The Lawyer Asia Pacific 150 is the only research report to provide a ranking of the top 100 independent local firms and top 50 global firms in the region. The report offers critical review of some of the fastest growing firms and their strategies, a country-by-country guide to leading legal advisers and legal services market trends, plus exclusive insight into the current business development opportunities in the Asia Pacific. Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
In an article concerning an alleged revolt by junior partners of Dibb Lupton Alsop (The Lawyer, 4 August), it is claimed that the change from the old "previous year" basis of partnership taxation has resulted in a bigger than normal drain on the firm's tax reserves.
First, can we say that any firm in this position is a victim of its own success - firms with level profits will have suffered no acceleration of tax charges, while the new system recognises falling profits sooner.
Rather, we feel that the change to full recognition of the value of debtors and work in progress, will result in cash problems for many firms. The resulting tax charge, albeit spread over up to 10 years, is effectively a charge on income which a firm has not yet received.
Law firms have, we believe, been doubly hit by changes to the tax rules - successful firms by the change to "current year" taxation, and many firms, large and small, will be hit by the "catching-up charge".
Cash flow management has never been more important.
CR Cooper, partner, Cooper Lancaster Brewers Chartered Accountants