Accountancy for legal professionals

We understand the challenges that professional practices face, where legal professionals own, work in and manage their own firms.

Our professional practices team is a multi-disciplinary group of specialists who will carefully tailor the service they offer to suit your business needs. Our understanding of the sector and how partnerships operate allows us to offer the best possible advice to help your firm achieve a commercial edge now, whilst preparing for the future.

Accountancy Services

Accounts show how your business is performing, and in turn determines partnership profit share. A robust and efficient set of accounts is the bedrock of any commercial evaluation of your firm.

In addition to preparing your accounts we offer advice interpreting on your management information and we will suggest areas where you may be able to improve results. We will advise and guide you through succession planning and/or exit strategies, and we have extensive experience in supporting firms through the process of mergers and acquisitions.

SRA Accounts Rules Reporting

Any money you hold on behalf of clients must be handled in accordance with Solicitors Regulation Authority (SRA) rules. Most firms achieve basic compliance, but inaccuracies and irregularities do creep in. We will carry out a specific audit of your systems and processes for handling clients’ cash, and submit a report to the Solicitors Regulation Authority on your behalf.

As you are aware, compliance with the SRA Accounts Rules is vital. Our expertise ensures that your client money is appropriately ring-fenced, and that you have the right systems for recording transactions accurately and completely.

We can suggest ways to tighten up your processes to reduce the risk of errors, and can advise you on any changes required to your internal systems and controls to ensure they comply with the SRA requirements. 

Our qualified and experienced staff carry out annual Accounts Rules inspections, ensuring a smooth and efficient communication process with the legal cashier team and fee earners.  We will also be available to support you and guide you if you are notified that an SRA inspection is imminent.

Personal Tax

We have a core team of tax specialists who will prepare your self-assessment tax returns and advise you of your liabilities and when they fall due so that you can make adequate plans to pay the taxman.

Advice on business structures

More and more legal practices are considering becoming LLPs (Limited Liability Partnerships) or limited companies. Changing business structure provides more freedom in terms of ownership, allowing external investment into the firm while potentially bringing in new management expertise and freeing up partners to focus on client work.

Our Tax Consultancy Team provides a higher level of tax planning, including advising you on the options for a change in business structure and giving you an honest assessment of whether it’s worthwhile. If you decide to go ahead, we’ll guide you through the process of making the switch, including setting up shareholdings and remuneration systems.

In short, we will help you ensure your trading structure is as tax efficient as it can be.

Business Funding & Investment

We can help with the process of obtaining external finance, including developing business plans and projections for potential investors.

Full range of services:

Arrange a meeting

Prefer to meet us face to face? Why not give us a call - we'd be happy to arrange a meeting at our offices, or your premises.