Working with Solicitors
At Cottons, we have many years of experience working with Solicitors, both specialist firms and general practices. We understand the unique accounting and taxation needs of the legal profession and have worked with firms as they transition from the traditional sole trader or partnership models to the more protected LLP and company structures.
We have a dedicated Solicitor’s Accounts Rules (SARs) team, assisting clients with their regulatory compliance including ‘SRA audits’ where required, systems review work and ad-hoc advice for those day-to-day queries.
We understand there is no ‘one size fits all’ approach to this type of work. Our team recognises that each business is different and we tailor our approach, working with clients to improve and maintain compliance, whilst supporting those business owners to maximise profitability.
All solicitors holding Client monies are required to comply with the Solicitor’s Accounts Rules, a comprehensive document defining Client money, specifying how those monies should be dealt with and the related records maintained, to ensure the protection of the solicitor’s clients and their funds.
Unless exempt, solicitors have six months from the end of their accounting period to obtain an Accountant’s Report. As a qualified firm of auditors, Cottons are able to undertake this work and produce the necessary report, including submission to the SRA where required.
We are a proactive team, constantly looking to provide added value to our accountancy, tax, SRA compliance services and we pride ourselves in building long-term working relationships with our clients. For more information please contact us.