Hot on the heels of the Budget, I’m sure the questions being asked by many partners at solicitor practices across the country are, “Should we consider incorporation to obtain limitation to liability or not?” and, “What are the consequences now?”
The majority of the legal practices that we see are predominantly partnerships and partners are looking at how to structure the practice in order to attract and obtain potential future partners.
The MHA Legal Benchmarking Survey has recently been published and findings show yet another encouraging level of growth, particularly within the Property and Construction sectors.
Fee income across firms with at least five equity partners has increased by at least 13%, with some showing increases of 27%.
As solicitors embrace technology and move towards a paperless office, how can they produce an electronic ‘chit’ that complies with the Solicitors Regulation Authority (SRA) Accounts Rule 2011 approval process without incurring large software upgrade costs?
As each accounts department in a firm of solicitors knows, these little pieces of paper can easily build up and can take up a vast amount of room.
Following on from Chris Vines’ blog dated 28 May 2015, which related to the predictions on the Solicitors Accounts Rules, the SRA Board have made a proposal to relax some of the requirements of the accountants report.
Accountants will soon be able to use their professional judgement to assess if the reports they prepare for solicitors’ practices comply with SRA Account Rules.