Whether you operate as a sole practitioner or as part of a multi discipline/multi office partnership, the Lentells team have the specialist knowledge and experience to give you the expert advice and support that you need to run your practice.
Running a professional services practice profitably and efficiently, requires specialist financial information. Lentells have the expertise to help you obtain, interpret and benchmark key financial information giving fee earners a better understanding of the impact that their working practices have on profitability and cash flow – such as timely billing, improved debt collection, levels of write-offs. With such key information at hand, you will be able to:
- Produce more realistic fee quotes and hourly charge out rates
- Make more effective use of staff and resources
- Develop greater understanding of which types of work are most profitable
- Assess the performance level of individual fee earners.
- Assess the value of work in progress and debtors
- See the value of unbilled disbursements which the firm is funding
Your firm’s structure and financing:
A large number of professional services businesses operate through a partnership structure. This in itself brings a range of challenges and opportunities. We can guide you through the issues including:
- Forming a partnership
- Partnership agreements
- Profit sharing arrangements
- Succession planning
- Partnership property
Specialist service for solicitors
The Solicitors Accounts Rules 1998 are a complex set of rules governing how solicitors should handle client money, including accounting for interest and disbursements. Even small firms can find themselves dealing with very considerable volumes of client money and transactions particularly where conveyancing or probate matters are involved. The risk of fraud or error is high and all firms must have a sound knowledge of the Rules and strong accounting systems and controls to minimise these risks. Common problem areas are the definition of client money, treatment of Legal Services Commission receipts and the appropriate use of office account and client account. The SRA requires an independent accountant’s report to be filed within six months of each year end if a firm handles client money. At Lentells, we strive to make this reporting process beneficial to you by reviewing your systems and controls and reporting to you any weaknesses or areas for improvement that we identify.