Accounting Expertise Legal Firms Can Count OnThe legal industry is expected to grow 4-5% in 2014 and the global market is forecasted to generate about $750 billion by 2015. Of the world's 100 highest-grossing firms worldwide, approximately 80 are headquartered in the US and approximately15 are based in the UK. Larger legal firms continue to expand their global footprint to take advantage of rising demand for international legal expertise. The US Legal Services Industry includes about 180,000 firms, with combined annual revenue of approximately $280 billion, and business transactions remain a key area of growth. The profitability of individual firms continues to be dependent on the partners' reputations and abilities, as well as effective cash flow and cash management.
Large firms have the advantage of serving corporate customers with a wide range of needs. Small firms can compete successfully, however, by providing specialized expertise and/or superior outcomes and operating within a local market. With increased competition and more than ever before, successful law firms must operate more innovatively and efficiently. Entrepreneurial disciplines like succession planning, cost reduction, human resources strategies and merger or acquisition planning, are essential to long-term success for legal firms.
No matter whether your law firm is big or small, we have a highly experienced, professional team to assist in achieving your goals. We support law firms in identifying key performance indicators, analyzing performance data, setting and monitoring benchmarks and taking appropriate action to achieve goals.
Over the past thirty years, we have provided much more than tax and accounting services to our legal firm clients, although accounting is one area where many firms need greater support to improve efficiency and safeguard assets. Possibly the most important need is in the area of legal services, cash management and financial reporting. We consistently review accounts and procedures to help manage legal practices, by strengthening cash receipts and simultaneously controlling cash outflows.
Services to the legal industry
- Accounting support
- Accounting and monthly financial statements
- Time and billing system support
- Outsourced CFO/Controller/Bookkeeping
- Audits of financial statements and qualified retirement plans
- Internal control assessments
- Alignment of firm strategic objectives and vision/values
- Annual budgeting/financial forecasting
- Associate/staff compensation evaluations
- Benchmarking and key operational analyses
- Partner compensation plan design
- Partner conflict resolution
- Profitability improvement
- Software selection consulting:
- Abacus Law
- Amicus Attorney
- Strategic planning
- Tax planning and return preparation (law firm & partners)
- Partner compensation disputes
- Employee retention issues
- Expense control
- Maintaining/monitoring trust accounts
- Maximizing collections
- Maximization of billable
In addition to the above, we also offer the following law firm-related services:
- Business Valuations/lost wages computations
- Litigation and forensic accounting
- Expert witness services