Compliance with the SRA Accounts Rules is the main area of regulation we are involved with – almost on a daily basis. Not only do we perform the annual audit and report to the Solicitors Regulation Authority, but we act in an advisory capacity on compliance. Our team regularly delivers seminars to fee earners on the SARs, where we make the training specific to the firm’s own procedures. Karen Hain presents annual update courses for the local Law Societies on the SARs.
A number of sweeping changes for legal practices have been implemented as a result of the Legal Services Act 2007. We have taken this opportunity to discuss with clients their business structure and how this will fit in to potential opportunities that the LSA may bring. In some cases this had lead to the setting up of legal disciplinary practices and to incorporations as limited companies.
Working capital management has become vitally important during the recession. Legal practices have been hit by the downturn in the property market and a fall off in interest rates. Our team reviews lock-up to see if procedures can be tightened to shorten the time it takes to turn work in progress into cash.
In addition to her substantial experience of the SRA Accounts Rules, and advising practices on improving profitability, Karen is also a qualified Lexcel consultant and as such can advise law firms on what they need to do to achieve the Law Society’s quality standard. Karen is also a regular presenter for the Law Society and provides advice on a number of issues, including; managing the modern law firm, profitability and cash flow, as well as the SRA Accounts Rules.
What our clients say about us…
“The process of setting up our own practice was so time-consuming from a legal
services perspective that we overlooked the financial side. We might well have
ended up in hot water over financial compliance issues, but the specialist
advice from MHA Chiks’s Professional Practices team averted any
potential problems and their subsequent assistance means we now have a
financial system in place that enables us to focus on developing our practice.”
“I appointed MHA Chiks as the accountants for my firm in 2009. Karen and her team are a pleasure to work with. They are very knowledgeable as regards Solicitors Accounts Rules and not only provide excellent support in this respect but also provide a valuable additional service in looking at the future not just the previous year which has assisted in the growth of my firm.”