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Solicitors and Legal Services IAAG

Solicitors and Legal Services IAAG A CCH Industry Accounting and Auditing Guide

Author: Jon Cartwright; Peter Camp
Publisher: Wolters Kluwer U.K. (formerly CCH)
ISBN: 9781847985613
Published In: December 2012
Format: Paperback
Jurisdiction: U.K. ? Disclaimer:
Countri(es) stated herein are used as reference only

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CCH's Industry Accounting & Auditing Guides provide detailed guidance on working with clients in a particular sector, with the information used by many practitioners as an introduction to a completely new area or even as a more in-depth guide and a reference for the partners in the practice.

New editions of this popular series of guides are being produced this year with all information updated to include changes to relevant industry sectors, with online versions of the IAAG also available. Online subscriptions are reviewed quarterly and updated regularly.

Solicitors and Legal Services IAAG

In October 2011, major changes were made to the regulation of legal services. At the same time, the door was opened to Alternative Business Structures (ABSs), allowing business entities (with one or more non-lawyer owners) to provide regulated legal services to members of the public. ABSs must be licensed to provide such legal services. At the beginning of 2012, the Solicitors Regulation Authority (SRA) became a licensing authority for ABSs. The SRA now authorises and regulates traditional firms of solicitors (where all owners are lawyers) and ABSs. All the SRA’s regulations (including the new SRA Accounts Rules 2011) are now to be found in the SRA Handbook 2011 and apply to all authorised SRA firms.

Since the publication of the last edition, there have been significant developments in the way legal services are provided to the public as a result of the Legal Services Act 2007. Licensed ABSs (Alternative Business Structures, partly or wholly owned by non-lawyers) are now permitted to provide legal services alongside authorised traditional law firms. New regulations have been introduced by the Solicitors’ Regulation Authority (responsible for licensing the majority of ABSs and traditional law firms) and these are contained in the SRA Handbook 2011.

The latest edition of the Solicitors and Legal Services IAAG provides guidance on all these changes for those advising members of the legal profession. All accounting and audit requirements for both traditional law firms and the new ABSs can be found in this updated edition. The title is available in book format as well as an online version which is reviewed quarterly and updated as necessary.

The contents include:

An overview of Legal Services
Financial accounting matters
Choices of trading entity
External capital investment
Mergers and demergers
Joint ventures
Management information
Reporting law firms' accounts
Taxation of practice profits
Taxation of employees
VAT
Other taxation aspects
SRA Accounts Rules 2011
The assignment programme
Regulations, compliance and sanctions
Other management indicators

Jon Cartwright, Peter Camp, Hazlewoods Legal Team, SWAT UK

Professor Peter Camp is partner with Educational & Professional Services LLP which provides training and consultancy services to the solicitors’ and accountants’ professions. He is a solicitor and is visiting Professor (Chair of Ethics) at the College of Law. Amongst his numerous publications are: Cordery on Solicitors (where he is responsible for sections on Financial Services and Solicitors’ Accounts); Solicitors and Money Laundering: a Compliance Handbook published by the Law Society (3rd edition published in 2009) and Solicitors and the Accounts Rules; a Compliance Handbook published by the Law Society (3rd edition published in 2011). He is also the General Editor of the Law Society’s Legal Compliance Bulletin and lectures extensively to solicitors on regulatory matters.