How MNP Can Help Legal Professionals

Like you, we are a professional services firm and understand what it takes it takes to succeed in today’s complex and competitive business environment. Whether you are just graduating, starting a new practice or planning for your retirement, MNP provides a full range of business advisory services to assist you at every stage.

Recent Graduates

As a recent graduate, you are excited about starting your career and realizing your vision for the future. With so many choices, you may be wondering what the best approach is. We understand your situation and work with you to answer your most pressing questions such as:

  • Should I join a clinic as an associate? On what terms?
  • When and how do I buy in? Should I incorporate at that time?
  • Should I start my own firm? How? When?
  • How do I finance my firm?
  • How do I pay off student debts as quickly as possible?

Growing Your Practice

At this stage, your practice has grown and you wonder if you are doing everything you can to achieve your full growth potential. You may want to take your practice to the next level, but may not know how to effectively manage this growth. A trusted business advisor can help advise you and answer important questions, including:

  • How do I establish reasonable benchmarks?
  • How do I compare to other firms?
  • How do I control costs and manage cash flow along with my other finances?
  • How do I grow the firm?
  • How do I minimize taxes?
  • When and how do I attract other lawyers, paralegals or articling students to the firm?
  • What are my priorities for work/life balance?

Mature Practice

As a well-established practice, you have managed your operation successfully for many years and it may be time to explore your next move. At this stage, you might have a number of questions such as:

  • What are my retirement needs? Does the value of my business meet those needs?
  • How do I maximize the value of my business?
  • What is my succession plan?
  • When do I want to retire? What will that look like?
  • Will my family be looked after?

By understanding your needs, we can help you determine what success looks like to you today, five years from now, twenty years from now and when you retire. At MNP, we help you answer any questions you may have to ensure you understand your options and make the best choices that fit with your unique situation and goals. From strategic planning and setting up an efficient tax structure to recording transactions and working with your banker and the Canada Revenue Agency (CRA), MNP is here to help. Working with you one-on-one, we help you achieve your personal and business goals.

To find out what MNP can do for you, contact your local MNP Advisor or call Calvin Carpenter, CA, Professional Services Leader at 1.800.661.7778