We have a team of 12 accountants and financial advisors that focus exclusively in acting for lawyers. That knowledge allows us to focus on improving the business of law rather than just the compliance requirements. We help lawyers in a way that others don’t and some of our bespoke added value services are included below. Our focus has resulted in Armstrong Watson being the only accountancy practice in the UK to be endorsed by The Law Society. As you’d expect, we also prepare your accounts, SRA Accounts Rules reports and tax returns in a knowledgeable and efficient manner. Our pro-activity stands us apart from other accountancy firms, generating our track record of providing financial solutions to law firms that aren’t just compliance focused:
- Full suite of “normal” financial compliance services (e.g. accounts, audits, tax returns etc.) but from a team who work exclusively with law firms and can benchmark you to your peers and offer proactive recommendations and best practice examples
- A proactive Mergers and Acquisitions service specifically for the Legal Sector with due diligence, financial modelling and tax advice.
- Forecasting, business plans and management information. Our Legal Sector specialists will prepare your bespoke financial forecasts/business plans using our own detailed forecasting model based upon utilisation and recovery levels of specific fee earners at specific times of the year; and debtor days and WIP days of departments.The recommendations might include what management information should be produced, its format and frequency. They will also include templates, key performance indicators and targets for each department of your firm.
- Lock up and WIP reviews. Armstrong Watson’s lock-up review will identify where procedures and practice can be improved to release cash that is locked within your firm. We will make detailed suggestions, department by department, on specific improvements that need to be made to improve cashflow and profitability.
- Strategic business advice/Managing partner coaching. Our dedicated legal sector team specialise in providing strategic solutions to law firms. The focus of our strategic business advice is on the performance of a law firm, understanding every part of the operation, its people, processes, current situation and future goals. Through a set process we capture where you are now, where you want to be and what success looks like.
- A wealth management service tailored to lawyers which focussed on the income protection, pension and investment advice that cash rich and time poor individuals in this specific sector need.