Artificial intelligence (AI) is one of the biggest and most talked about technologies of the last 10 years. It has the ability to completely change how businesses operate, automate, make decisions and become more efficient. The legal sector, notorious for its...
The development of the first International Non-Profit Accounting Guidance (INPAG) for non-profit entities has progressed into a third and final consultation. Currently, no international accounting guidance exists for non-profit organisations. What issues does...
A recent analysis by Pro Bono Economics (PBE) has found that rates of formal volunteering have reached an all-time low as 40% of charities report that volunteering numbers have been insufficient to enable them to meet their main objectives in the last 12 months. Small...
Artificial intelligence (AI) is poised to revolutionise the practice of law, potentially reshaping the principles of common law, according to Sir Geoffrey Vos, the Master of the Rolls. Speaking at the Manchester Law Society, Sir Geoffrey offered an optimistic view of...
Accounting is a fundamental pillar of measuring a successful law firm. Law firms, have unique financial considerations that require careful attention to ensure compliance with regulations and business performance. From managing client funds to handling operational...
Succession in law firms is very real problem in the UK The age profile of the legal sector is increasing. The huge wave of legal practitioners who entered the market 30 or 40 years ago are today of an age when they begin to contemplate phasing down or retiring...
An independent party conducts an audit to investigate a company’s financial report. The audit aims to provide assurance (different from a guarantee) that the financial statements are true and fair according to the relevant financial reporting framework. Typically,...
The Importance of Diverse Funding In the UK, charities play a key role in supporting communities, addressing issues within our society and changing people’s lives for the better. But for charities to be able to deliver these vital services they need to be able to...
The fundraising platform JustGiving has announced that over £550m was raised for nearly 20,000 UK Charities through their platform in 2023. This is based on data provided by JustGiving which was taken from 1 January to 15 December 2023. This data only related to...
On the 6th December, the Fundraising Regulator announced that it is looking to review a proposed increase to the Fundraising Levy in the charity sector for the first time since 2016. What is the Fundraising Levy? The Fundraising Levy raises the majority of the...
New research has found that charity sector income in the UK has shrunk for the first time in eight years for the 2020/21 tax year. It is thought that smaller charities have been affected the most due to the impact of the pandemic. The UK Civil Society Almanac 2023 has...
The Solicitors Regulation Authority (SRA) regulates solicitors in England and Wales. According to its latest annual report the SRA spent £16.5m on disciplinary processes in 2021/22, a £1.5m increase from 2019/20 (pre-covid). It should be noted that the SRA financial...