In the legal profession, tax and accounting needs are anything but straightforward.
As accountants for legal firms, we understand the need for law professionals to be on top of timesheet management because in many cases, a solicitors’ time is billed in small increments (e.g. a tenth of an hour). However, there are sometimes occasions where, due to the nature of a legal matter, a solicitor may prefer to delay raising an invoice. Over many years working as lawyers’ accountants and tax advisors, we see the necessity for working together closely.
Barristers, being often self-employed, will have the annual self-assessment return to consider as part of their accounting needs. Complicating this are the implications of sharing the costs of chambers and administrative support services with other barristers, or the cost of employing Clerks. Engaging the services of a legal accountant who has experience balancing the many facets of a practicing law firm can free you from the burden of managing accounts and finances.
Another challenge in the legal profession, and one that is easier to overcome with the support of experienced specialist lawyers’ accountants, is the effect of lengthy litigation cases on a law firm’s or barrister’s cash flow.
Legal professionals are also bound by the Solicitors Regulation Authority (SRA) Conduct of Business Rules which sets out a range of guidelines for work involving financial services and the handling of other parties’ funds. Your solicitors’ accountant will help you ensure you stay within the bounds of those rules and guidelines.
Find out how our team of accountants and bookkeepers helped this legal services business to streamline their accounting and get better results.
At Braant, we understand the accounting pressures the legal profession faces. We know how law firms and barristers operate and we have the skills and expertise to keep you fully compliant while optimising your accounts for maximum profitability.
We have the resources, the experts, the knowledge and experience to help your business grow. And with over 1,000 accountancy clients in the UK and London, the volume of our work allows us to share economies of scale with you.