Review to determine the most appropriate trading structure for a law firm

Armstrong Watson can you decide upon the most effective operating structure for your law firm. That way you can ensure that your business structure compliments your business objectives and financial goals.

Following an initial face to face assessment meeting to understand your law firm, your objectives and priorities we will provide:

  • Summary notes on the implications of various structure options.
  • Estimated tax impacts of other structure options based on a hypothetical law firm.
  • A bespoke report on the most likely structure options for the particular law firm, outlining the anticipated taxation implications by partner. This part of the service is an optional extra and a guide price is provided below based on calculating the tax implications for two classes of partner within the firm.  More detailed calculations can be provided at a bespoke cost.

Armstrong Watson has helped over a hundred professional practices to amend their structure. This has included the use of more complicated hybrid group structures as well as limited company incorporations and LLP conversions. We have lectured nationally for MBL seminars on structure options and the tax changes brought about by the Finance Act 2014.

Contact our Legal Sector Partner, Andy Poole, on 07828 857830 or andy.poole@armstrongwatson.co.uk to discuss how we can help you.

  Read more about the benefits of appointing Armstrong Watson

What is it?

The provision of information to assist law firms to decide whether their current practising structure is best suited to their needs.

Who is it for?

All law firms of all structures and sizes in all locations.

What are the benefits for your firm?

  1. Reduce your risk
  2. Ensure that you are tax efficient
  3. Ease your succession
  4. Ensure your continued business flexibility

What do I have to do?

Partners attendance at the initial meeting, or selection of members and head of finance.

What are the deliverables?

Initial meeting. Provision of notes on the implications of various structure options. Provision of estimated tax impacts of options based on a hypothetical law firm. Provision of a bespoke report of structure options for your law firm, outlining the anticipated taxation implications by partner (optional extra).

What is the cost?

£875 plus VAT for the initial assessment meeting and summary notes and hypothetical estimates. Bespoke calculations on the anticipated taxation implications for the particular firm – usually in the range of £1,850 - £3,500 plus VAT with quotes provided on a case by case basis.

How long will it take?

Two weeks.

What our clients say

Your Key Contacts

Andy Poole

Legal Sector Partner

07828 857830

Email Andy

Rosy Rourke

Legal Sector Director

07557 951148

Email Rosy

Tom Blandford

Legal Sector Director

07793 621951

Email Tom

Get in touch

To find out more about how we can help you or your business, contact one of our Legal Sector Specialists above.

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Armstrong Watson LLP is a limited liability partnership registered in England and Wales, number OC415608. The registered office is 15 Victoria Place, Carlisle, CA1 1EW where a list of members is kept. Armstrong Watson LLP is regulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities. Unless otherwise indicated, either expressly or by the context, we use the word “partner” to describe a member of Armstrong Watson LLP or an employee of Armstrong Watson LLP in their capacity as such.

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Armstrong Watson Financial Planning Limited is authorised and regulated by the Financial Conduct Authority. Firm reference number 542122. Registered as a limited company in England and Wales, number 7208672. The registered office is 15 Victoria Place, Carlisle, CA1 1EW. Armstrong Watson Financial Planning & Wealth Management is a trading style of Armstrong Watson Financial Planning Limited.

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