Legal Practices

Has the Legal Profession ever before faced such a unique combination of factors which have attempted to force such radical changes on it? The reforms in the legal framework in which lawyers work, as proposed in the Legal Reform Bill, have been accompanied and indeed prompted by quantum shifts in the landscape and Business Model of today's Law Firms.

The advent of 'Global Corporate Mega Firm' and the ABS has prompted the question as to whether the traditional Law Firm is still viable. Is it just an anachronistic model that is creaking at the seams? "Would Jack Welch design a Law Firm that looked like this?" The challenge for Law Firms, if these questions are to be taken seriously, is then how best to use aspects of the Corporate Model to deal with greater scale and complexity without dissembling the 'stratified apprenticeship' and the benefits inherent in the traditional Partnership Model.

Our team at Wingrave Yeats understands these issues and the need to address them now in our advice to our Law Firm clients. We have many years of experience in acting for legal practices ranging from 2 to 20 partners. We are members of the Law Management Section.

We offer the following strategic and compliance services to new and established practices:

Business reviews and strategies for profit improvement

• What should your Practice look and feel like? Is your model collegiate or is it driven from the top?
• What are the expectations of the Partners, how easily can the culture be changed and is there indeed a need to create and enforce one?
• How closely do the personal agenda of the partners coincide with that of the Firm as a whole?
• Should you be looking to the markets for outside capital?
• Should we consider the 'Shared Resources' model?
• Do you feel threatened by the moves of the AA and the Co-op into what is regarded as the preserve of the profession?
  

In this environment, the need to address the current business model is paramount. Our objective is to help you move this process forward. Read more

Remuneration planning for partners and staff

The discussion around Remuneration Models has never been more relevant with the advent of the Corporate Model. The "Eat what you Kill Model" that Wall St has shown us is not attractive to most UK Partnerships. How therefore should you deal with the perennial issue of Lockstep versus Performance based systems?

Succession Planning

Succession planning in an era where the Business Model is often undergoing extreme pressure to change is critical and complex.

Partnerships, LLP's and the Corporate Model

The issue we find most talked about is the move to LLP from Partnership. Whilst we will leave you, the legal experts, to decide what protection an LLP really does give, there are other key issues surrounding any such change.

• Is not the real benefit of conversion that fact that it represents a real trigger for change throughout the partnership on other key issues?
• How far do you actually want to move away from the traditional partnership model? Does LLP go far enough and have you considered incorporation? Read More

Management Information Services

Considering any of the issues we have discussed above cannot be worthwhile without having timely and accurate management information. That information needs to be analysed and turned into a diagnostic tool to improve the Business Model. We provide directly for you or can give advice in helping you build in-house the following services:

• Preparation of monthly management accounts
• Creating KPI's for your Practice (analysis of non-client matter hours, recovery and utilisation)
• Attendance of partners' meetings to discuss financial performance
• Preparation of annual accounts for profit share and tax calculations
• Preparation of and monitoring of forecasts and cash flow projections
• Advising on the management of working capital

Tax

Tax Planning is key in a partnership, it pervades and influences many of the key strategic decisions that you may well be forced to consider. We provide compliance and advisory services including:

• Partnership tax returns
• Personal tax returns for partners and spouses
• Personal tax health checks
• Remuneration and Incentive tax planning
• Tax Reviews of your current business structure

Strategic Alliances

We have strong working relationships with banks, financial planning and insurance advisors to assist you in securing:

• Partnership finance, finance for Professional Indemnity Insurance (PII) and equity partner loans
• Financial planning including pension planning
• Insurances including PII and office insurances

Solicitors' Accounts Rules

We recognise that compliance with the Rules is paramount to your ongoing business. We will:

• Assist with the interpretation and application of the Rules using our extensive knowledge and experience
• Advise you of any changes to the Rules and their impact
• Undertake the annual examination and preparation of the report
• Review your systems and make recommendations

We take our responsibilities in respect of the Solicitors' Accounts Rules seriously. We systematically attend external technical courses and internal workshops and we communicate regularly with the Law Society and our Institute.

Please contact Kathryn Moran or Christopher Jenkins if you would like to discuss the services we can offer your practice.

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Testimonial

The team at Wingrave Yeats and in particular Christopher Jenkins impressed because of their willingness to discuss our immediate concerns and overall business objectives and then look at how they could best support our plans for moving the business, it’s future development and growth. Christopher has been highly sensitive to the complexities of a partnership environment and existing structures and relationships and judged wisely how change can best be progressed. By providing more than just accountancy services Wingrave Yeats have in a short space of time made themselves our trusted business advisors.

James Getgood, COO, Carpmaels & Ransford