Professional services to legal firms
Strategies for talent-led businesses including law firms must skilfully weigh opportunity and risk against an increasingly uncertain future.
At Smith & Williamson we understand the challenges of running a professional services firm.
Through our extensive experience of working with legal firms as their accountants and financial and tax advisers, we know the challenges you face giving us the experience to deliver for you and your practice.
Our legal practice service team tailors its approach to your unique circumstances and requirements. We do this through a focused approach and the application of insight and benchmarks gained from our experience working with our growing client portfolio of professional practices and legal firms.
Meeting your needs
We have built a dedicated professional practice team centred on providing a quality service to our growing list of legal firm clients. Based in Dublin, we seek to deliver tailored services focused on your individual firm’s needs.
The annual Smith & Williamson Irish Law Firm Survey highlights our continuing commitment to, and partnership with, the legal sector in Ireland. Coupled with insights gained from working with our portfolio of professional practice clients enables us to deliver unrivalled strategic advice, accounting, tax and succession planning.
Our legal sector specialists regularly draw on the Nexia International network to provide solutions for firms seeking to expand outside Ireland or link up with international firms.
How we can help
We gain an understanding of financial controls, cash and lock up, whilst ensuring you are compliant with Law Society regulations.
Through the practice review and by building a thorough understanding of your aspirations we help create a a robust business plan and financial platform to deliver on your objectives successfully.
Structures and controls
We help implement the financial structures and controls your organisation needs to better control and free up working capital.
Financing, funding and succession
Through an analysis of your sources of funding, their suitability and alternatives we aid the delivery of profitability and financial stability. Coupled with our expertise in succession planning and retirement funding you can confidently transition leadership further promoting a stable financial platform.
Providing Law Society and other regulatory reporting requirements.
Merger opportunities need to be critically and independently assessed to ensure they deliver the return on investment, profitability and most importantly practice and culture fit to ensure success. Our capabilities encompass:
- Due diligence
- Independent business reviews
- Financial analysis and projections
- Individual partner financials
- Cash flow objectives and modelling
- Profitability improvement
Your firm will benefit from our co-ordinated, cross-discipline service from our specialist professional practices team. Our partner-led service in Dublin provides accounting, tax, business, financial planning and investment advice tailored to your needs.
With experience of more than 100 professional practice clients across the UK and Ireland, we have the expertise to help steer your management team through your firm’s unique challenges, to enable you to effect change successfully.
We seek not just to solve, but anticipate the challenges professional practices face. Our insight programme condenses these issues and shines light on solutions for clients, meeting the challenges together.