The first legal finance scholarship in a three-year programme to encourage learning by The Institute of Legal Finance and Management (ILFM) has been awarded.

Practice Manager Sarfraz Ahmed has been selected for the first scholarship, sponsored by Iceberg, which will fund him to study for an ILFM Associate qualification.

Over the next three years, the sponsorship will each year fund two ILFM members to study a qualification course with the organisation, while several other smaller awards will give successful applicants the chance to take part in one-day training courses. They are all aimed at improving members’ career prospects in the legal sector.

Sarfraz, who works at Metis Law in Leeds, impressed the ILFM and Iceberg with his efforts to continuously advance his career over the years along with sharing his knowledge to guide work colleagues who could not afford to study further.

Sarfraz, a father-of-three, has self-funded his way so far to achieve various qualifications from ILFM but lately, he has found it hard to continue doing so. The scholarship means he can now study and complete the final level of associate qualifications.

Michael Stevenson, Managing Director of Iceberg - one of the leading providers of practice finance to law firms across the UK – said:

Sarfraz has just become a father to twins, so money is tight, but he still wants to continue his studies.

By sponsoring this scholarship, it gives people like Sarfraz the opportunity to reach their potential in the legal industry and that feels very rewarding.

Sarfraz Ahmed welcomed the scholarship and said: “My professional and personal life is dynamic and although priorities change with circumstances, that shouldn’t mean that I stop progressing professionally.

He added that the ILFM Associate Accounting and Financial Management courses had contributed in helping him climb the career ladder from entering the profession as a legal cashier, progressing onward to become a COFA and secure various finance roles in London and West Yorkshire.

These roles include a Practice Manager at Sky Solicitors in London, a Reconciliations and SARs Specialist for Optima Legal Services in Bradford and Leeds, and a member of Global Operations finance team at Eversheds Sutherland in Leeds.

Tim Kidd, Chief Executive of the ILFM, said:

This scholarship is all about encouraging members to learn more and advance their careers, so we are delighted to award the first one to Sarfraz. We were impressed that his results were good and had been consistent. We are keen to hear from more people interested in applying for a scholarship.

The not-for-profit ILFM is the UK’s leading membership organisation in the legal sector that provides a range of services and professional courses designed exclusively for legal finance professionals and legal management professionals including legal cashiers, accounts managers and compliance officers for finance and administration.

Iceberg provides unsecured loans to law firms towards partners’ tax, professional indemnity insurance and capital expenditure along with litigation finance for their divorce and probate clients.

Anyone interested in applying for a scholarship with the ILFM, should visit the ILFM scholarships web page for more details at www.ilfm.org.uk/site/qualifications/scholarships.

Iceberg understands the financial needs of the legal profession and provides short-term working capital facilities for law firms. Based in Poole in Dorset, it was established in 2012. Its products can be found on its website www.iceberg-partners.co.uk/

It also offers a revolving credit facility for both divorce and probate Clients introduced by Law Firms for the purpose of financing fee notes, disbursements and other legal expenses.  Its products can be found on www.clientcredit.co.uk.

12 July 2018