Solicitor Current Issues
Accounting for solicitors and legal professionals is a specialist area that requires expertise and an understanding of the sectorRegister for solicitor sector quarterly newsletters.
Our expert solicitor accountants are aware of current developments in the solicitor sector and through our proactive approach, we inform our clients of any issues that may affect them.
SRA Accounts Rules
Following a consultation period, which ran between May and June last year, the Solicitors Regulation Authority (SRA) announced, in September 2014, that a three-stage process regarding the proposed new changes to the SRA Accounts Rules would be phased in. Phase Two of the changes has recently been disclosed.
Following an announcement by the SRA, on 15 July 2015, the changes to the format of the accountants’ report for solicitors’ practices are set to relax from the existing rigid requirements. This should be a welcome announcement for law firms across the UK, both small and large. The latest development, announced on 1 June 2016, is that the SRA is to begin consultation for the third (and final) phase of its review of the Accounts Rules.
- Phase Three: All change for the SRA Accounts Rules
- Approval of changes to the SRA Accounts Rules granted
- SRA set to relax Reporting Accountants’ requirements
- SRA Accounts Rules training courses
For more information please get in touch.
The pros and cons of incorporation for solicitors
The default model for a solicitor practice was historically the partnership structure. However, the take up by law firms adopting LLP model in the UK has been particularly impressive. Full incorporation can bring benefits to the firm, but there are some disadvantages that must be carefully thought-out.
For more information please get in touch.
Deregulation of the legal sector
The legal sector in the UK is currently finely balanced; the SRA Accounts Rules are undergoing unprecedented and radical change, the age profile of the sector is rising, there are mounting regulatory burdens and changing consumer needs are transforming the once rigid and inflexible business models that law firms had in place for many years.
For more information please get in touch.
Brexit
On 23rd June 2016 the UK voted to leave the European Union. From the argument over selling bendy bananas to the threat of an emergency Budget, the EU referendum campaign has undoubtedly had its share of the headlines over the past couple of months. The biggest headline now though is of course that the UK has voted to leave the EU.
For more information please get in touch.
Cyber security and data protection
The COLPs, partners and practice managers of law firms hardly need reminding of the risks of data loss and the potential financial cost and reputational damage which can arise. Data breaches are regularly reported in the news and the SRA may well be focusing their efforts on cyber security and data protection when visiting law firms.
For more information please get in touch.
Contact us for a free initial meeting
To find out more about how one of the leading firms of accountants in Sheffield, Doncaster and Northampton can help you, please contact one of our specialists. We believe in long-term client relationships and understand the importance of meeting to establish that you like us and we like you. This is why we offer all new clients a free initial meeting which will enable you to have a discussion about you and your business issues.
To book your free initial meeting, please click here.
We look forward to hearing from you!
