How Banyan Consulting can help
Solicitors may be employees, consultants, partners or practice owners, each with different tax, reporting, structure and planning needs. Banyan Consulting can help solicitors organise income, understand practice performance and make informed decisions about business, superannuation and future planning.
Deeper industry support
Advice built around the financial reality of solicitors and legal practice owners
Good accounting advice for solicitors and legal practice owners is not just about preparing annual returns. It should connect the way money is earned, the way risk is managed, the way records are kept and the way future decisions are made. In this industry, the moving parts often include professional income, partnership or consultant arrangements, practice overheads, payroll, trust-related processes, tax planning, risk and succession.
Banyan Consulting can help turn those moving parts into a clearer advisory pathway. The focus may include Tax Planning, Tax Accounting and GST, Business Planning and Structures, Financial Reporting and Accounting and Business Improvement, but the real value comes from linking those services together so decisions are made with current numbers, clearer assumptions and fewer year-end surprises.
This deeper review is useful when income is growing, costs are rising, a structure no longer feels right, finance is being considered, succession is on the horizon, or family wealth planning needs to be brought into the same conversation as business and tax planning.
Solicitors may earn through salary, consulting, partnership distributions or practice ownership. Advice needs to show how those arrangements affect tax, cash flow, drawings and future planning.
Pressure may arise from staff costs, premises, professional indemnity, work in progress, debtor management, partner drawings and compliance expectations.
Planning can include business structure, management reporting, tax estimates, practice benchmarking, insurance review, estate planning and succession or partner transition.
A useful review helps separate personal income planning from practice performance and gives owners clearer information for staffing, partner and growth decisions.
Better prepared advice
Useful questions and information to bring together
These prompts help turn a first conversation into practical advice rather than a general discussion.
Questions worth asking
- Are partner drawings, profit distributions and tax obligations being planned clearly?
- Do my reports show work in progress, debtors, wages and overheads in a useful way?
- Is the structure suitable for professional risk and future partner changes?
- What should be improved before bringing in a partner, buying out a partner or selling?
Helpful records and context
- Practice financials, debtor, WIP, payroll and overhead reports.
- Partner, consultant, service entity or ownership agreements.
- Tax returns, BAS, insurance and finance information.
- Notes about succession, partner admission, retirement or acquisition plans.
What good advice should improve
Clearer decisions, fewer surprises and a stronger plan
What often needs attention
Common pressure points
Every client is different, but these are the kinds of issues that often make professional advice valuable.
- Professional income, partnership distributions or practice profits.
- Trust accounting awareness, practice costs and compliance pressure.
- Business structure, asset protection and growth decisions.
- Superannuation, estate planning and long-term personal wealth planning.
Services matched to this industry
Relevant Banyan services
For solicitors, Banyan can provide tax planning, accounting, business structure advice, reporting, cloud accounting, superannuation and estate planning support. The goal is to bring clarity to both professional and personal financial decisions.
A practical starting point
What the conversation can cover
- Understand your current situation, structure, goals and pressure points.
- Review the numbers, obligations, systems and planning gaps that matter most.
- Match the right Banyan services to your industry, risk profile and stage of life or business.
- Create a practical action plan that helps you move forward with more confidence.
Questions clients often ask
Frequently asked questions
Can Banyan support a solicitor moving into partnership?
Yes. Structure, tax planning and financial reporting can all be relevant.
Is this suitable for a sole practitioner law firm?
Yes. The page can be adapted to suit sole practitioners, partners or growing firms.
Next step
Start with a conversation
If you are a solicitors and want clearer tax, accounting, business or future planning advice, Banyan Consulting can help you work out the right next step.