licensed Paralegals as Academic Director. The role will see Tom leading on various educational initiatives including co-ordinating the review and development of Level 3 to Level 7 curriculum ensuring...
As we enter March, many in the industry will be planning for their professional indemnity insurance (PII) renewals. Changes implemented by the SRA/Law Society in 2015 enabled law firms to purchase PII at any time of the year, which has simply created...
To celebrate International Women's Day, Wendy Lloyd-Goodwin, founder of Life Science Law, talks about leading her legal resource business successfully through the pandemic and gives us insight into how female innovators are changing the face...
The Statutory Sick Pay Rebate Scheme closes for coronavirus related absences after 17 March 2022. Employers have up to and including 24 March 2022 to: submit any final claims amend claims they’ve already submitted ...
"We stand in solidarity with the Ukrainian people and with innocent Russian citizens who oppose their government’s illegal invasion of Ukraine." Tim Kidd, Chief Executive - ILFM ...
Legal secretarial jobs are no longer as ubiquitous and in demand as they used to be 20 years ago. With technology helping lawyers transcribe their own notes and secretaries now blending into fee earners, there’s a vast number of legal secretaries that...
Do you hear the word “compliance” and roll your eyes? If you are reading this then you will be someone working in law, either as the compliance officer or as a legal cashier, bookkeeper, practice manager or student. Risk and Compliance...
Finance teams are always committed to providing efficient and accurate accounting services to their legal teams or clients (if outsourced). At the heart of a Legal Cashier’s role is to make sure that the client and office accounts are kept up to date,...
SOLICITORS AND THE ACCOUNTS RULES – A COMPLIANCE HANDBOOK (4TH EDITION) The latest version of the SRA Accounts Rules is two years old. This streamlined version of the regulatory duties which must be observed by all law firms holding...
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...