Traditionally an industry in steady growth, the legal services industry has recently undergone a phase of consolidation involving several mergers and closures of small firms. These measures were intended to make firms more resilient in the face of growing competition and complexity. The medium and large firms have experienced most growth in recent years.
We have broad experience and insight in how law firms are structured and in the challenges specific to partner-owned firms. We are auditors and advisers to a number of the largest as well as to several small and medium law firms.
In addition to auditing and preparing annual accounts and tax returns, here are some of our other areas of expertise:
- Assessment of the optimal form of business entity for a law firm, including continuous reassessments following changes in legislation or conditions.
- Ownership share in a law firm, personal/direct or via a general partnership, general partnership with shared liability, internal partnership and/or private limited liability company; tax opportunities and challenges.
- The content of partnership agreements and other partnership models with respect to entry, distribution of profits, exit, etc.
- Serve as discussion partners when deciding systems and procedures for time registration, invoicing and accounting.
- Consultancy in connection with merging with other law firms, acquisitions, withdrawals/demergers and dissolutions.
- Information on changes in legislation governing direct and indirect taxation and accounting, and monitoring changes that affect law firms.