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.
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
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
We will also be available to support you
and guide you if you are notified that an SRA inspection is imminent.
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