Professional services

We advise a significant number of law firms and their partners, and have built up considerable knowledge and expertise. Below are some of the services we provide.

Specialist advisory

Independent annual review of the personal financial position of partners (to ensure that individual partners’ personal financial affairs are not putting a firm at risk and to assist in determining an adequate level of insurance cover for protection of partners’ personal assets)
Annual calculation of value of the goodwill of firms (to assist in ensuring an adequate level of insurance cover for claims against the assets of the firm)
Advising on law firm structures (including entry and exit of partners). Advice on ‘goodwill’ and ‘no goodwill’ equity models and transitioning. Advice on all tax issues relating to structure
Valuations of legal practices (for partner succession, legal practice incorporation and for relationship property purposes)
Advice on mergers/demergers of practices

General advisory

Preparation of financial statements and income tax returns – for firms and their individual partners
Advice on budgeting, billing, cash flow, debtor management, reporting systems, etc
Strategic tax review of the firm’s GST and FBT systems, payroll function and individual partners personal positions to ensure the best outcomes are being achieved
Advice relating to the structuring and operation of service entities.
Profit share calculations and advice.
Financial and tax advice to new partners.

Specialist tax input to firms’ legal advice (where firms do not have tax expertise)

GST advice (including impact of new rules/impact on transactions that firms advise on).
Structuring advice to ensure a tax efficient, but commercially sensible outcome is achieved for your clients.
Assistance with Inland Revenue investigations and, where required, progress areas of dispute through the formal dispute resolution process to eventual adjudication.
Proactive tax management tools, such as specific tax type reviews to identify opportunities for increased savings and identify discrepancy risks and the use of tax pooling intermediaries to generate better results.
Advice on the tax implications of royalty and licence agreements.

There is no ‘package’ of services that fits all – each firm (and partner) has different needs. Grant Thornton has the breadth of experience and depth of resource to be able to advise firms and partners on whatever issues they are facing. Few accounting firms can match our range of experience and depth of expertise. In addition to our extensive range of services we can offer specialised assistance with: