Market insight for Legal & Accountancy professionals | Autumn 2023
Your Accountancy and Legal practice market insights for Autumn 2023.
Are you considering succession, merger or sale plans for your practice?
Your Firm. Your Clients. Your Legacy.
Are you an Accountancy or Legal Practice owner, considering your plans for exit, merger or growth via acquisition?
As public and private practice specialists, we have extensive knowledge and understanding of both markets.
Coupled with extensive experience in M&A transactions, our team are uniquely placed within the UK market to assist owners in identifying and locating acquisition targets and assisting existing practice owners in achieving an exit that suits their retirement or exit plans.
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Our team provide specialist recruitment, Mergers & Acquisitions services and expert market intelligence across the Accounting and Legal practice sectors. We strive to positively shape the future of people’s lives, by building meaningful relationships with individuals and businesses.?
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Embrace Cloud Accounting technology, otherwise you may be left behind
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Are you up-to-speed with your Cloud Accounting technology? Mandy Bagot, Director of Outsourcing at Mercer & Hole, sits down with Adam Munro, Associate Portfolio Director at AJ Chambers.
They discuss all things tech-based in the ever-changing, fast-paced and dynamic world of accountancy and finance. Covering outsourcing solutions, awards nominations and Mandy’s own experience of setting up a franchise business from scratch.
As an 18-year-old, I definitely did not see myself becoming an accountant! My dream was to become a textile designer but I realised there were more naturally-gifted people than me. I could have become a professional golfer (I was then Middlesex Junior Champion) but there were few women and events to compete in and earn money.
I really believe the AAT apprentice route is the best solution for outsourcing departments within accountancy practices in the UK rather than offshoring.
My love of cloud software comes from the early days of developing systems and procedures and always looking for ways to make things easier with information at your fingertips. I was recently checking the Xero app from my bed, waiting for HMRC to come back online following an earlier outage. All so that I could file a client’s VAT return before the midnight deadline! The fact that it’s easily accessible, always developing and improving and so keeps you engaged. I’d almost say ‘exciting’. So I’m passionate about cloud.
Legal practice owners must embrace succession planning: fortune favours the prepared
Succession planning in the legal profession is crucial for equity partners to ensure the smooth transition of their practice and the preservation of its legacy.
However, when there is a lack of interest from within the firm to take over, partners must explore alternative strategies. The considerations of selling a legal practice well in advance of retirement are explored below. By proactively addressing these factors, partners can secure the future of their practice, protect their financial interests, and facilitate a successful transition.
Addressing Succession Challenges
When internal successors are not readily available, selling a legal practice early becomes an attractive option. By initiating the sale process ahead of retirement, partners can ensure that succession planning is in place and the legacy of their practice is preserved. This allows sufficient time to identify external buyers who possess the necessary profile and vision to lead the firm forward.
Minimising the Financial Burden
One significant financial consideration when retiring from a legal practice is the cost of professional indemnity insurance run-off cover. This insurance protects against potential claims arising from work conducted prior to the closure of a practice and currently costs around 3.5x the usual annual premium. A sale provides partners with the opportunity to avoid this burden, with the buyer becoming the successor practice as a result of the acquisition.
One significant financial consideration when retiring from a legal practice is the cost of professional indemnity insurance run-off cover.
Maximising the Value of the Practice
The market demand for established practices remains robust, as buyers recognise the advantages of an existing client base, reputation, operational infrastructure, and a partner willing to continue in situ beyond any earn-out period. By selling early, partners can position themselves to negotiate a fair price for their practice, maximising its value. This provides financial security for retirement while ensuring a smooth transition for clients and staff.
Opening New Possibilities
Selling a legal practice long before retirement offers partners the opportunity to explore new personal and professional endeavours. By securing the future of their practice early, partners can embark on their retirement journey with peace of mind. Free from the administrative and managerial responsibilities of running a firm.