Kingston Smith LLP’s team of professional firm specialists have extensive experience in working with the legal sector where our clients range from medium sized LLP’s and partnerships to individual sole traders.

Our specialist solicitor team headed up by John Staniforth consists of dedicated partners and managers assigned to each firm who have a wealth of experience in advising solicitors on the key issues they face, particularly on the following topics:

Solicitors’ Accounts Rules
We perform SAR reviews and prepare Accountant’s Reports to the Law Society for a large number of firms operating client accounts.  In addition to the standard regulatory reports we always seek to offer advice on the operation of client money systems and controls to help improve compliance with the rules whilst trying to avoid adding to the administrative burden of the internal accounts team.  We also have experience in assisting firms in Law Society investigations.

John Staniforth is the author of the book “Financial Management for Solicitors and the Solicitors’ Accounts Rules” published by Tolleys Butterworths which contains a recommended work programme that we use as the basis for all our client SAR reviews.

Performance Improvement and Benchmarking
We employ our expertise to advise on ways to improve profitability and cash flow management, ultimately seeking to maximise individual partners’ profit, shares and drawings. We calculate key performance indicators for our clients and compare them to similar sized firms in the market place to help focus future strategy.

Succession Planning and Staff Remuneration
One of the main concerns for partners is establishing tax efficient and rewarding exit strategies whilst ensuring the continuity of a successful firm. We have experience advising not only solicitors but other professionals on succession routes and retirement planning.

Keeping and effectively remunerating key fee earners is essential for any successful firm and we have been involved in a number of schemes to incentivise key employees and offer them a path to ownership.

LLP Status
A number of professional firms, including ourselves and a number of our clients, have converted to Limited Liability status over recent years and whilst this may not be the most practical structure for everyone, we can advise on the pros and cons as well as helping you through the conversion process.

If you would like to speak to one of our experts, please click here