HLB Mann Judd offers a specialist team with expertise in providing accounting, tax and business advisory services to the legal profession. We have a detailed understanding of the structures and profit drivers of legal practices, allowing us to provide practical advice and assistance in optimising firm and individual partner profits.
Legal Practice Structuring
We are able to review the effectiveness of your business model and, if necessary, provide tax effective strategies to optimise the return on your financial investment and time.
Supporting Your Practice
We provide specialised services to help you help your clients including:
- Forensic accounting for business and matrimonial disputes
- Valuations of businesses including professional practices
- Litigation support
- Insolvency services
- Administration of deceased estates
- Superannuation services for self managed superannuation funds.
You and Your Clients
Like your clients, you as a legal practitioner can benefit from our specialist advice, as a partner in a firm, a sole practitioner or employee.
We have a step by step approach in establishing your financial needs and goals and assisting you achieve them. Our steps include:
- Understand your current position (wealth, career and family)
- Develop the most appropriate and tax effective structure
- Review of salary packaging options (superannuation, deductible expenses, etc)
- Prepare all required financial reports and income tax returns.
Entering into a Partnership Agreement
For practitioners considering partnership, we are able to act as an unbiased sounding board and adviser by providing:
- A review of partnership offers, detailing the benefits and risks, including an analysis of the financial implications (profit split, cash contributions, goodwill versus non-goodwill structures, etc)
- Common discussion points to assist in negotiating partnership opportunities
- Explaining the implications of the various partnership models, and the financial impacts of each.