Hazlewoods

Hazlewoods team of 27 specialises in strategy, finance and tax matters across the legal sector.

Collectively we have amassed over 185 years’ service in advising law firms of all shapes and sizes.

Hazlewoods is well known for looking after the production of statutory accounts in compliance with Companies Acts. Conducting audits under SRA Accounts Rules. And satisfying HMRC regulations through the submission of tax returns and computations.

Away from compliance, what else should law firms be considering?

The legal market is going through a significant period of change. We have seen increased activity in practice mergers, acquisitions and flotations. As organic growth can be challenging to achieve more firms are looking to alternatives.

Virtual law firms have become a reality and technology developments are changing the way lawyers work.

Change brings opportunity for law firms

Embracing new technology can lead to increased profitability. For example, case management and accounts software products capture large amounts of data.  But does your firm make use of this beyond reporting on department or fee earner performance?

Management Information for law firms

Bespoke financial reports based on your firm’s specific metrics will give you greater clarity on performance. They help you identify exactly where profits are generated or lost.

For example, you can combine information from your payroll records with the time recording system, and other data. This means that you can then accurately compare the output and costs of each legal department and fee earner. You’ll need this data to calculate the true cost of your legal services per hour or day and eventually at a client or matter level.

Are you planning for the future?

Do you know where to find the answer to these important questions?

  • What if I want to retire in 5-10 years’ time?
  • What should the capital contribution be from each partner?
  • How do we implement changes to profit-sharing arrangements for the future?
  • How much should we pay to acquire another practice?

MORE INFORMATION

Click the links below for more information about Hazlewoods and our accounting services for law firms.

Legal Webinar Series >

Hazlewoods – Our Values >

Legal Focus Winter 2017 >

Legal Focus Summer 2017 >

Legal Focus Spring 2017 >

Our Services for legal firms

  • Legal benchmarking

    Hazlewoods has compiled and written the Law Society’s Law Management Section (LMS) Financial Benchmarking Survey for the last nine years. It is an invaluable way for firms to identify where they might improve and ultimately generate more profit.

  • Buying and selling law firms

    Our support in this area covers identifying and making introductions to potential acquirers, drafting an Information Memorandum for the practice, valuations, advising on negotiations and support throughout the process.

  • AUDIT, ACCOUNTANCY AND Tax compliance for legal businesses

    Let us take care of the compliance based elements for your legal businesses, owners/directors and their families, so that you can concentrate on the running of your business.

  • Business intelligence

    Big data has become a hot topic in business as our IT systems have grown increasingly powerful. We work with law firms and all manner of data to provide meaningful insight into their business and the wider legal sector, in order to improve profitability and processes.

  • Strategic support

    Developing long-term strategic plans, including financial modelling is a task that firms often neglect. Market changes as well as internal challenges with recruitment, investment and distribution of profits make this essential for sustained success.

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