Legal practices

Legal practices

Specialist accounting, tax and business advisory services to help law firms develop and grow their practices.

The UK legal market is undergoing extensive change following the Legal Services Act 2007 and the setting up of Alternative Business Structures.  The consequent deregulation and changes to rules on ownership have resulted in new players entering the market offering specific services.  This means it has never been more important for legal practices to have robust reporting systems and management tools in place to understand performance and prepare for the future.

Wellers have a wealth of practical experience and extensive technical knowledge of the SRA Accounts Rules to assist law firms.  We understand both the issues and opportunities practices face with further reform in the sector and can guide and support you through this period of change. 

Specific areas where we can help include:

Staying compliant

  • A review of your firm to identify the main areas of risk
  • Training and guidance on the implications of SRA Accounts Rules
  • Developing the role of the Compliance Officer for Finance & Administration (COFA) and the Compliance Officer for Legal Practice (COLP)
  • Supporting the COFA in the finance function
  • The creation of a compliance plan to monitor and help prevent potential breaches

Financial reporting

  • Setting up a back office function and software (or work with existing software) to monitor and report on financial performance

Accounting and tax

  • Accounts production and technical support
  • The audit of the accounts to ensure conformity with the SRA Accounts Rules and outcomes-focused regulations (OFR).
  • Preparing the annual Accountants Report
  • Corporate/Partnership tax planning – advice on business structures, efficient remuneration and rewards
  • Personal tax planning – handling personal tax returns and advice on tax breaks, reliefs and estate planning

Advisory – corporate finance

  • Introductions and access to finance to fund expansion
  • Specialist advice on potential merger and acquisition opportunities including conducting due diligence and help with post acquisition intergration
  • Preparation and guidance on a potential sale of the business