Trading Structure Review Services

Armstrong Watson can help 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.

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?

Reduce your risk
Ensure that you are tax efficient
Ease your succession
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. As an optional extra, provision of a bespoke report of structure options for your law firm to outline the anticipated taxation implications by a partner.

What is the cost?

£1,250 plus VAT and disbursements for the initial assessment meeting including summary notes and hypothetical tax estimates. The above is the fixed fee payable in advance cost option. Bespoke calculations on the anticipated taxation implications for the particular firm – pricing options provided on a case by case basis. All services will be provided remotely via video conferencing, however, options are available for face to face if required.

How long will it take?

Two weeks.

What our clients say

Andy's knowledge of the legal sector is phenomenal and his in-depth understanding of the issues being faced by lawyers at this time of unprecedented change is undoubtedly of huge help to his clients. He can identify ways of structuring a legal business so as to operate within the confines of a highly regulated environment but whilst making it more effective and more profitable. He is also personable and presents informative and engaging training sessions - which are not always qualities that can be attributed to accountants!

Natalie Saunders, Managing Director, Pharos Legal