The Legal Services Act has made it essential for law firms to have a clear vision for the future. There is no single solution, but each firm should have a clear business plan that is focused on specific markets, taking into account the offering from competitors and recognising the particular strengths of the practice.
Over the next few years, it is inevitable that the legal landscape will change significantly. The new players such as Saga, Direct Line and the RAC have existing loyal customer databases and understand sophisticated marketing and efficient service delivery. In our view, the key challenges for many traditional solicitors’ practices are to:
- Identify profitable gaps in the market.
- Become more accessible.
- Offer transparent pricing structures.
- Improve the level of client service.
- Develop a corporate culture.
We are able to help law firms achieve their goals and meet their responsibilities through:
- Management review and Business planning.
- Mergers and acquisitions.
- Tax efficient structures.
- Financial reporting model.
- Remuneration packages.
Our experienced team also provide compliance-based services including:
- Year-end accounts – for LLPs, limited companies and traditional partnerships.
- SRA accounting rules review.
- Partnership and company tax returns.
- Partners’ personal self-assessment tax returns.