We can review the structure and configuration of your business and identify whether alternative structures would be more profitable and commercially robust. We advise and guide firms through the myriad of options to help them reach their optimal business structure to survive, compete and thrive in this fast-changing business arena.
For firms who are considering becoming an ABS, we can advise on the various structural permutations permitted, coordinate both with colleagues in our corporate team and accountants to ensure that the proposed model is both compliant and tax-efficient, assist with the application, supporting documentation and queries during the application process, and make waiver applications if required.
We offer banks and investors a bespoke due diligence service focusing on structural, regulatory and financial issues prior to new or additional lending to law firm clients. Assistance is available where law firm clients are involved in merger or acquisition activity to ensure a clear understanding of the risks and regulatory requirements associated with the proposed transaction.
Data management/management information
Our MI reporting suite can be used for both internal and external purposes, enabling you to report in a transparent fashion and provide valuable insights into the risks and costs the business faces. These can be used at board level to help inform future investment and strategic decisions by identifying areas of vulnerability and promoting review of business model efficacy for particular work types.
New areas or sources of business
For firms selling solutions and products for fixed or annual fees or product prices, with paralegals handling more routine work it is important to ensure that risk profiling is undertaken, as this will determine the viability, efficiency and profitability of new business models. We can work with you to assess the risks associated with novel products and produce a software solution to monitor performance and risk by tracking and analysing key performance indicators.
As new and more innovative work sources are being contemplated, firms need to be confident that arrangements do not fall foul of professional practice and regulatory rules. We can vet proposals to ensure that the reputation and integrity of the firm is protected, and advise and assist with applications to regulators.
We can provide expert advice and assistance to ensure that policies, procedures and internal management processes are consistent with Lexcel, WIQS and CQS requirements, both pre-accreditation application and before annual assessments.