Tim Kidd, Chief Executive of the ILFM reflects on 10 years in the role, considering the regulatory changes that have had the biggest impact, how the ILFM has evolved its offering, and how it can help address ongoing issues around trust in the legal profession.
Reflecting on 10 years at the ILFM has made me realise not only how much has changed over that time, but the key role the ILFM has played in both making those changes happen, and helping our members adapt to them.
When I started in 2015, the COFA role was relatively new, and has now become a crucial part of every firm. We have continually developed our bank of support and resources for members in this role, and continue to do so in 2025.
We were also heavily involved in the proposed SRA Accounts Rules changes, which went into effect in 2019 – replacing some 46 detailed rules with 13 ‘principle-based’ rules. We were critical in helping firms adjust, amend, and train for these major changes. Now fast forward to 2025 and we are involved in consultations for further change.
The biggest evolution I have seen in terms of member support is the change from face-to-face to online provision. We had to adjust extremely quickly to online training and exams from March 2020, and have continued to offer this convenient, time-saving and flexible way of providing support. We still encourage and host in-person events of course; it’s really vital we don’t lose that contact completely.
One area that has been a constant theme is that of trust in the legal profession. I think the statistics show that public trust in lawyers is still really good - much better than many other professionals. However, very sadly, a few bad apples have caused the regulators to now rightly consider if all the appropriate checks and balances are in place and to consider changing the rules again. It is vital that we still expect high levels of integrity and trust in our legal system, including lawyers and support teams. We must not overreact to a few bad incidences but have the necessary safeguards in place for the protection of clients, their money, and ultimately, for the wider public benefit.
I believe that the ILFM can help address the SRA's concerns about trust in the profession by supporting ethical practice and raising professional standards.
We represent thousands of support staff as part of our membership, without whom law firms could not operate. In my experience I have seen our members work to the highest standards, behave ethically and honestly and hold others in firms to those standards. It is the responsibility of the ILFM, and other professional bodies, to ensure that we insist on the highest standards, and help, support and encourage them to ensure that everyone works to these levels. We provide the tools, training and confidence to uphold these principles.
Looking ahead, we are clear in our goal that all legal finance professionals should be properly trained and qualified to do their role. Sadly, many firms still see operations and support teams as purely a cost and don’t make the investment needed to ensure that the highest standards are maintained. I would love to see some statistics on Qualified Accountants reports, SRA breaches, and interventions in firms with trained and qualified staff and those with non-trained and qualified staff. A step further would be to see how this could affect risk and PII premiums, retention, and the well-being of staff within those firms who invest.
I’m delighted that we still have such a wonderful team here and many have been longer in their role than me. I love getting feedback and I remember that we received a great deal of thanks from members for the contact, conversation and interaction during the dark months of Covid, when things were so uncertain and often lonely. We picked up the phone to our members to see how they were, and they felt that we cared. I’m always keen that we create and maintain a community of legal finance professionals – ensuring we always remember that there is a real person behind every job title.
The main highlights for me over the years have been when I get to speak to members and they tell me that ILFM makes such a difference to them. That they feel part of something bigger and a lot of those have been members for many, many years. I am also very lucky to work with such a great team - we are close, supportive, and caring, and together we strive to do our best for our members and create an impact on the wider legal sector.
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