Complying with legal and reporting requirements relating to the holding, maintaining and controlling of client monies is an ongoing challenge. The detailed reporting is complex and, over the past few years, the obligations have been amended in numerous areas. Most law firms are conversant with the updates, ensuring solicitors’ accounts are compliant. However, if breaches of the rules occur, they are reportable to the Solicitors Regulation Authority (SRA).
Perrys Chartered Accountants expertise with SRA stipulations ensure that such breaches don’t occur, preserving the reputation of the law firms we serve.
Accounting for Law Firm Partnerships
One of our specialisms at Perrys is working with partnerships. Many law firms operate as regular partnerships or Limited Liability Partnerships. We make sure we know exactly how you operate and the market conditions you face. The rules for reporting accounts are different, depending on the type of partnership – it’s a complex area and we can help to clarify partnership tax issues for you.
We understand how to balance the needs of each firm with those of the individuals within it, putting systems in place to ensure all accounts are filed at the correct time and to the right authority, containing all the details required, backed up with relevant paperwork compiled with stringent accuracy.
Victoria has looked after the tax affairs of my consultancy for 20 years. Throughout that time, her work has consistently met high standards of accuracy and presentation.
Steve makes me feel that I am his only client, perhaps I am?
What are Solicitors Accounts Rules?
Solicitors regulated by the Solicitors Regulation Authority (SRA) are required to adhere to the SRA Solicitors Accounts Rules. Solicitors Accounts Rules (SARs) define the requirements that law firms who operate client accounts must uphold, focusing on high-level principles designed to protect client money and assets.
At Perrys, we have detailed knowledge of these rules and the interpretation of them in everyday use with our clients. We act for numerous solicitors in relation to the audit requirements for current regulations. In addition to the audit, we can advise on the rules and provide feedback and recommendations on client accounting, along with efficient tax planning.
We undertake compliance with legal and regulatory obligations in a transparent, timely and collaborative process that leaves nothing to chance. Working with individual solicitors or legal firms with multiple partners, we operate in accordance with proper governance and tried and tested financial and risk management principles.