Case Study of a Legal Finance Director

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!

Conversely, my blog opens two years prior. I’d be in a classroom with visions of a budding architect career travelling (some) of the world. In the 90s it was obligatory to sit with a careers advisor in your final school year and punch in a number of replies to a BBC Micro, you’d leave the room with a printout (so it must be true) shortlisting career suitability. What can I say, architecture wasn’t on the list! So at that point I settled on finance and, from there I enrolled on a college course studying business and finance.

The College Years & Into the World of Work!

My stint at college sailed by and my attention would soon be dedicated to trawling through the classified ads in a bid to secure that first job. My initial thoughts were to join the banking sector - that was until my eyes wandered towards the words “exciting new role” and “city centre law firm”. Application form submitted and a duo of interviews later, I landed my first full-time job. I can’t quite recall the precise job title - office something or other… duties would include (but not limited to), opening of incoming post, the essential distribution of milk for that all-important first hot drink and mandatory photocopying of court bundles! I still can’t eliminate the song of those ever-screeching fax machines - several were daisy-chained in sequence. An A4 sheet reading “faxes MUST be delivered within ten minutes” was sellotaped to the table-edge for good measure!

Things were different then, very different - I don’t think you’d see partners walking the building smoking pipes nowadays. I recall one Christmas party which headlined a careful selection of colleagues (including partners) performing as The Spice Girls, epic!

My First Adventure into Law Firm Finance

Several months would pass before an opportunity to join the firm’s finance team would come to fruition. An interview and a month later, the next chapter commenced.

I joined a finance team of about a dozen. My new colleagues were dynamic and teeming with experience, their wisdom a persistent reminder to this day. I would soon have structure built into the working day and deadlines to fulfil. It was important to listen and speak up if in doubt! I had responsibilities. Legal finance would pique my interest. I was keen to learn but frustratingly unable to progress quickly enough.

Fast forward another six months, I was swayed by a friend (or two) to attend an interview at another law firm - a new position within their finance team. There would be just three other colleagues, the type of work would be varied, I’d be trained as an all-rounder, there would be study support thrown in and great prospects.

One month later, the journey started with Actons.

Settling in at Actons

I settled into my new role exceptionally quickly, the team was tight-knit and intimate, perfect for learning.

One colleague, a fellow of the ILCA (now ILFM) encouraged me to consider a professional qualification in legal finance. She instilled the importance of understanding double entry bookkeeping, the necessity to learn and being open to every opportunity that will then come. It seemed like a no-brainer and within a week I had joined the ILFM and enrolled on their well-written distant learning course.

My tutor was the late Barry Hilton - one of the founders of the ILFM, a passionate and inspirational advocate for the institute. I completed the tutorials, arranged to take the exam at a local university and in November 2000 I received my certificate in the post to confirm that I had passed.

Change, Progression and Promotion

Three years later to the month, I was promoted to Deputy Accounts Manager. In addition to processing the usual requests, I’d be responsible for completing the firm’s VAT returns, processing wages, heading annual SRA and compliance audits - and best of all, it was now my turn to mentor, encourage and develop those inward accounts assistants!

Here comes that fast-forward button again.  This time we have pushed forward another six years, that’s six years of personal growth and development thanks to the support from my firm’s directors and colleagues.

In May 2006 I was thrilled to be promoted to Accounts Manager. The new opportunity would involve heading a team and building on the solid foundations that lay before me.

Recollecting that one conversation in 1998, I find myself reminiscing about my colleague encouraging studying with the ILFM, getting involved and taking those opportunities as those doors open. This piece isn’t all about me. Let’s be honest, without a great team this wouldn’t be possible and I’m referring to the team at home and in the office!

I enjoyed the role of Accounts Manager for just over 16 years and headed up a fantastic team of four (that’s three qualified ILFM members and one enrolled and studying the Diploma course).

I’ve seen first-hand substantial change in the profession, it’s not all bad! Change brings with it review and in turn, improvements. We’ve all adapted, haven’t we? I have no regrets. I continue to look for those door openings. I quote those encouraging words to colleagues, to push forward.

As a business, we encourage learning and progression. I look forward to the ILFM’s bimonthly Legal Abacus journal, it delivers excellent content, encourages healthy discussions and delivers direction just when you need it.

The Next Chapter

Did I mention openings at all? I am grateful and humbled to share the news that on 1^st February, I became a Director at Actons and have taken on the role of Finance Director!

Really pleased to be joining the Director team and taking on the FD role at such an exciting time!  Another opportunity for learning and contributing further to the success of the business.

You can never convincingly answer the question when asked “why have you been at the same firm for almost 25 years” and with thanks to Elaine Pasini for inviting me to write this guest blog, I now have some of it written down.