Whether you are a partner in a multi-partner law firm or a barrister operating as a sole trader, delivering service excellence while building and maintaining client trust is of the utmost importance.

For partners, both new and experienced, growing and innovating the firm is crucial. This must be balanced with addressing unique operational and financial challenges, all while responding to the evolving needs and expectations of clients and staff.

Although chambers are very different to private practice, barristers must still consider key aspects of running a successful business, such as accounting, tax, insurance, IT and staff considerations. Like all successful professionals, they too must look ahead and consider succession and wealth planning strategies for themselves and their families.

How we help clients

As a fellow member of the professional services community, HLB Mann Judd is familiar with the financial and operational challenges related to the sector. We have extensive experience working with barristers, sole practitioners, and partners of legal firms, advising them on all aspects of their business, tax and financial needs.

Over many years of experience, we have gained a deep understanding of the business structures and profit drivers of legal practices and private chambers. Like many in the profession, we also understand the importance of the client experience and seek to innovate client communication through both formal and informal feedback strategies.

Some of the ways we partner with the legal profession include:

  • Reviewing partnership business models and their financial impacts
  • Assessing partnership offers, detailing benefits and risks
  • Evaluating the financial implications of partnerships, including profit splits, cash contributions, and goodwill versus non-goodwill structures
  • Developing tax-effective strategies to optimise the return on your financial investment and time
  • Providing negotiation strategies and talking points for partnership opportunities
  • Reviewing finance functions, conducting operational reviews and developing operational resilience strategies
  • Management accounting, reporting, cloud accounting and bookkeeping services
  • Providing personal wealth-building and succession planning strategies

Support for your clients

We regularly partner with our clients' advisers to ensure they receive the best possible support and advice. We also provide specialised services to assist clients of law firms, including:

  • Forensic accounting for business and matrimonial disputes
  • Business valuations
  • Insolvency and restructuring services
  • Administration of deceased estates
  • Superannuation services for self-managed superannuation funds

At HLB Mann Judd, our vision is not to be the biggest, but rather the most highly regarded accounting and advisory services firm. Contact our team, and let us review your current position so we can assist you with your tax affairs and other business needs.

Related services

Tax Consulting
Superannuation & SMSFs
Wealth Management