Back-office support solutions from MHA for a forward-thinking firm
Needing advisers that could guide them through the minefield of establishing a new business they turned to MHA for startup support.
MHA work with legal firms of varying size, from single partner-led firms right through to PLCs. The strength of the relationships they build with their clients ensures all services are delivered at the right time and are pitched at exactly the right level to support clients throughout their strategic journey, which often means knowing when their wings are ready to help them fly.
The challenge
Having split from a long-established international firm, a group of ambitious partners started up their own niche firm. Needing advisers that could guide them through the minefield of establishing a new business they turned to MHA for startup support. They found that the full package of services offered, combined with practical help and advice set them on the right path to take their firm forward with ease.
Kate Arnott, head of professional services for MHA MacIntyre Hudson, commented: “Getting the balance right for clients is crucial. Startups require a high level of support but are usually in a phase where they need to be extremely cost conscious, so we need to offer the right services at the right time to help them maximise sustainable growth.”
The solution
MHA took care of all compliance matters, produced timely management information for the partners to make sound business decisions, as well as advised on the different strategies and scenarios facing the firm as it grew.
Alongside general accounting and business support, MHA provided specialist SRA Accounts Rules staff, who initially undertook all of the in-house bookkeeping for the firm – ensuring full compliance with the SRA Accounts Rules, while allowing the firm to concentrate on serving its clients and building their business.
Over time MHA worked with the firm to identify the right stage of its business lifecycle to recruit an in-house finance team. MHA provided full training to the new team, which ensured a smooth transition, remaining on hand throughout and afterwards to assist as and when required.
Arnott added: “Knowing when a startup firm’s wings are ready to fly on its own is an important milestone for a business’s journey. Being on hand to help facilitate the transition and provide ongoing support is vital.”
The benefits
With trusted advisors on hand, the firm went from strength to strength, building a £15m turnover, international practice with over 30 partners. The firm has created a successful brand by working with the MHA corporate finance team to acquire several bolt-ons over the next few years.
The firm’s managing partner commented: “MHA was always on hand with proactive and practical advice and support. Getting the right advisory team behind you makes a huge difference to how easy it is striking out on your own, the breadth of services offered was important to us so that we could build a long-term relationship.”
*The name of the law firm has been withheld due to MHA client confidentiality policies.
