Institute of Legal Finance and Management

Founded in 1978 as the Institute of Legal Cashiers, the Institute of Legal Finance and Management (formerly the Institute of Legal Cashiers and Administrators) (ILFM) represents nearly 3,000 legal accounts managers, book-keepers and administrators. It is governed by an Executive Council of currently 12 members, who are elected by the membership at the Annual General Meeting. In addition, there is a Management Committee formed from members of the Executive Council that reports to the council.

The ILFM is a non-profit making professional body dedicated to the education, support and promotion of excellence for specialist financial and administrative personnel working within the legal community and serves the interests of:

• legal accountants
• financial controllers
• accounts manager
• practice manager
• partnership secretaries.

Members are subject to a Code of Practice(reissued in 2010 to coincide with the Institute’s name change), which is seen as maintaining a high professional standard of integrity and reliability. Full details of this will be found on the ILFM web site.

The code contains a number of key requirements which include:

• core values, namely:
  • Integrity,
  • Impartiality,
  • Professionalism,
  • Fidelity,
  • Confidentiality,
  • Acting in the best interest of the client,
  • Not acting in a way to bring the Institute into disrepute
• a requirement that members observe the provisions of:
  • Money Laundering Regulations 2007,
  • Proceeds of Crime Act 2002,
  • VAT Act 1994,
  • Data Protection Act 1998,
  • Solicitor’s Accounts Rules 1998,
  • Solicitor’s Code of Conduct 2007.
• the power for the Council of the ILFM to discipline members “whose conduct is such as shall in its opinion be injurious to the character of the Institute or the interests of the members thereof or who in the opinion of the Council in any respect fails or ceases to meet the qualifications and the requirements of the membership for his or her particular class of membership”,
• a requirement that members:
  • protect the general public from fraud and misappropriation of client money,
  • act in the best interest of the client,
  • assist the Institute and any other government or professional regulating authority with any investigations,
  • maintain confidentiality by avoiding conflicts of interest and observing data protection rules,
  • exercise a level of competence which meets the minimum requirements as laid down in these regulations,
  • maintain complete freedom from influences or considerations likely to prejudice the observance of legislation, regulations or rules and preserve professional independence and integrity,
  • not discriminate either for or against anyone on grounds of gender, marital status, race, ethnic origin, colour, nationality, national origin, disability, sexual orientation, religion or age,
  • conduct themselves in a manner conforming to the aims and objectives of the Institute, and
  • not discredit the services offered by others whether by claiming superiority for the ILFM services or otherwise.
• observe certain standards of performance, including:
  • maintaining proper accounting,
  • informing principals where there is reason to believe a significant breach of relevant legislation, regulations or rules has occurred,
  • to contact the Solicitors Regulation Authority if there is a serious breach of the Solicitors’ Accounts Rules and/or a loss has been incurred directly or indirectly by a client,
  • not undertaking work which they are not competent to perform,
  • only accepting gifts which are proportional to the service provided,
  • providing clarity and transparency at all times,

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In addition, the Code of Practice provides:

4.05 A Member may not commit or participate (directly or indirectly) in any illegality or fraud of whatever degree in connection with his/her professional duties or in any private capacity. Any Member who is charged with a criminal offence (excluding speeding/parking offences) of whatever nature may be automatically suspended from Membership of the Institute by decision of the Institute?s Disciplinary Committee until notice of his/her conviction or acquittal is received by them. A Member who has been convicted of a criminal offence may be removed from membership until the final result of Appeal is advised.