Solicitors Accounts Rules have changed and the way an accountant performs the necessary tests to produce his report means it is even more important that the solicitor concerned gets value for money from the services provided by the accountant. The days of performing prescriptive testing are over and by including agreed upon additional tests and checks the legal practice may get a better and more complete view on their operating performance.
In some cases a report is no longer necessary and it will be essential that the solicitor ensures they check periodically that they still meet the criteria for not needing a report. Alexanders can assist with this process and provide comfort that to the solicitor that all is in order.
The Law Society are taking a “hands off” approach to the new regime but woe betide the solicitor who falls foul of the rules and fails to report something that should have been reported.
Alexanders are conversant will the new requirements and are able to assist a legal practice to meet its obligations each year.