Law Firms
Law firms are seeking new, innovative ways to do business, and strategic planning is at the forefront of leadership initiatives. Managing partners are mapping the future of their firms, implementing growth strategies presented by a rapidly-changing market, implementing programs to improve profitability, utilizing effective tax strategies, rethinking brand strategy, developing the next generation of leaders and finding creative ways to build firm culture in a hybrid/remote work environment.
The new normal also requires law firms to rethink their digital and service delivery strategies to streamline processes and add the most value for clients. Today’s connected digital environment makes cybersecurity best practices and programs essential for keeping client and case data safe.
From management consulting to tax and audit services, litigation support to legal tech, Withum’s multidisciplinary team of law firm services experts serve as trusted advisors for all of your practice management needs and deliver the innovative solutions you need to succeed.
Law Firm Advisory Services
Providing strategy, management and marketing consulting services to large and mid-sized firms throughout the country, our Law Firm Advisory Team help firms and practice groups to plan effectively and execute successfully.
Legal Challenges and Trends
Strategic Business Planning
Law firms are experiencing growth and change as shifts in leadership usher in modern processes. Consulting with experts on vital business operations, from marketing and business development to cash flow and profitability management, allows you to keep pace with the industry.
Expanding Your Practice
You’ve worked hard to build your firm into what it is today. As you consider expansion possibilities and employee succession plans, you’ll want the confidence in knowing that future business partners and potential buyers are vetted appropriately and that your firm is valued for all that it’s worth.
Digital Transformation
Today’s business landscape is moving away from manual, paper processes at a fast pace. KPI dashboards, cloud services and artificial intelligence are effective digital solutions that automate business operations, allowing firms to enhance client service, boost collaboration and drive efficiency.
Data Security
For law firms, client confidentiality is imperative. With the amount of sensitive case data and client information that your firm holds, keeping data safe is a top priority. Information security infrastructure and incidence response will ensure you’re protected and prepared.
Litigation Support
From forensic investigations to business disputes to matrimonial litigation, lawyers and CPAs are frequent partners in the courthouse. Your lawyers need a trusted forensic and valuation partner with the right accounting expertise to assist with an array of legal proceedings.
Services for the Legal Industry
Law Firm Accounting Services
- Partner compensation plans
- Law firm profitability analysis
- Financial management/buyout
- Cash flow management
- Operations review
- Budgets and forecasting
- Internal control review
- Financial assistance
- Pension and profit-sharing plans
- CLE Course Provider
Law Firm Advisory Services
- Strategic planning
- Succession Planning
- Practice management and profitability
- Brand strategy, marketing and business development
- Information systems consulting
- Retreats
- Leadership development training
Contact Us
For more information or to discuss your business needs, contact Withum’s Law Firms Services Team.
Leadership
Insights
From Associate to Partner: How Do Lawyers’ Taxes Change?
Withum’s Law Firm Services Team discusses the tax and financial considerations for new law firm partners and shareholders at law firms of various entity types, including Partnerships/LLCs, S Corporations and C Corporations.
Market-Based Sourcing Rules for Law Firm Income Apportionment
Many law firms traditionally did not need to concern themselves with multistate income tax issues.The firm operated in a single state, and for state income tax purposes, all the work […]
Should Law Firms Make Pass-Through Entity Tax Elections?
Law firms are often structured as pass-through entities (e.g., partnerships, LLCs, S-Corporations) due to traditional prohibitions against practicing law in corporate form. As such, in states that conform to the […]