The Solicitors Regulation Authority (SRA) require that any solicitor or law firm that holds client money will need to have systems and controls in place to ensure compliance with these rules and the nature of those systems must be appropriate to the nature and volumes of client transactions dealt with and the amount of client money held or received. The client money accounts are also required to be audited by an external accountant to ensure compliance with the Solicitors’ Accounts Rules.

Tax should not direct a legal practice but it does affect cash flow, whether you trade as a Partnership, an LLP or a company. We complete the partnership or company financial statements, tax returns and provide a full compliance service to the owners of the firm, as well as helping with forecasting tax liabilities and providing planning advice.

At LMJ Group, we have many years of experience working with Solicitors, both specialist firms and general practices. We understand the unique accounting and taxation needs of the legal profession and have worked with firms as they transition from the traditional sole trader or partnership models to the more protected LLP and company structures.