Current Matters in Progress from the Legal Sector Team

I’m pleased to say that we are currently engaged by law firms for the following strategic support, in addition to the audit, accountancy and tax advice that you would expect us to be involved with.

May 2018
 

  • Provision of Finance Director services to four law firm clients including review, improvement and development of management information, cashflow and budgeting. All four are full recurring clients; two are based in London, one in the North West and one in the North East.
     
  • Managing the limited company incorporation for six law firms, one of which includes an ABS application; all six are non-recurring clients, two firms based in the North West, three in Yorkshire and one in the North East.
     
  • Preparation and development of a bespoke forecasting model for a full recurring client in the North West.
     
  • Providing VAT advice to a law firm clarifying disbursement treatment as a result of the recent Brabners case ruling; a recurring client.
     
  • Advising four firms on their potential disposals. Including finding potential acquirers, negotiating and advising on terms; three non-recurring clients and one recurring client; all based in Yorkshire.
     
  • Searches for potential acquisition targets for two Yorkshire law firms; both non-recurring clients.
     
  • Undertaking Research & Development tax claims for two full recurring law firm clients based in Yorkshire.
     
  • Advising a North West firm on their exit strategy and facilitating initial introductions; this is a full recurring client.
     
  • Managing the SRA application process for one new law firm, including strategic support and introductions to other professionals to act for the ongoing business once recognised by the SRA.
     
  • Finance raising for a Yorkshire law firm; a nonrecurring client.
     
  • Managing the LLP conversion for three non recurring law firms. Two are based in the South and one in Yorkshire.
     
  • Advising on the terms of shareholders’ agreements for three law firms to enable them to efficiently deal with changes in owners and profit sharing; all are recurring clients.
     
  • Succession planning for two full recurring clients one based in Yorkshire and one in the North East.
     
  • Advising on partner changes for three firms, including outlining the implications of how the incoming partners are introduced and advising non the required updates to the shareholders’ agreements; all three are recurring clients, one is London based.
     
  • Providing strategic support to a firm including chairing strategy and board meetings; this is a recurring client in the North West.
     
  • Monthly review and commentary on the management accounts of a North East law firm with quarterly board meeting attendance to facilitate further suggestions, improvement and guidance on implementation.
     
  • Consulting and coaching management of two law firms, one in Yorkshire and the other in the South of England. This links to the firms strategy and culture and aims to improve the financial performance of their teams; both non-recurring clients.
     
  • Acting as a court appointed single joint expert witness in the valuation of a law firm.
     
  • Consultation on the review of the bonus scheme of a London based law firm who are a full recurring client.

If we can help you with any of the above, or with improving the business of your law firm in any other way, please get in touch.

Andy Poole
Legal Sector Partner 

07828 857830
andy.poole@armstrongwatson.co.uk

To find out more about our specialist support and advisory services to law firms visit our Legal Sector page

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