Vital business skills for specialist lawyers

Setting up a law firm can be overwhelming, with a range of new challenges to face and new skills to develop. The ILFM and CILEx Regulation realise this and have partnered to equip legal professionals with valuable knowledge and skills in accounting, financial management and practice management. The ILFM offers a cost-effective and modular course, so participants can choose to study as many or as few accounting and financial subjects as they need to supplement their skills.

The legal landscape is evolving and with a wide range of subjects including an introduction level covering the purpose of accounting, bookkeeping, client money and VAT, the ILFM can offer a comprehensive introduction to the discipline. A further level is available which covers the safeguarding of client money, understanding profitability and credit management. Whatever their role is within a firm, lawyers will benefit from understanding the business, its financial health and its responsibilities. With regulators expecting those involved in managing a law firm to have a sound and demonstrable understanding of financial management, the course is ideal for those who want to adopt a strong standard of compliance and financial sustainability.

If you are applying to become a manager in a law firm authorised by CILEx Regulation, the ILFM’s course is relevant to you as it covers the key areas of competence that CILEx Regulation will assess in your application, helping you demonstrate how you’ll apply it practically.

CILEx Regulation is the independent regulatory arm of the Chartered Institute of Legal Executives (CILEx) – the professional association representing qualified Chartered Legal Executive lawyers, paralegals and other legal practitioners. CILEx offers a flexible route to a career in law, with members ranging from those taking their first steps in the legal profession through to judges. CILEx Regulation offers a forward-thinking, constructive approach to regulation.

The ILFM is an educational membership organisational body tutoring and training its members for financial compliance and practice management, whilst offering qualifications aiding career moves and promotion.  Education helps diversity and gives everyone within the legal and finance fields the vital building blocks to comply with regulations and promote best practices in this competitive arena.

David Pope from CILEx Regulation said, “We’re delighted that the UK’s leading legal finance and management training body is working with us to help lawyers fill vital skills gaps. Prospective managers of firms need to show us their competence in this area to make sure their business will be well run and sustainable – so we’re pleased to be able to suggest the ILFM course to lawyers considering starting up.”

Sarah Charlton, ILFM Tutor, added, “It has been an absolute pleasure working with CILEx Regulation on the competency framework. This course is progressive for the legal profession, providing a gateway for future lawyers to manage their own businesses. Developing and creating the course to deliver on the relevant competencies has been so fulfilling. I was then absolutely thrilled to be given the opportunity to tutor the course, and am overjoyed to know that the support I can give will support a new generation of lawyers.”

If you would like to check if this course is right for you, please email: sarah.charlton@ilfm.org.uk