In the legal profession, tax and accounting needs are anything but straightforward.
As Legal accountants 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.
When it comes to accounting, solicitors and other legal professionals have specific needs as they are regulated by the Solicitors Regulation Authority (SRA) and are required to adhere to the SRA Accounts Rules. These rules need compliance with all the legal and reporting requirements for the holding, maintaining and control of clients’ monies by the legal practice.
The rules for reporting accounts are complex and varied, depending on the type of legal entity. Recently, these reporting obligations have changed in many areas and have more flexibility than in the past, but they are still challenging to navigate. Any breaches of the Account Rules are reported to the SRA.
At Braant we are well-versed in both law and accountancy. We fully understand the SRA’s Account Rules and how they apply to each different type of legal practice. We establish good systems and strategies so accounts are submitted on time and accurately. We ensure effective compliance so accounts contain all the required information and are supported by the correct paperwork. We can provide guidance on the Accounts Rules, we know the common breaches and how to avoid them.
We fully understand the importance of complying with the rules for reporting accounts and how important it is to submit them punctually and accurately. We can help you manage your firm’s accounts more effectively and we fully understand how vital it is that you obtain skilled advice to achieve this.
We undertake to maintain your accounts so they comply with all legal and regulatory obligations. We are highly experienced and can competently handle legal accounts whether you are an individual solicitor, regular partnership or limited liability partnership. We understand the complex SRA rules and how they apply to you.
We are proud of our work and recognise how valuable it is to ensure that your accounts are both accurate and compliant.
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.