Top Legal Accountancy Services for Law Firms

Why Legal Accounting Isn't Just 'Another Service'

Let me be real with you—legal accounting is the backbone of every successful law firm, whether you realize it or not.

What Is Legal Accounting & Why It Matters

When people ask me what makes legal accountancy different, I always say this: it's not just about tracking income and expenses—it's about following strict rules that protect your clients' money and your firm's reputation.

Here’s why it matters:

·         You're managing client funds under trust.

·         Every penny must be accounted for.

·         You're subject to audits and investigations from regulatory bodies like the SRA (Solicitors Regulation Authority).

One missed entry or a late report? That could mean fines or even losing your licence. I’ve seen it happen. That’s why you need someone who lives and breathes law firm accounting.

The Role of Accountants for Law Firms

As an accountant for lawyers, my job isn’t just to prepare your year-end accounts. It’s to help you:

·         Stay compliant with SRA accounting rules

·         Handle client accounts without error

·         File your taxes accurately and on time

·         Manage payroll, expenses, and partner drawings

I once worked with a law firm that accidentally misallocated a client payment. They thought it was a minor hiccup. But when the SRA audit came knocking, it flagged as a breach. We helped them fix the issue, rework their systems, and pass their next audit smoothly. That’s the kind of guidance you won’t get from just any general accountant.

SRA Accounting Rules & Regulatory Compliance

Let’s talk rules—but I’ll keep it simple. The SRA accounting rules are there to protect client money. You’re legally required to:

1.       Keep client and office money separate

2.       Reconcile client accounts regularly

3.       Report serious breaches immediately

If you're not following the rules, you could be looking at:

·         Formal investigations

·         Suspensions

·         Serious damage to your firm’s reputation

And trust me, the SRA audit process isn’t just a box-ticking exercise. Auditors will ask for detailed records, so if your books aren’t spotless, it can be a nightmare. That’s why having a trusted SRA advisor on hand makes all the difference.

Top Legal Accountancy Services You Should Be Using

If you run a legal practice, here are the essential services you should be getting from your legal accounting firm:

·         Audit and accounting services: Proper checks help you spot issues before the regulators do.

·         SRA compliance support: Regular checks and training to stay on top of rules.

·         Tax services: Advice from a financial tax advisor and corporate tax accountant to keep your tax bill low and legal.

·         Cash flow forecasting: Know what’s coming in and going out—no surprises.

·         Payroll and pension management: Keep your staff happy and HMRC off your back.

One firm I worked with saved over £60,000 in one year just by restructuring how they handled client disbursements and partner payments. These savings didn’t come from guesswork—they came from smart legal accounting.

Why Law Firms in Preston Trust Our Experts

As accountants in Preston Lancashire, we’ve supported dozens of law firms—from high-street solicitors to boutique commercial outfits. We understand the local scene, and we bring that personal touch you just don’t get with faceless corporate firms.

Here’s why they choose us:

·         We explain things in plain English

·         We respond fast when things go wrong

·         We’ve handled tricky SRA audits and turned them around

Our team doesn’t just include accountants; we’ve got auditors for law firms, SRA advisors, and tax experts all under one roof. That means your bases are covered.

What to Look for in a Legal Accounting Specialist

Not all accountants understand law firm accounting. So, what should you look for?

·         Experience with SRA accounting rules

·         Direct knowledge of legal accounting services

·         Familiarity with legal software like LEAP or Clio

·         A proactive approach (they spot issues before they blow up)

Ask them: Have you worked with law firms before? Do you understand how to handle client money? If they hesitate, walk away.MMBA: Your Go-To Law Firm Accountancy Specialists

At MMBA, we’re more than just accountants in Preston. We’re your strategic partners in keeping your law firm sharp, compliant, and profitable.

We bring:

·         Decades of experience in legal accountancy

·         A hands-on approach to audits, taxes, and compliance

·         Real-time support when you need us most

Whether you're facing an SRA audit, need a reliable corporate tax accountant, or just want smarter systems, we’re here to help. Our tailored approach means you get services that match your exact needs—nothing more, nothing less.

Takeaways: Don’t Wait for an SRA Audit to Get It Right

Let’s recap:

·         Legal accounting isn’t optional—it’s a lifeline.

·         Stay ahead of SRA accounting rules with the right support.

·         Choose specialists, not generalists.

·         Local matters. Our accountants in Preston Lancashire know the field.

·         Whether it’s audits, payroll, or taxes—we’ve got you.

If you’re not 100% confident in your firm’s accounting, now’s the time to act. Let’s have a chat and see how MMBA can keep your law firm safe, compliant, and future-ready.