An independent legal finance forum has been launched to lobby on behalf of the legal profession in response to concerns that lawyers are poorly represented on finance issues.

Senior finance personnel at 34 of the top 100 UK firms have expressed interest in joining the forum, which held its inaugural meeting at the Northampton office of regional firm Shoosmiths last month.

Key issues for the profession include the Accounting Standards Board's proposed amendment to FRS 5, which could hit law firms hard (see [2004] Gazette, 29 January, 4).

Other areas of common interest include money laundering, banking, limited liability partnerships, e-billing and workflow.

Rosemary Kind, Shoosmiths' finance director, said: 'I was very conscious that I did not know any of my counterparts at other firms, even though issues came up that are common to all of us.'