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Solicitors Community resources

Key resources for Solicitors Community members.

Managing your law firm

Benchmarking and KPIs

Robert Mowbray looks at ways in which lawyers can monitor and improve the financial performance of their businesses.

Solicitors' Accounts Rules

SRA accounts rules*

Guidance from Technical Advisory Services to help ICAEW members identify appropriate sources of guidance and support when undertaking the role of Reporting Accountant under the Solicitor’s Regulation Authority’s (SRA) Accounts Rules.

Insights

Accounting for solicitors and LLPs

Accounting for solicitors

Accounting for solicitors and legal professionals is a specialist area that requires an understanding of rules and regulations in the sector. On this page you can access a range of articles, books and online resources providing quick links to Solicitors' Accounts Rules, practical guidance and background information.

Accounting for Limited Liability Partnerships

Accounting for limited liability partnerships (LLPs) is a specialist area that requires expertise and an understanding of the business structure. On this page you can access a range of articles, books and online resources providing quick links to Statements of Recommended Practice, guidance and news.

The Library & Information Service provides a hand-picked collection of eBooks as a benefit of membership. If you are unable to access an eBook, please see our Help and support or contact library@icaew.com

Special classes of taxpayers

This chapter covers the schemes, reliefs and special rules pertaining to classes of taxpayers not covered elsewhere in this work. This includes the Construction Industry Scheme and rules for small businesses, charities and organisations of various types.

Terms of use: You are permitted to access, download, copy, or print out content from eBooks for your own research or study only, subject to the terms of use set by our suppliers and any restrictions imposed by individual publishers. Please see individual supplier pages for full terms of use.

Books and journals in the Library collection

The Library & Information Service holds a print collection of over 45,000 books and around 160 current professional journals. Journals in the Library collection include the New Law Journal and the Law Society Gazette (both available via the Business Centre computers and our document supply service). Please see our document supply page for information on how to request copies of journal articles. For information on borrowing books from the Library please contact us or see our guide to book loans.

Solicitor's handbook 2022, The

A comprehensive and user-friendly guide to the regulations governing the conduct of solicitors, including the SRA Accounts Rules 2019. The 2022 edition has been updated to take into account all the key regulatory developments which have taken place since the publication of the 2019 edition, in particular the bedding in of the SRA standards and Regulations.

Risk and compliance: questions and answers

Provides practical guidance on points that those tasked with risk and compliance in their firm or business need to consider, with 200 questions and answers. Sections cover anti-money laundering, financial crime and regulation and compliance: including SRA accounts rules and compliance questions for running a law firm.

Solicitors and the accounts rules: a compliance handbook

Provides commentary on the requirements of the SRA Accounts Rules 2011, highlighting the key changes and suggesting practical steps that firms can take to ensure compliance with the Rules.

SRA Handbook

This handbook sets out the standards and requirements which the SRA expects its regulated community to achieve and observe for the benefits of the clients they serve and in the general public interest.

Accounts for solicitors, 2019/20

A practical introduction to the accounts of solicitors and, in particular, the need to account for a client's money. Includes worked examples.

Solicitors and money laundering: a compliance handbook

This book provides an overview of the substantive law and guidance on reporting suspicions, managing money laundering procedures and spotting money laundering activities in a solicitor's practice.

Model documents

The ICAEW Library & Information Service holds a wide range of model documents in print and digital formats, including some tailored for solicitor clients and LLPs. Model documents can be supplied by email (where licences permit) or sent by post.

Engagement letters

Please see our document supply service page for information on how to request letters - please note that document supply is subject to copyright law and licensing agreements which place restrictions on the quantities of material we can provide.

Model accounts

The ICAEW Library & Information Service holds model accounts for UK GAAP, including FRS 101, FRS 102, FRS 102 section 1A, filleted accounts and FRS 105. Please see our Model accounts and disclosure checklists for UK GAAP page for information on obtaining model accounts and disclosure checklists.

Market research

The Library & Information Service provides access to industry profiles and market reports as a benefit of ICAEW membership. See our Legal services industry guide for a more comprehensive selection of market research resources for the legal sector. If you are unable to access a report, please see our Online resources troubleshooting or contact library@icaew.com

Legal Services Industry Profile: United Kingdom

Annual MarketLine UK legal services industry profile covering the market size, competitive landscape and forecast data for market performance.

Legal Services Industry Profile: Global

Annual MarketLine Global legal services industry profile covering the market size, competitive landscape and forecast data for market performance.

Legal Services Industry Profile: Europe

Annual MarketLine legal services industry profile covering the European market size, competitive landscape and forecast data for market performance.

Terms of use: You are permitted to access articles subject to the terms of use set by our suppliers and any restrictions imposed by individual publishers. Please see individual supplier pages for full terms of use.

Useful links

LexisNexis Gross Legal Product (GLP) Index 2022

Will your practice area of the law grow, decline or simply stay the same in 2022? The LexisNexis GLP Index pulls together the latest datapoints to predict growth and demand across multiple practice areas of the law. Requires free registration to access.

The Law Management Section Financial Benchmarking Survey 2022 report

The Law Society's Financial Benchmarking Survey summarises the performance of 206 law firms in England and Wales. The survey calculates average fee earner breakeven points and looks at areas for firms to focus on in order to increase profitability and optimise cash flow.

Strategies for success: a survey of UK law firms

Saffery Champness and The Institute of Legal Finance and Management (ILFM)'s latest benchmarking survey of the legal sector. The research took place at the end of 2021 and looks at firms’ financial performance, their strategies for success and the key challenges they are facing.

2022 Legal Trends Report

Clio's Legal Trends 2022 report analyses data from thousands of US firms and legal professionals, to assess the level of technology adoption and growth markers of the most successful firms. An hourly benchmark calculator for US legal professionals is also available.

Law Firm Benchmarking 2021

Annual Crowe report providing a snapshot of the legal industry's performance in the UK.

UK legal services 2020

Research report on the UK's legal sector output, covering legal services in the UK, dispute resolution in London and the UK and the sector's contribution to the UK economy.

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