Latest News

BlueCrest case highlights importance of LLPs’ compliance with Salaried Member Rules

A significant legal development has once again highlighted the need for Limited Liability Partnerships (LLPs) to carefully consider HMRC’s Salaried Member Rules.

SRA consultations – Armstrong Watson’s views on potential changes for client money, residual balances and interest

The SRA is consulting on proposed changes to the Accounts Rules that could limit the period a firm holds client money and potentially require all Accountants Reports to be submitted to the SRA. 

Law firm consultants: Employment status indicators and tax impacts

Determining whether a worker is employed or self-employed for tax purposes has long been a complex issue. The legal sector faces specific tax challenges and risks when engaging ex-partners and client-facing consultants.

An interview with… Gareth Milner, Managing Director of JM Glendinning Professional Risks

Andy Poole interviews Gareth Milner, Managing Director of JM Glendinning Professional Risks to explore his thoughts on the current PII market and the impacts of growing consolidation in the market.

Initial considerations for law firm closure, sale or merger

When closing down a law firm, due to a sale or merger, preparations will need to be considered for staff transition, closure notifications and post-closure operations. 

Law firm 2023/2024 benchmarking review provides encouraging insights

Legal Sector Manager Victoria Lovell looks at the key findings from our 2023/2024 law firm benchmarking review, including fee income averages, net profit, people and overheads. 

Insolvency procedures for UK law firms

When a law firm cannot avoid insolvency, there are a number of steps to be taken and it is important to act promptly to avoid intervention.

At the point an insolvency practitioner is engaged, there are a number of questions that must be asked before a decision is made as to the most appropriate insolvency procedure for an insolvent law firm to enter into.

Is now the time to outsource your law firm’s finance function?

The need to generate regular, timely financial information - both for internal management and external stakeholders - can be time consuming and complex, especially when pulling together data from a range of sources. Should you outsource your finance function 

How can law firms generate meaningful and useable management information?

The golden rule with most things in life, and management information being no exception, is that the quality of what you get out, is only ever as good as the quality you put in.

6 common SRA Accounts Rules breaches

The SRA Account Rules were revised in 2019 but there are some common breaches we see. Sadie Archibald, Legal Sector Audit Team Assistant Manager, looks at how these breaches can be managed internally.