Professional Services Firms

Overview

Professional services firms are built on the expertise of their people. Sustaining growth also requires sound financial information, effective operations and thoughtful planning as client expectations, technology and ownership needs evolve.

HCVT works with the founders, partners and investors behind knowledge- and talent-driven businesses, including law firms, consulting and advisory firms, wealth managers and insurance brokers, and the outsourced and tech-enabled providers that support them. We bring together tax, audit and assurance, and advisory professionals to help firm leaders manage day-to-day demands and make informed decisions about what comes next.

Support Across the Firm’s Lifecycle

Whether your firm is strengthening its finance function, pursuing strategic growth or expansion plans, planning for partner succession or evaluating transaction opportunities, decisions in one area often affect the others. We help leadership teams understand those connections and bring in the right specialists for their needs.

Our services include:

Tax planning and compliance: Federal, state and local tax matters; multistate operations; partner and entity considerations; and tax planning related to growth, ownership changes and transactions.
Audit and assurance: Financial statement audits, reviews and other attest services that help firms meet reporting needs and provide reliable information to stakeholders.
Client Accounting Services: Outsourced and co-sourced accounting, financial reporting, close support and back-office resources that can adapt as a firm grows.
CFO Advisory: Budgeting, forecasting, cash flow planning, management reporting and financial analysis to support leadership decisions.
Technology and transformation: Systems evaluation, finance process improvement, data and reporting, and opportunities to use automation and AI effectively.
Transaction and strategic advisory: Guidance for firms evaluating outside investment, financing options and exits, ownership transitions and other strategic transactions, with support spanning financial and alternatives analysis, due diligence, integration and growth planning.
Valuation advisory: Valuation and related analysis to inform transactions, ownership decisions and strategic planning.

Experience with Law Firms

Law firms face distinct questions around partnership structures, partner economics, succession, growth planning and the systems needed to run the business. HCVT works with law firm leaders to address ongoing tax and financial reporting needs, in addition to advising on significant strategic decisions.

For firms considering an acquisition, combination, management services organization (MSO) structure or other transaction, early analysis can help leadership understand the financial and tax implications before decisions are made. Our tax and advisory professionals can help evaluate potential structures, assess transaction readiness, analyze the impact on the firm and its partners, and support the transition that follows.

We also help law firms and their partners strengthen the operations behind their growth through accounting support, forecasting, management reporting, technology planning and integration, and financial process improvement. When audit or other attest services are needed, we can connect those needs with the firm’s broader financial goals.

A Coordinated Approach

The challenges facing a professional services firm seldom sit within one discipline. HCVT brings together the appropriate tax, audit and advisory professionals around your priorities. As a long-term advisory partner, we help you address immediate needs, plan for the firm’s next stage and support your growth over time.