We provide support to several nationwide law firms and offer a wide range of accountancy services to them. All our services can be tailored to meet your individual needs, but are specifically centred around understanding your legal professional services firm.
At MMBA, we have in-depth experience in providing accountancy services for new legal start-ups, ensuring you are given the right advice and assistance, whilst avoiding potential pitfalls.
From guidance in deciding the appropriate legal structure of the firm, to helping in deciding & setting up Legal Accounts Software, or providing assistance in SRA Authorisation Application, our legal accountants and tax advisers can make your life easier by taking the strain of all the financial and regulatory details.
This helps you to focus on running and growing your business, knowing that we are proactively managing your finances and regulatory compliance in the background.
Here are just some of the other areas in which we can provide specialist services for your legal start-up:
The services outlined above are just some of the many ways we can help your business not only succeed, but thrive in a controlled and well-managed way, so you’re always in control, with our full advice, guidance and expertise on your side.
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Don’t Let These 5 Legal Bookkeeping Mistakes Cost You
Being a more established business in the legal sector means that you are likely to have evolving requirements, including clients’ legal needs, and that your accountancy provider needs to be able to scale with these needs, particularly in a firm’s financial and law firm accounting services.
At MMBA, we have a pedigree of working with long-term legal sector clients and delivering value-added law firm accounting services that are both proactive and responsive.
If you feel that your current accountancy firm could be looking after your interests with more dedication and personal attention, then you will find the MMBA approach a refreshing change.
Below are just some of the services where our specialist legal sector experience and know-how, including our legal team and legal bookkeepers, can help you grow and protect your business and wealth.
SRA accounts rules regulate the accounts of authorised bodies regulated by the SRA. Solicitors’ accounts are prepared under the Solicitors’ Accounts Rules.
The services listed above provide only an outline of the extensive range of services and areas of specialist advice we can provide to help your firm reach its next business milestone.
Mirza brings over 15 years’ experience in legal accountancy. He has been overseeing complex, regulated businesses including law firms and other SRA-regulated practices for more than a decade. He provides strategic leadership across the firm’s client portfolio, ensuring high-quality, decision-ready financial information for businesses with annual turnovers of up to £430 million.
His specialist expertise for legal sector clients includes:
Contact MMBA Accountants for solicitors today to get help from their SRA-focused insights and years of experience.
Every MMBA review follows the same process, whether it’s your first SRA audit or your tenth.
We talk through your firm, your SRA regulatory position, and what the review needs to cover.
You get You get a written scope and a fixed fee before anything else happens.
We schedule the review around your accounting period and client money activities.
Testing takes place against your client ledgers, reconciliations, and controls.
The SRA specialist who scoped the engagement reviews the fieldwork and forms the opinion.
You receive a signed SRA compliance report, ready for submission where required.
MMBA offers effective accounting and bookkeeping practices vital for law firms to ensure financial transparency, efficient management of financial resources, and compliance with regulatory requirements. Our best practices include
By adopting MMBA’s best accounting practices for law firms, you can maintain sound financial management, adhere to regulatory requirements, and provide clients with confidence in the financial integrity of their legal services.
Bookkeeping and accounting play a significant role in ensuring the financial integrity and success of legal firms as well as any other business. Below are several reasons that make bookkeeping and accounting for legal firms crucial.
To achieve the compliance of The Law Firms in managing Client Money
Accounting for a law firm involves managing the financial aspects of the practice to serve the needs of legal professionals and their clients. Our accountants for law firms help you by:
Effectively managing your firm’s financial statements involves utilising our accounting, taxation, and audit expertise from our offices, providing numerous advantages that contribute to the overall financial well-being and success of your practice.
Our accountants for solicitors help you identify, categorise, and document deductions to reduce your tax liability, improving overall financial management and simplifying your tax returns
The Solicitors Regulation Authority is responsible for regulating solicitors and law firms to maintain the integrity of the legal profession and uphold high standards of legal professional conduct in the legal industry.
Accountants provide financial expertise and assistance in the assessment of financial records, which helps in determining whether a law firm has complied with its regulatory obligations or not. Its important for solicitors to cooperate fully with SRA accountants for SRA investigations.
During SRA investigations, the authority may examine various aspects of a solicitor’s conduct, too.
SRA Accountants play a crucial role in legal accounting firms’ SRA accounts management. They ensure that the law firms operate while adhering to the SRA’s accounting process requirements.
SRA Accountants conduct SRA audits to assess a firm’s compliance with SRA regulations, particularly those related to client accounts, financial management, and the handling of client funds in law firms across the legal sector.
They contribute through audit preparation, risk assessment, review of financial records, documentation reviews, internal controls, audit documentation, etc.
Law firms rely on specialised accountants to manage their financial affairs efficiently, with tailored solutions built around the unique needs of legal practices.
MMBA’s law firm accountants offer comprehensive financial management services, including bookkeeping, payroll processing, tax planning, and financial reporting, with offices across London, Preston, Cambridge, and Luton.
We ensure compliance with Solicitors Regulation Authority (SRA) requirements, maintain accurate records, and provide assurance on your firm’s financial integrity.
With expertise and dedication, our law firm accountancy specialists play a vital role in supporting the financial health and success of legal practices, helping you stay compliant, financially sound, and focused on growth.
MMBA’s accountancy team possesses experience, reputation, and specialisation in legal accountancy, with a focus on ensuring a law firm’s financial statements are accurate.
Our accountant for law firms or bookkeeper for lawyers specialises in providing tailored financial services. They offer their services to solicitors and law firms.
They are well-versed in industry-specific regulations and best practices to ensure compliance and financial transparency. Their effective accounting for law firms helps you make informed business decisions and maintain the firm’s financial health.
This effective accounting for legal firms ensures your business’s success and growth. Our dedicated accountant will work for you as if you have your own accountant in a law firm.
Careful attention to detail and adherence to specific rules and regulations are basic requirements of legal accounting and bookkeeping.
Some common legal accountancy and bookkeeping mistakes are inaccurate timekeeping, incomplete documentation, commingling funds, failure to reconcile trust accounts, misclassification of expenses, tax compliance errors, billing mistakes, delaying invoice generation, lack of financial controls, poor software selection, issues in managing legal accounts software, and failure to stay informed.
In the United Kingdom, every law firm requires accounting guidelines for managing financial statements to ensure accuracy, transparency, and compliance with legal and ethical standards.
Legal practices have to meet their obligations to clients and regulatory authorities, so they must ensure proper law firm financial and accounting management. Here are MMBA’s accounting guidelines for managing legal and financial matters, including best practices in accounting for law firms:
The MMBA Accountant offers a fantastic opportunity to stay updated with the most recent news and guidance
Yes, most of the time, solicitors have accountants. They work closely with specialist accountants to ensure compliance with regulatory rules and manage client accounts by maintaining accurate and up-to-date financial reporting.
Yes, a law firm usually needs an accountant to assist it with due diligence. Primarily, because a law firm typically requires an expert to oversee financial records and handle client money while keenly checking tax compliance and year-end reporting obligations.
Law accountants manage client account reconciliations. Secondly, they prepare financial statements, support audits, and also help firms to comply with regulatory and anti-money laundering requirements on the basis of their unique needs.
There is no hard and fast rule. As both are separate professions, some professionals qualify in both areas and can claim their expertise in both; however, most firms work with dedicated specialists in each field.
It is an ongoing challenge, to manage financial matters alongside client work, for solicitors and legal firms over the past few years. Law firm accountancy specialists understand that the regulatory obligations are unique to the sector and provide proactive advice to support business growth and long-term financial health.
Accountants for lawyers offer a cost effective way to stay on top of audit requirements while they give fee earners clearer management information. Through open communication channels and tailored business planning, they help firms avoid potential pitfalls and advise them on individual needs for better understanding of the numbers.