Accounting for Law, CPA and Professional Firms

You Advise Your Clients. We Advise You.

Professional services firms sell time and expertise, which makes their finances different from most businesses. Profitability depends on utilization, billing and collections, and the partners have to agree on how income is shared, how new owners come in and how retiring owners go out.

We work with law firms, accounting firms, engineering and architecture firms, consultancies and agencies on partner compensation and tax planning, practice management reporting, and the ownership transitions that every partner-led firm eventually faces.

Partner Compensation and Tax Planning

Guaranteed payments, distributions and income allocations structured so partners are treated fairly and the firm stays tax efficient.

Practice Management Reporting

Reporting on realization, utilization, work in progress and collections, so partners can see what is driving profit.

Partnership and Entity Compliance

Partnership and S corporation returns, partner basis tracking, K-1s and multistate filings for firms with partners or clients in several states.

Succession and Ownership Transitions

Valuing ownership interests, buy-sell agreements and planning for partner admissions, retirements and mergers.

Learn More About Succession Planning

Planning for ownership transitions, partner retirements and the next generation of leadership.

Learn More About Buy-Sell Agreements

Valuation provisions and funding plans that set clear terms before a partner enters or exits.

Frequently Asked Questions

How are partners in a professional services firm typically taxed?

Most firms are partnerships, LLCs or S corporations, so income passes through to the owners. Partners pay tax on their share of income whether or not it is distributed, and guaranteed payments are generally subject to self-employment tax. Read more about partnership tax compliance.

What should a partner compensation model consider?

Most models balance origination, production, management responsibilities and ownership percentage. The right mix depends on your culture and goals, and the tax and cash flow effects should be modeled before the partners agree to a change.

How is a partner's interest valued when they retire or leave?

It depends on the partnership agreement, the firm's earnings and how much of the client base relies on that partner. An independent valuation and a clear buy-sell agreement reduce the chance of a dispute. Read about when valuation consulting is the right fit.

Do you provide peer reviews for CPA firms?

Yes. We perform system and engagement reviews and offer outsourced quality control support for accounting firms. Learn more about our peer review services.

Where are your professional services clients located?

Our office is in Media, PA. We work with firms across Delaware County, Greater Philadelphia, South Jersey and Delaware, and nationwide.

Tom Saris, CPA, CVA, CFE at Brinker Simpson & Company discussing valuation consulting services

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Professional Services