ILFM iCOFA Breakfast Roundtable, The Ivy Tower Bridge, 15th May 2026
The ILFM were delighted to host a roundtable breakfast event in May at The Ivy, Tower Bridge which was attended by COFAs from a range of different-sized law firms. The event, sponsored by Allica Bank featured guest speakers Lionel Ross from Allica, Nigel Wilson & David Thorpe from Financial Eye and Chris Ficken from Juno Indemnity.
Tim Kidd, Chief Executive of the ILFM, welcomed all the attendees and introduced the speakers who he said would be covering a range of subjects, all of which are current and developing. The conversations were unscripted so the participants could lead the conversations in any direction based on their own areas of interest. With breakfast being served, the experts at each table lead off into current hot topics in the world of the COFA. Specifically, Allica lead on the MoJ consultation into Interest on Lawyers’ Client Accounts (ILCA) and the recent interaction with the banks and other members of UK Finance. Financial Eye opened on the challenges currently facing law firms set against a backdrop of economic and regulatory uncertainty. Juno provided insight into the PI market and what the insurers are currently looking for .
During the lively roundtable sessions, Lionel Ross shared a bank’s perspective of a client account world post implementation of THE ILCA scheme. He summarised the Government’s position as “we are doing this and we’ll work out the details later”.
The discussion then moved on to how banks would likely react to the proposals and what actions they would have to take. There is clearly much to take on board and in summary, the complexity and cost of implementation, particularly at bank level, does not yet appear well understood. Whatever happens, banks will clearly play a critical enabling (or constraining) role in how this will work in practice despite the fact there is no clear timeline.
The discussions involving Financial Eye centred on current SRA priorities and compliance hot spots. These included, naturally, the MoJ consultation but also the SRA’s own position on whether solicitors should continue to hold client money at all. The general opinion across all tables was that the public have a clear expectation for solicitors to hold their money. Changing this would potentially call into question the fundamental integrity of the sector. The arguments regarding ILCA are well documented but COFA’s were unhappy to think that the MoJ wanted to move forward despite all the valid objections. Firms generally felt any change would likely push up fees in the sector and so would reduce access to justice. The administration costs of the new scheme would also be “lost funds” for the justice system and what remained would simply replace tax that is already paid under the current system.
The lively conversations also touched on:
- the ongoing problem with residual balances and the recent fines being handed out, particularly Taylor Rose;
- the number of recent SRA interventions and firm closures;
- potential future governance changes including golden roles, Boards and the role of accountants;
- Registered Tax Adviser status for firms and the potential PII consequences
Chris Ficken of Juno Indemnity provided a commentary as to the current state of the Professional Indemnity Insurance market. After several years of challenging conditions Chris went on to say the market had shifted again creating both opportunities and new considerations for firms as they review their cover. The discussion went on to highlight how:
- Risk management is more important than ever in the current insurance and business environment. With rising claims costs, increased regulatory scrutiny, cyber threats, and economic uncertainty, organisations must take a proactive approach to identifying and mitigating risk. Implementing robust internal controls is a key part of effective risk management. Strong procedures, clear governance, regular staff training, and ongoing monitoring can help reduce the likelihood of claims, fraud, operational errors, and financial losses. Businesses that demonstrate effective risk management are often viewed more favourably by insurers. A strong risk management framework not only protects the business operationally and financially but also supports long-term resilience and stability.
- Capacity has grown in the SRA renewal market, but underwriters’ scrutiny remains high. This means firms need to provide accurate, clear, and timely information well in advance of renewal. There is also an increasing need to go beyond the standard proposal form by providing additional detail about the firm in the form of a comprehensive covering letter.
- Succession planning within a law firm is an issue many insureds need to consider moving forward. Run-off cover can prove costly, so establishing a natural succession plan within the firm would be a prudent and cost-effective approach.
- Insurers’ claims costs are not reducing, which continues to place pressure on premiums, underwriting, and policy terms across the market. When choosing your broker or insurer, it is important to ensure they have a strong technical understanding of both your business and the wider insurance market, together with access to a broad range of insurers. The cheapest premium is not always the best option. Policies can differ in the level of cover provided, policy excesses, claims handling, and overall service standards. A competitively priced policy backed by quality advice and reliable support will often provide far greater long-term value than simply selecting the lowest premium available. Service should therefore be a major factor in a firm’s choice of broker and insurer, ensuring the business receives appropriate cover, expert guidance, and effective support when it matters most.
- Protective products are in the market which could be beneficial to your firm including investigation cover
The morning wrapped up with Tim providing a brief summary of some of the key issues that had come out of the session. He also launched “The COFA Handbook” which the ILFM have recently published and is available to members.
Tim finished by thanking Allica Bank for sponsoring the event, the experts for leading the discussions, and all those attending the event who made it so valuable as a “peer to peer” forum. Further events are planned in this series in Manchester, Birmingham and Bristol during 2026
If you are a COFA in a law firm and would like to register your interest in attending a future iCOFA event, please get in touch with us here: info@ilfm.org.uk