Solicitor practices are no different to regular businesses, they too face the burden of managing day-to-day financial affairs and planning for tax efficiencies. Solicitors and law firms in London operate as either sole proprietorship, partnership, limited liability company, or limited liability partnership (LLP). And the business models range from fixed fee, retainer, funded by insurance and time-based, among other arrangements. Whichever structure or business model you choose, there are ways to maximise your income and minimise your tax liability, areas in which Muhit & Co can certainly help.
We are able to assist independent solicitors and law firms identify and put in place the most appropriate business structures and assist with ongoing accounting and tax-related issues, particularly in how to best manage the different fee structures and methods available to a law firm.
Unlike many businesses, solicitors accounting practices are also governed by the Solicitors Regulatory Authority (SRA) Accounts Rules. Muhit & Co are expert accountants for Individual Barristers, Solicitors and Law Firms in London that can help advise on the implications of these rules and how the practice operations can be made more efficient.
