Compliance with the SRA Accounts Rules is the main area of regulation we are involved with – almost on a daily basis. Not only do we perform the annual audit and report to the Solicitors Regulation Authority, but we act in an advisory capacity on compliance. Our team regularly delivers seminars to fee earners on the SARs, where we make the training specific to the firm’s own procedures. Karen Hain presents annual update courses for the local Law Societies on the SARs.
A number of sweeping changes for legal practices have been implemented as a result of the Legal Services Act 2007. We have taken this opportunity to discuss with clients their business structure and how this will fit in to potential opportunities that the LSA may bring. In some cases this had lead to the setting up of legal disciplinary practices and to incorporations as limited companies.
Working capital management has become vitally important during the recession. Legal practices have been hit by the downturn in the property market and a fall off in interest rates. Our team reviews lock-up to see if procedures can be tightened to shorten the time it takes to turn work in progress into cash.
In addition to her substantial experience of the SRA Accounts Rules, and advising practices on improving profitability, Karen is also a qualified Lexcel consultant and as such can advise law firms on what they need to do to achieve the Law Society's quality standard. Karen is also a regular presenter for the Law Society and provides advice on a number of issues, including; managing the modern law firm, profitability and cash flow, as well as the SRA Accounts Rules.
The Law Society has a section of their website dedicated to Lexcel, explaining the benefits of Lexcel to practices and the application process. To find out more, visit the website by clicking here. Alternatively contact us and we can send you a Lexcel information pack.
To read Karen's blog please click here.
For more information, or to arrange a no obligation consultation, contact Karen Hain on 01772 821021.
Our regular update newsletter for legal practices.
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- The Law Society - the regulatory and representative body for 116,000 solicitors in England & Wales
- The Royal Institute of British Architects (RIBA) - the RIBA has over 30,000 members and is one of the most influential architectural institutions in the world
- The National Association of Estate Agents - the regulatory body for estate agent
- The Association of Residential Lettings Agents (ARLA) - Information on ARLA and its bonding scheme for landlords and tenants
- The National Approved Letting Scheme (NALS) - A professional body designed to promote quality standards to lettings and management agents
- The Bar Council - which represents Barristers in England and Wales
- The Solicitors Regulation Authority - regulates solicitors in England and Wales
- The Royal Institution of Chartered Surveyors - professional body for qualifications and standards in land, property and construction