Accounting for Professional Services

Larking Gowen is a premier provider of accounting for professional services, having supported legal practices with all aspects of their business. The head of our professional service team is Jon Woolston, one of the leading legal specialist accountants in the UK. 

Our services to legal firms include:

  • Full compliance services, including client money audits, taxation and financial accounts
  • Tax planning
  • Strategic planning - eg mergers and acquisitions
  • Partnership benchmarking
  • Profit maximisation

In addition, we support legal firms through:

  • Technical support for complex trust accounts and tax returns
  • Client support - tax planning
  • Expert witness and forensic accounting.

As well as handling all aspects of accounting for professional services, we also provide specialist advice. Current developments within the legal world are complex and add to the burden of practice management.

Our business advice service helps take the pressure off, providing a sounding board for new ideas and a valuable outside perspective on the issues facing the practice.

While most firms achieve basic compliance, inaccuracies and irregularities do sometimes appear. We'll make sure your client money is appropriately ring-fenced, and that you have the right systems for recording transactions. We can also help you tighten up your processes to reduce the risk of errors.

We can carry out an audit of your systems and processes for handling clients’ cash, and will provide a detailed report of all issues we find. In a limited number of cases, we'll submit a report to the Solicitors Regulation Authority on your behalf.

More and more legal practices are becoming LLPs (Limited Liability Partnerships) or limited companies. Some move between the two structures. Revising your business structure can give you more freedom in terms of ownership, making external investment easier and freeing up partners to focus on client work.

We'll advise you on the options and give you an honest assessment of whether it’s worthwhile. If you decide to go ahead, we’ll guide you through the process of making the switch, including setting up remuneration systems.

We can also help you get external finance, including developing business plans and projections for potential investors.

As well as handling all your business tax affairs, we can take care of the personal tax arrangements for partners in a legal practice. We undertake a regular review of the partners' tax affairs to keep them efficient and in line with future provisions.

Get in touch

T: 0330 024 0888

E: legal@larking-gowen.co.uk

MHA Legal Benchmarking Report 2017
MHA Legal Benchmarking Report 2017
We're proud to be EWI members
We're proud to be EWI members
Jon Woolston

Jon Woolston

Managing Partner

Martin Bugg

Martin Bugg

Manager

Richard Betts

Richard Betts

Manager

Thomas Norman

Thomas Norman

Manager

Peter Glading

Peter Glading

Manager

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