Solicitor accountants

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“We chose to work with Nichols & Co because of their reliability”

Kush Birdi, Director and Co-Founder of Birdi & Co explains what it means to him and his law firm to have Nichols & Co as their team of accountants, business advisers and as a mentor to him personally.

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Frequently Asked Questions

We understand that you might have lots of questions when looking for an accountant. For this reason, we’ve compiled a list of frequently asked questions for you, which we hope will be helpful. However, if you have any further questions, please contact us.

Why are specialist accountants for solicitors needed?

Solicitors’ accounting and financial processes are unique in comparison to any other sector. Most businesses use accountants for routine tasks like audits and tax returns, but when it comes to accountants for solicitors, there is much more to consider.
It is essential to hire a specialist accountant who has expertise in not just the unique aspects of accounting for solicitors but also the legal profession as a whole.

What are Solicitors Accounts Rules? (SARs)

Solicitors Accounts Rules (SARs) must be followed by solicitors who are subject to the authority of the Solicitors Regulation Authority (SRA).
The SARs outline the regulations that legal firms who manage client accounts must adhere to, putting a strong emphasis on high-level principles intended to safeguard client finances and assets.

Do I need SRA accounting reports?

All solicitor firms that handle client money are required by the Solicitors Regulation Authority (SRA) to obtain Solicitors Accounting Reports. The SRA provides two exceptions to this rule:
– All the client money held is specifically for legal aid
– The amount of client money held within the client account does not exceed:
– an average of £10,000 and
– a maximum of £250,000

What is the SRA reporting deadline?

A copy of the Solicitors Account Report, if applicable, must be sent to the Solicitors Regulation Authority (SRA) within six months of the end of the accounting period, as required by the SRA.

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