Legal Practices

The legal services market is changing and the introduction of Outcomes Focused Regulation (OFR) replaces the prescriptive and detailed rulebook previously followed by legal practices.

The new Handbook which came into effect on 6 October 2011 gives firms flexibility in how they can achieve the high level of service provision expected by clients and meet SRA regulations, ethics and the code of conduct. Responsibility for meeting the requirements in the Handbook, and for operating effective systems and processes, lies with the firm and we recognise that this brings its own risks and challenges to our clients. We are happy  to assist clients develop their internal systems and advise on best practice and practical solutions.

We work hard to develop long term relationships with clients; listening carefully to their concerns, acting as a sounding board, being proactive and practical, and offering robust opinions and advice. We assist firms to focus on meeting their regulatory and compliance requirements and achieving increased profitability, succession and business growth.

We provide periodic briefings and ensure that our clients are aware of emerging issues in the sector and other legislation that affects the running of a successful business.

Our legal services team consists of 10 specialist partners and over 150 professional staff offering bespoke services to our clients be they sole traders, partnerships, LLPs, limited companies or Alternative Business Structures.

These services include:

  • SAR reviews
  • Preparation of financial statements
  • Advice on firm structure, vision and strategy
  • Merger and acquisitions advice
  • LLP conversions and LDP “passport” to ASB status
  • Risk management
  • Practice management/systems improvement
  • Capital retention and financing
  • Peer comparison benchmarking
  • Cessation/full, partial retirement planning
  • Tax planning
  • VAT
  • Payroll
  • Practice management/systems improvement

Related links:

Solicitors Regulation Authority: www.sra.org.uk
Code of Conduct: www.sra.org.uk/solicitors/handbook/code/content.page
Solicitors Accounts Rules: www.sra.org.uk/solicitors/handbook/accountsrules/content.page

For more information please contact lpg@mazars.co.uk

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