Professional Practices
Helping professional practice firms change and grow to meet the challenges and opportunities presented during different phases of the economic cycle, is the bedrock of our service provision in this sector.
Why work with us?
Through planning, profit improvement exercises and providing our clients with access to the right management information, we help them to improve profitability and to focus on strategy.
Our in-depth experience of accounting for regulated professionals and knowledge of partnership taxation ensures we assist our clients in meeting their financial objectives whilst minimising the cost of compliance.
Working in partnership with our clients we help them tackle changing market conditions while effectively managing increasing regulatory obligations.
Looking specifically at the legal sector, with consolidation in the sector, partnership succession challenges and increasing competition with the entry of alternative business structures, we have assisted in deal structuring, match-making and financial due diligence.
Our professional practices team continues to help law firms tackle such challenges in a way that secures their future financial health.
Future of the Legal Workforce Survey Report
We surveyed 70 of the key decision-makers in 45 legal firms across Scotland, which revealed ambitions for future growth, concerns around talent acquisition and retention, and highlights a readiness gap in integrating AI into the business.
Get your copy of the report below to check read the full findings.
Our work in this sector
We have worked with many professional partnerships to improve their financial reporting procedures enabling management to readily overview how the business is performing. This, together with facilitating strategic planning has enabled these businesses to improve profitability and grow.
We regularly look at the structure of the business and establish the tax consequences of the structure and possible alternatives. Providing financial advice to incoming and outgoing partners is a key aspect of our service, including how the business may finance retirals and capital withdrawals from the business.
We have provided regular training and CPD opportunities for businesses ensuring they are kept up to date with taxation matters which may impact on their work with clients. Seconding staff to assist with VAT compliance and advising on the VAT implications of complex property transactions, is also an area of support we provide.
We also provide payroll services to a number of our professional practices and have assisted them in moving to Real Time Information (RTI) and the implications of pension auto-enrolment.
Meet our Professional Practices team
Louise Mackie
Manager
David Smith
Managing Partner