Closer ties between solicitors and accountants needed

Solicitors have been challenged to embrace collaborative working with other professional advisers and think outside the box by a property and construction specialist.

'The rise of the ABS is a pointer to the future. But a non-ABS structure should in no way be a barrier to innovation,' said John Painter, managing partner at CB Chartered Accountants.

'Solicitors who want to become the first choice for property and construction clients need to think outside the box and be open to working collaboratively with accountants to move their own and their clients' firms forward. It's a win-win situation.'

Painter, who is chair of the property and construction special interest group at the UK200Group - an association of independently owned accountancy and law firms - has argued that joined-up working between the professions could benefit lawyers and improve firm profitability.

'It's understandable that there is scepticism about closer liaison between solicitors and accountants, but we all need to think about whether we are order takers or true advisers,' he said. 'If our firms are to grow, it has to be the latter.'

Painter opined that the early involvement of accountants in property and construction projects on issues including business structures, capital allowances, VAT, and capital gains tax was crucial to maximising tax efficiency from the outset.

'As a client, I wouldn't expect my solicitor to know the detail of those issues,' he continued. 'What I would expect is that they know these are issues and to raise the question of accountancy advice. If I already have an accountant, that's great - but if my solicitor knows accountants with specialist property and construction knowledge that could potentially offer me real benefits.'

Painter added that it was important to offer options and that professional advisers working together would reduce the chance of 'blinkered advice' and lead to a successful outcome for the client.