Professional practices

Strategies for talent-led businesses including law and accountancy firms, consultancies, patent attorneys, surveyors, actuaries and architects must skillfully weigh opportunity and risk against an increasingly uncertain future.

Professional Practices
Giles Murphy , Partner	- Head of Professional practices
Ambitious or cautious, professional practices need an advisor who understands the complexity and dynamism of their often mature, highly regulated, business environments.
Giles Murphy , Partner - Head of Professional practices

Whether you are ambitious or cautious, your advisor must be focussed, knowledgeable and close to the issues and markets that matter to you.

Aspiring boutiques and mid-market practices have repeatedly benefited from the expertise of our dedicated, multi-disciplinary team. We marry expertise for tackling broad strategic issues with exceptional technical execution on challenges including:

  • Aligning business planning to strategic goals
  • Structuring and restructuring for growth
  • Talent retention and management
  • Succession planning and retirement

How we can help

  • Accounting and assurance: Providing accounting advice and comfort on your firm’s financial reporting.
  • Tax compliance and advice: Preparing and submitting your firm’s and partners’ annual tax returns, along with advising on the tax impact of various transactions and structures.
  • Regulatory: Satisfying regulatory reporting requirements.
  • Funding: Advising on finance options, including optimal partner funding, improving lock-up management and securing external investment.
  • Partnership disputes: Acting as expert witness and mediating on disputes
  • Employee benefits: Retaining talent by enhancing your employee benefits offering.
  • Partners’ finances: A full range of financial planning and investment advice to provide enhanced financial security.
  • Profit sharing: Advising on profit sharing strategies to drive desired behaviours.
  • Incorporation: Assisting with the incorporation of a partnership as a company or LLP.
  • Investigations into rogue partner activities: Assessment of scale of inappropriate behaviours and prevention measures
  • Data identification post cyber attacks: Investigation into impact of hacking activity
  • Administration of insolvent professional practices: Formal appointments and solutions for firms in financial distress
  • M&A: Assisting with mergers and acquisitions, including target due diligence, sources of funding, structuring and post-deal implementation.

Our credentials

Dedicated

Your firm will benefit from a co-ordinated, cross-discipline service from our specialist professional practices team. We have more than 50 partners, directors and staff, providing all-round accounting, tax, business, financial planning and investment advice tailored to your needs.

Experienced

With experience of more than 100 professional practice clients across the UK, we have the expertise to help steer your management team through your firm’s unique challenges, to enable you to effect change successfully.

Connected

Our active involvement with influential trade and industry bodies such as the Association of Partnership Practitioners ensures we are closely connected to the issues and concerns of professional practices and can innovate to address them.

Forward thinking

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.



 

Law firm survey 2020

Now in its twenty-sixth year, our 2020 law firm survey, developed in association with The Lawyer, reveals many law firms were ill-prepared for the seismic shock from the coronavirus outbreak. The crisis has cast an uncomfortable light on firms with poor financial management or without the necessary technology infrastructure. The pandemic already appears to be widening the gap between law firms, with some now under real pressure. The survey was carried out across May and June 2020 and completed by 198 managing partners and senior management personnel across the UK.

 

Learn more
Law Firm Survey 1920X1080

Legal Week Top 50

The legal market saw another strong year, with buoyant demand for legal services driving strong revenue and profit growth across the sector.

However, with little improvement in lock-up or cash levels, the sector looked vulnerable as it headed into the COVID-19 crisis.

We delve into the issues affecting the legal industry: why are efficiency gains proving stubbornly hard to achieve? How can the sector address the problem of lock-up and improve its cash position? Is it too late?

We provide in-depth analysis, in association with Legal Week, of law firm LLP accounts for the year 2018-2019. Using recently filed data from Companies House, we look at everything from debt levels to profit margins to partner capital to build robust insight into the health of the legal sector.

Learn more

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Professional Practices Leaders

Professional practices are contending with an increasingly competitive marketplace for both talent and clients. Leaders must also look at the role for technology and how to create efficiency and productivity.

In our Professional Practice Leaders section, we talk to your peers about how they have handled these and other challenges and the steps they're taking to build the practices of the future.

 

Clare Maurice

You may also be interested in...

Competitive pressure

Competitive pressure

The legal landscape

Business direction

Business direction

Digital transformation and the ‘new normal’

Lock-up

Lock-up

The importance of cash

The impact of the pandemic

The impact of the pandemic

Unprecedented Government support

The end of the office?

The end of the office?

Working from home

Professional Practices: COVID-19: what will the future look like?

Professional Practices: COVID-19: what will the future look like?

01/06/2020 - As the Government imposed lockdown, we explored the immediate action all firms should take to protect themselves financially. We then looked at the lessons to be learned so far from the impact of the pandemic on professional services firms. In this insight we look further ahead, assessing the potential longer-term consequences.

COVID-19 - what have we learned so far?

COVID-19 - what have we learned so far?

28/04/2020 - The challenging and fast-moving environment that professional practices are operating in during the COVID-19 crisis, has led to some interesting themes emerging. 

Professional Practices: Sound financial management in tough times

Professional Practices: Sound financial management in tough times

30/03/2020 - In light of the challenging and fast-moving environment professional practices are operating in during the COVID-19 crisis, here is a summary of some key areas to focus on.

The competitive landscape

The competitive landscape

Law firms feel the heat, as international groups and the Big 4 accountants issue a challenge

Changing business structures

Changing business structures

Can the LLP structure cope with the demands of a modern law firm?

The continued dominance of legal technology

The continued dominance of legal technology

The continued dominance of legal technology - Investments in technology continue to dominate law firm budgets and their strategic direction

Is lock-up coming down at last?

Is lock-up coming down at last?

No progress on lock-up? – Improvements in lock-up continue to prove elusive, presenting a key risk for law firms.

Lock-up: a stubbornly persistent problem

Lock-up: a stubbornly persistent problem

Lock-up continues to increase. Law firms remain poorly insulated against any major shock to the economy.

Is the legal market in robust health?

Is the legal market in robust health?

Our analysis of the top 50 law firms’ filed accounts for the 2017/18 year shows the legal market in robust health in terms of revenues.

Are law firms immune to the march of technology?

Are law firms immune to the march of technology?

Law firms remain slow adopters of technology. Although there have been some improvements in efficiencies, technology is not having the transformational effect it has had on other industries, such as retail or media.

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