Finance

Solicitors’ firms put off becoming limited companies by the complexity of conversion from partnerships are missing out on “very substantial” tax savings, according to one former firm that incorporated successfully three years ago.

Too many lawyers have lost touch with what clients are really looking for and need to do more to create value for their clients, legal strategy expert Stephen Mayson has claimed. He also argued that major law firms need to rethink their cost base as “stripping out cost, based on the traditional ways of working, has gone about as far as it can”.

Accountant Nigel Reynolds explains why law firms need to bring back fixed fees in a bid to secure future success in business.

The Conservatives will move quickly if elected to consult on plans to consolidate all solicitor client accounts in one place and apply the interest that accrues to the legal aid fund, Legal Futures can reveal.

Jenny Jones, an accountant with years of experience in pricing legal services at City giant Linklaters, has joined law firm consultancy Jomati.

Chris Marston, Head of Professional Practices at Lloyds TSB Commercial, a Legal Futures Associate, offers a view on financial issues for law firms as the economy recovers.