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Legal bookkeeping

  • 153 posts
  • # 55107

I've been vaguely thinking about doing the legal bookkeeping exam - add another string to my bow - and this morning I was networking and a solicitor came up to me to talk about maybe using me as they aren't happy with their current bookkeeper. So now I'm thinking I really should look into it all properly asap, so I was wondering if anyone could give me an idea of the differences between legal bookkeeping and 'normal' bookkeeping as well as an idea of how much study time would be needed to get to the point of being able to sit the exam?

It also leds me to thinking about working in that area, I'm hoping I'd be able to charge a higher rate for what is a more specialist service, is that realistic? And might there be more opportunities out there to market myself to legal firms, do you think?

I'd love to hear anything from those of you who work in this area.

Thanks!

Ruth

  • 180 posts
  • # 55110

As the author of the Certified Legal Bookkeeper course I can certainly give you some information.

The course itself has not been released yet - I don't know what the actual hold up is.

When I last discussed this we felt that there was around 40 hours of work required. It is split into thirty one sections (which are covered by the syllabus as shown on the ICB web site), there are five assignments spread throughout the course and one final assessment.

It is a home study course and I will be providing student support via telephone and email. At the moment I am ready and waiting so hopefully it will not be much longer before release.

Whilst accounting in any sector is all about numbers and the correct treatment of the numbers this sector brings into play client account and office account, and with it the very specific requirement of the Solicitors Accounts Rules. Non compliance with the SARs can lead to sanctions against the solicitor which range from reprimand, through disciplinary hearings to intervention - where the Solicitors Regulation Authority takes control of the firm.

All solicitors are required to have an external audit of their client account and this can be carried out only by those who are appropriately qualified - this qualification will NOT allow you to do that.

There is no requirement that a solicitor has to employ or contract any accounts personnel who have a relevant qualification, the (my) hope is that by introducing this qualification the map will change so that every firm has an appropriately qualified and Certified Legal Bookkeeper.

Anyone embarking on this course should note that it applies only to England and Wales as the law applies differently elsewhere.

  • 4 posts
  • # 71513

Removed by S Wildman for advertising violation



Edited at 29 May 2011 11:25 PM GMT by Stuart Wildman (MODERATOR)

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