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Accounting for legal firms 

MHA Larking Gowen is a premier provider of accounting and business advisory services for legal firms, having supported legal practices with all aspects of their business for many decades. The head of our professional service team is Jon Woolston, one of the leading legal specialist accountants in the UK. In addition, we are members of MHA Professional Practices group that represents over 100 law firms in England and Scotland.

Our services to legal firms include:

  • Full compliance services, including accounts production, taxation and statutory financial accounts tax planning
  • SRA client money audit, with full disclosure of all issues identified and tailorable work programmes to fit your needs
  • Strategic planning - eg mergers, acquisitions, corporate structures, capital retention
  • Partnership benchmarking with our own benchmarking report (so we know all the underlying data).
  • Profit maximisation
  • Cloud Software and practice management systems
  • Business advisory
  • Budgeting, charging rate calculation and management information
  • Management and outsourcing services
  • Client money systems advice, fraud prevention and investigation

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 always 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.

As more legal practices are becoming LLPs (Limited Liability Partnerships) or limited companies, the legislation constantly changes, and the advantages are less obvious. Some firms regularly 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.

As with tax structures, we'll advise you on the options and give you a complete assessment of whether it’s worthwhile. If you decide to go ahead, we’ll guide you through the process of making the switch.

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 developments.

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T: 0330 024 0888

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MHA Legal Benchmarking Report 2020
MHA Legal Benchmarking Report 2020
Richard Betts

Richard Betts

Manager

Martin Bugg

Martin Bugg

Manager

Jon Woolston

Jon Woolston

Managing Partner

James Organ

James Organ

Senior Manager

Sarra Mattin

Sarra Mattin

Assistant Manager

Jordan Brown

Jordan Brown

Assistant Manager

John Atkins

John Atkins

Partner

Graham Mummery

Graham Mummery

Partner

Peter Glading

Peter Glading

Manager

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