Incorporated legal practices: benefits for solos and small firms

For all the discussion generated by the public listing of Slater and Gordon (eg Lawyers Weekly), it seems to me that incorporation is a reasonable option for solos and small firms.

Why? Most practices set up a separate service trust for tax effectiveness. If you’re a solo, having separate accounts for yourself and your service company is a waste of time.

As an incorporated legal practice, with yourself as the legal practitioner director, you can  have one set of books, superannuate yourself and operate efficiently.

The Law Council of Australia has a good resource page on incorporated legal practice to consider.

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