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Performance in the legal sector market 2016/17

Our unique business support for law firms and our endorsement by the Law Society mean that we act for over 100 law firms every year.  As a result, we gather a huge amount of financial and operational information on those firms which we compile in our benchmarking database.  Although each and every one of our law firm clients receive a personalised benchmarking report for discussion as we review their annual accounts, we have also summarised the results of all of the firms in our annual benchmarking report for 2016/17.

Disbursements VAT case for law firms – Frequently Asked Questions

Following on from our briefing note released in September on the recent ruling issued by the First Tier Tribunal on the Brabners case, we have received various queries on the subject. For reference, a copy of that briefing note can be found here

To ensure that the answers to these queries are available to all, this second briefing note addresses those frequently asked questions.

Disbursements VAT case ruling goes against Law Firm

A recent ruling in the first tier tribunal has gone against law firm Brabners, resulting in an HMRC VAT assessment of £68,000 being upheld.  This case should be of significant interest to all law firms providing conveyancing services and recharging fees incurred for property searches.

The case revolves around the treatment of electronic property searches procured from well known provider Searchflow.

Could your legal practice be one of the 53% that would cease trading?

For a number of years Legal & General (L&G) has conducted a range of research with owners of businesses of all sizes at different stages of their development and growth. More than ever before legal practices are undergoing significant change; in leadership, succession planning and business structure as the most tax efficient and flexible vehicle is sought.

Armstrong Watson advise in £13m law firm disposal

Armstrong Watson’s specialist legal sector team are celebrating with their client after the successful completion of the acquisition of Pryers LLP, a firm of solicitors based in York, by Pure Legal Limited.

Law Society Financial Stability Toolkit

Buy the Financial Stability Toolkit book by Peter Scott from The Law Society and Andy Poole from Armstrong Watson.

Armstrong Watson gains exclusive endorsement by The Law Society

Armstrong Watson has achieved a high accolade by becoming the only firm in the North of England to be exclusively endorsed by The Law Society for the provision of accountancy services to law firms throughout England’s Northern Regions.