ILFM Associate Level

The ILFM Associate level includes certificates on;  Accounting for Legal Finance Professionals, Financial Management, Tax for Legal Finance Professionals and Legal Practice Management. 

Only students who have successfully completed the ILFM Diploma can achieve the full Associate qualification.  You may take these as separate stand-alone Certificates, however, if you wish to achieve the Associate qualification, there is a requirement to have completed the Diploma Level and 3 Associate level certificates. 

To achieve the Associate qualification level 3 Certificates need to be completed and a package fee will apply to each one.  Candidates have a maximum of 18 months from enrolment on each one of the courses to complete and register for the next available examination sitting. 

It is recommended to start with the Accounting for Legal Finance Professionals Certificate followed by the Financial Management Certificate and finally you can choose between Legal Practice Management Certificate or Tax for Legal Finance Professionals to make up the required 3 Certificates, that is not a required order.

Accounting for Legal Finance Professionals Certificate

Objective:  The aim of the Accounting certificate is to meet the training needs of those dealing with the preparation and / or use of the annual partnership or limited company accounts in the legal and other professions. It is not intended that this course cover company accounts in more than general principles.

Contents of the Course:

  • Tutorial 1  From Ledger Accounts to Trial Balance
  • Tutorial 2  Introduction to the Framework of Accounting
  • Tutorial 3  Basic Sole Trader Profit and Loss Account and Balance Sheet
  • Tutorial 4  Basic Accounting Adjustments
  • Tutorial 5  More Complex Accounting Adjustments
  • Tutorial 6  Partnership Accounts
  • Tutorial 7  Partnership Accounts: Alteration Arising on Changes of Partners
  • Tutorial 8  Financial Reporting Standards
  • Tutorial 9  Limited Companies
  • Tutorial 10  Outline of Company Accounts
  • Tutorial 11  Auditing and Interpretation of Financial Statements

Each tutorial contains self test questions and an assignment to be submitted for marking

We also highly recommend these ILFM Trainings, to help your in your course : Financial Management for Law Firms

Financial Management Certificate

Objective:  The Financial Management certificate is intended to help improve your financial management skills and enhance the contribution you can make to the success of your firm.  It focuses on three areas; profitability, working capital and using information to improve your financial understanding.

Contents of the Course:

  • Tutorial 1  Financial Management – what are we aiming for?
  • Tutorial 2  Understanding Profitability
  • Tutorial 3  Profitability KPIs
  • Tutorial 4  Analysing Profitability within the Firm
  • Tutorial 5  Forecasting - Budgets
  • Tutorial 6  Understanding the Cost Base of Your Firm and the Minimum Fees Needed
  • Tutorial 7  Working Capital
  • Tutorial 8  Working Capital KPIs
  • Tutorial 9  Managing Working Capital and Forecasting the Bank Position with a Cash Flow Projection
  • Tutorial 10  Management Accounts and Partner Reports
  • Tutorial 11  LLPs an Introduction

Each tutorial contains self test questions and an assignment to be submitted for marking

We also highly recommend these ILFM Trainings, to help your in your course : Financial Management for Law Firms

Tax for Legal Finance Professionals Certificate

Due to launch Spring 2019

Legal Practice Management Certificate

Objective: To provide students with the underpinning knowledge needed to manage a legal practice effectively and efficiently.  The course is suitable for students from an array of backgrounds; an experienced cashier with little management experience through to a solicitor starting off their own practice or a managing partner/director.  The course intends to challenge students' overall business concepts, encourage research and be able to implement processes which will ultimately add value to the organisation as a whole.

Contents of the Course:

  • Tutorial 1  About the Legal Profession - the impact and changes following the Legal Services Act 2007, Alternative Business Structures (ABS) and Multi-Disciplinary Practices (MDP), the responsibilities firms have as well as employees.
  • Tutorial 2  Court Structures & Civil Proceedings – An outline of the Courts and the procedures needed to collect outstanding debts.
  • Tutorial 3  SRA Code of Conduct 2011 – Introduction into outcome focused regulation, the Handbook, the Principles, Equality and Diversity, Conflict of Interest, File Retention/Storage/Destruction.
  • Tutorial 4  Relationships with Third Parties – What are third parties, Stakeholders and Corporate Social Responsibility (CSR).
  • Tutorial 5  Managing your Business – Chapter 7 (SRA Code 2011), Good Practice, Referrals, Sources of business, Cross Selling, Internal Controls, External Auditing and Undertakings.
  • Tutorial 6  Risk Management – Identifying Risks, Transfer of Risk, Contingency Plans, Money Laundering, Health & Safety.
  • Tutorial 7  Client Care – Chapter 1 (SRA Code 2011), Information, Controlling Costs, WIP, Client Satisfaction, Complaints, Client retention.
  • Tutorial 8  Getting Noticed – Marketing (e-marketing), Advertising, Publicity, Branding, Evaluation of success, website and E-business.
  • Tutorial 9  Management & Leadership – the difference between the two roles, motivation, training, development, communication, people management.
  • Tutorial 10  Business Analysis – Strategy, Mission Statements, SWOT Analysis, PESTEL, Critical Success Factors, Competitive Advantage, Managing Change.
  • Tutorial 11  Project Management – managing and leading projects, identifying stakeholders, project planning and control, project team selection, software projects and project evaluation.

Each tutorial contains self test questions and an assignment to be submitted for marking

We also highly recommend these ILFM Trainings, to help your in your course : Legal Practice Management

Qualification Course/Examination Fee:  £495 (Per course). 

Please check if you are entitled to any exemptions by holding other relevant qualifications. 

  • Full access to online course material
  • Dedicated ILFM tutor, inc one-to-one support
  • Access to students forum
  • Employer updates (if required)
  • Individual Study Plan
  • Full access to student resources online
Exam Preparation
  • Dedicated ILFM tutor (one-to-one support)
  • Sample examination Paper/Questions
  • Exam preparation session (format may vary)
  • Exam preparation material
  • Employer updates (if required)
  • One Examination Entry Fee included (students wishing to take the exam locally will be required to pay any additional costs incurred)