DLA Piper leverages Financial Reporting Services

Business case

DLA Piper International, a global law firm with 4,200 lawyers located in more than 30 countries, help client companies with their legal needs anywhere in the world. They have expanded rapidly in the past 10 years, through both internal growth and external acquisition, becoming the largest law firm in the world in 2005.

Business challenge

Due to the rapid expansion of DLA Piper, the company identified a need for an external review of the reporting of financial figures between the various entities in their local business units and the head office in the US.

Our approach

Consultinghouse successfully designed and implemented a common reconciliation tool between the audited subsidiary accounts and the head office systems, taking into account the various differences in accounting and taxation legislation, i.e.

Services provided

  • Financial reporting assistance
  • Due diligence and forensic analysis
  • Financial accounts translation
  • Some countries require cash based figures, not accrual accounting
  • Some countries do not require purely a profit and loss, whereas others require double entry accounting

In addition, Consultinghouse was also tasked with reviewing the due diligence process of subsidiary acquisition, to ensure that the terms of the legal contracts of purchase were fully adhered to. This was expanded to specific examples of acquisitions, for a full review of the financials since acquisition.

The outcome

DLA Piper International now have a proven, independently verified reconciliation system to use, thereby ensuring the full reconciliation of the monthly trading figures between each subsidiary and head office. This allows the partners of the firm to be confident that the overall profit figures have been fully agreed to locally audited accounts, reducing the risks involved in the misstatement of profit figures each year.

www.dlapiper.com

Consultinghouse UK

Klaus Schottler, CPA

Managing Director
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