vehicle leasing is the leasing ( or the use of ) a motor vehicle for a fixed period of time at an agreed amount of money for the lease .

it is commonly offered by dealers as an alternative to vehicle purchase but is widely used by businesses as a method of acquiring ( or having the use of ) vehicles for business , without the usually needed cash outlay .

the key difference in a lease is that after the primary term ( usually 2 , 3 or 4 years ) the vehicle has to either be returned to the leasing company or purchased for the residual value .

vehicle leasing

welcome to renascence vehicle leasing , we specialise in cheap car and vehicle leasing and contract hire in the uk .
nationwide vehicle contracts will also deliver your new vehicle vehicle anywhere in the uk mainland for free . *
car leasing is a flexible way to replace your vehicle every 2 to 4 years .
your vehicle is ordered after another form is submitted authorizing the actual vehicle purchase or lease .
only drivers who will be adding this vehicle as their only vehicle or replacing a vehicle will be able to add vehicles through this deal .
all vehicles leased with nationwide vehicle contracts are supplied by the vehicle manufacturer’s franchised uk dealer network .
at times , an interim vehicle may be available for your use until your new vehicle arrives .
only drivers who will be adding this vehicle as their only vehicle , will be able to qualify . you will not be allowed to add a wesbank vehicle if you already have an active vehicle , unless you are replacing that active vehicle .
tfs vehicle leasing are a credit broker and not a lender . tfs vehicle leasing are a trading style of central accident management services limited and are regulated by the financial conduct authority . registered no : 461286
the gls - class is a spacious vehicle and makes a perfect , passenger - friendly leasing option .
car leasing has become an increasingly popular option recently and with good reason . leasing . . . read more
lease with nationwide vehicle contracts and we’ll deliver your new vehicle anywhere in the uk mainland for free . *
exercise any early termination purchase option and either keep the vehicle or re - sell the vehicle and use the proceeds to offset the amount you paid to purchase the vehicle .
if your current lease vehicle is with nationwide vehicle contracts , we can also arrange for your existing vehicle to be collected on the same day , subject to finance provider and availability .
use our guides on personal car leasing and business car leasing to help find an affordable car lease deal to meet your exact needs .
leasing : you bring your car back to the leasing company . you may have to pay some end - of - lease costs .
our office will contact you once the vehicle arrives . the lease agreement must be completed and signed before the vehicle leaves the lot .
what is car leasing ? personal contract hire ( pch ) , commonly known as car leasing , is like long - term car rental .
leasing a vehicle is a hassle - free process and allows you to drive away a new car for a fraction of the purchase price .
nationwide vehicle contracts is one of the uk ' s leading providers of car leasing and van leasing . established in 2002 , we have over 15 years’ experience in the leasing industry and a host of industry awards under our belt including network vehicles ‘platinum broker of the year’ three times !
renascence vehicle leasing limited are a credit broker and not a lender , we are authorised and regulated by the financial conduct authority . registered no : 671708
once you’ve figured out what you can afford , you need to consider the vehicle features you want / need and how you will use the vehicle .
leasing a car means you can keep up to date with the latest models .
leasing a car is effectively a long term rental – you agree the length of time you are renting the vehicle for , the number of miles , all at a cheap and fixed monthly rate . car leasing is becoming increasingly popular due to the limitless choice of leasing deals available , flexible motoring and cost effective solutions .
with a combined experience of over 70 years , you can rest assured that with gb vehicle leasing you will get the very best advice , deals and service .
* all vehicle images and car descriptions on this site are for illustration and reference purposes only and are not necessarily an accurate representation of the vehicle on offer .
pts fleet will need written authorization from the department head to lease a vehicle .
any difference between the actuarial lease balance and the realized value of the vehicle .
receive approval via email from uber that you are allowed to onboard a vehicle .
our vehicle leasing specialists are waiting to hear from you . if you can’t find the lease car you are looking for online then please send us your requirements and we will endeavour to find you a suitable solution for your business or personal use . get in touch with tfs vehicle leasing today and request a call back to speak with a fleet specialist who will help you find the right vehicle for lease .
in order to request a new lease vehicle for a university department or business unit , the new vehicle request form must be completed and emailed to fleet @ urltoken .
even if the off lease vehicle looks and drives well , it is important to look up reviews for that make and model . since an off lease vehicle is about three years old , there should be a lot of consumer reviews for the vehicle .
check out our guide to understanding how leasing works for both business and personal use .
gb car loans limited t / a gb vehicle leasing are a credit broker and not a lender , we are regulated by the financial conduct authority . registered no : 660674
whichever car lease you choose , we will deliver your vehicle free to your door .
arrange for a third party to purchase the vehicle , if allowed by the lessor .
what the payout cost of your vehicle will be a few years down the road .
the consumers who benefit the most from the leasing trend are those in the market for a used car . buying an off lease vehicle allows you to purchase a like new vehicle with low miles for the cost of a used vehicle . a leased vehicle has already done most of its cost depreciation , therefore if you buy a off lease vehicle today and sell it a month later , the price gap should be minimal . many off lease cars are still under manufacturer warranty too , making them a great deal for less .
the flip side for consumers is that the glut of off - lease vehicles also could make buying or leasing a new vehicle more expensive . an oversupply of used cars could diminish the value of a vehicle they plan to trade in . if they’re leasing , lower used values translate to higher lease payments , jessica caldwell , senior analyst for edmunds , said .
when you lease a car , you are entering an agreement with a leasing company that gives you the right to drive the vehicle of your choice . leasing is similar to a long - term rental . your payments don’t build equity like a car loan and payments do .
whether you live in the city or the countryside , nationwide vehicle contracts will deliver your new lease vehicle direct to your doorstep , provided your address is situated on the uk mainland .
the only passengers allowed in any vehicle are those on official university business . no exceptions .
a fantastic way to leasing a brand new personal car with minimum payments . if you want an alternative option to purchasing a brand new vehicle and keeping your money in the bank then personal car leasing may be the right choice for you . our personalised service and friendly staff will help you to understand the process of leasing and find the right car for your budget and needs . view our cheap personal car leasing deals and find the perfect one to suit your lifestyle .
looking for a vehicle lease provider that works best for you ? sumitomo mitsui auto service is at your service . we offer products and services for varieties of vehicles such as passenger cars , commercial vehicles , private - use vehicles and environment - friendly electric vehicles ( ev ) . more than just a vehicle leasing service , we offer efficient vehicle management solution at a reasonable cost .
with so many benefits to contract car hire , personal car leasing is rapidly growing in popularity .
car leasing with access to uk’s largest network and diverse range of lease cars available in stock .
leasing : you will pay extra fees if your car shows signs of excessive wear and tear .
overall though , leasing a vehicle is a hassle - free process and allows you to drive away a new car for a fraction of the purchase price . check out our impressive range now .
easyway leasing offers a tailor made full maintenance lease , designed to empower uber driver - partners , giving you the potential to own your leased vehicle at the end of 36 months or sooner .
arranging for a third party to purchase the vehicle , if allowed by the lessor . more info
trade in the vehicle to a third party ( such as a dealer or leasing company ) . if the proceeds exceed your lease balance , you can apply the excess to your lease or purchase of another vehicle or receive the excess in cash . if there is a shortfall , you are responsible for the deficiency . if you buy or lease another vehicle , you may be able to include the deficiency as part of the amount financed or the gross capitalized cost of the other vehicle .
© 2018 copyright nationwide vehicle contracts limited . all rights reserved . nationwide vehicle contracts limited is authorised and regulated by the financial conduct authority , our fca firm reference number is 668741 . nationwide vehicle contracts limited is a credit broker not a lender . vehicles shown are for illustration purposes only . all offers are subject to change at any time and are subject to finance approval and vehicle availability . nationwide vehicle contracts limited registered address is unit 9 , christie way , christie fields , manchester m21 7qy
why should i use contracthireandleasing to find car leasing deals ? we work alongside the world’s leading car manufacturers , franchised dealers and independent brokers to source the very best leasing deals on all brand new cars .
contracthireandleasing is the uk’s number one car leasing website , with millions of live deals to choose from .
find the hottest special offers and car leasing deals on a wide range of models from leading manufacturers .
absolutely brilliant , never done leasing before and would now do it again . can not fault the service
the new york auto leasing law , provides important consumer protections before , during and at lease termination .
the major purpose of the motor vehicle retail leasing act ( mvrla ) is to insure that you are able to compare lease offers of competing lessors and that you are treated fairly throughout the lease transaction .
you’ll likely need a bill of sale when buying or selling a vehicle in a private party transaction .
all accidents must be reported , whether or not there was any damage done to the university vehicle .
a life situation has changed and the shopper needs an extra car or a different type of vehicle .
there are two vehicle leasing options available , personal and business . personal leasing allows individuals to drive around in a brand new car without the hassle of ownership and at the end of the agreement all you have to do is hand the vehicle back . with all the top car makes available including bmw , jaguar , mercedes benz and porsche , you will be spoilt for choice and at a surprisingly low price .
whether to buy or lease a motor vehicle is one of the most important decisions faced by consumers . with the average new vehicle costing over $ 20 , 000 , it is also a major financial decision .
auto buyers are committing to leasing and long - term loans at record levels | j . d . power
take our brief interactive questionnaire to find out if you are likely to be accepted for personal leasing finance .
understand how leasing works . take a look at our guides about contract hire for personal and business use .
the amg gt has a distinctive aesthetic and feel , and is available through personal or corporate leasing options .
if you always have a car payment , you ' re a good candidate for leasing instead of buying .
this white paper explores the brand characteristics that drive auto purchase behavior and their impact on used vehicle prices . understanding these characteristics is critical for building intrinsic vehicle value and preserving revenue potential in an increasingly competitive market .
only driver - partners which has been approved from the waiting list will be able to lease a vehicle .
according to jacobson , many leasing companies are able to advertise low monthly payments because they have low mileage limits .
the cla - class has a distinctive aesthetic and feel , and is available through personal or corporate leasing options .
no matter what vehicle you purchase , it is important to do your homework . don’t assume that the dealership is being completely transparent about your off lease vehicle purchase . keep these three things in mind before finalizing your purchase :
this article won ' t cover all aspects of leasing , but it should be enough information to get you started . if you want to get into the nitty - gritty , we ' ve got 10 steps to leasing a new car , a comparison of leasing , buying a new car and buying a used car and a deep dive into
we have been using gb vehicle leasing for our company fleet vehicles for quite a while now . the level of service we have received has always been second to none . the staff are extremely helpful , nothing is too much trouble . after a number of calls and emails with mark smith , he listens intently to our requirements and matches up vehicles to suit our needs . i would highly recommend gb vehicle leasing , excellent customer service and extremely rapid delivery .
millennials like the idea of having the newest , better - equipped vehicle for an affordable monthly payment . after their lease is up , the lessee is free to get a new model without having to worry about selling an old vehicle . the leasing life allows millennials to keep up appearances as they grow in their professional life . another bonus to leasing is that the new vehicles are usually under the manufacturer’s warranty , meaning less maintenance and repair worries for drivers .
welcome everyone to round three of the car buying “great debate” series . in the party - pooper corner , tavarish says that leasing a new car is really just a slavery - inducing rental and you are throwing money away . however , if you work the numbers right , leasing a vehicle may be the smarter way to drive a new car .
view my top of the pops and see which leasing cars are the current best sellers . this may inspire you !
car dealers often make big deals out of leasing . on its face , you can get a brand new , warrantied…
here are some major comparison points to considering when weighing the pros and cons of leasing vs . buying a car :
leasing helps you get into a car so you can start making money . all credit levels are welcome to apply .
you could use that money to help make the monthly lease payments , says reed . and if something happens to the vehicle before the end of the term , at least the leasing company wouldn’t have a big chunk of your money .
if you return the vehicle , before full lease term , the lessor may not charge you for any excess mileage .
drive your business forward with attractive car lease deals that give a lasting impression . when it comes to business it’s important to manage your outgoings , have options to control your budgets and access to funds which can be invested in important areas that could increase revenues . whatever your vehicle requirements may be , whether it’s for practical operations or giving the right impression , tfs vehicle leasing can offer business car leasing and fleet management solutions that will help you to focus on more important aspects of your business . take a look at our cheap business car leasing deals and apply for finance to assess your eligibility .
you want to drive a new vehicle : leasing makes it more affordable to drive a new car . lower monthly payments allow drivers to drive a car that they may not be able to drive if they had to buy or finance it .
browse the latest cars available in stock and contact us for more details on the current leasing and contract hire deals today .
used leasing might make sense . especially since the flow of off - lease volume isn’t likely to dry up anytime soon .
the new york motor vehicle retail leasing act ( nymvrla ) is the most comprehensive law in the country protecting consumers who lease new or used vehicles . the new york attorney general ' s office and the greater new york automobile dealers association ( gnyada ) are proud of their efforts to make leasing easier to understand and more user friendly for the citizens of new york .
westlake village , calif . : 26 february 2014 — the use of long - term loans and leasing for new - vehicle retail sales is on pace to reach record levels in february , according to an analysis by j . d . power .
on tc campus vehicles , mileage rates include maintenance and repairs , preventative maintenance scheduling , roadside assistance and free replacement vehicle .
generally , most off lease vehicles will be in great condition , since the lessee has to pay fines for poor vehicle maintenance or driving too many miles . however , car shoppers should still look for the following when considering buying an off lease vehicle :
the v - class is a large and comfortable mpv , and is the perfect leasing option for transporting several passengers in comfort .
and with the market demand moving to pricier large vehicles , leasing payments can make getting into those vehicles more “attainable” than financing .
they might need a car as a short - term vehicle and don ' t want the commitment of a longer lease term .
today and a fleet specialist will get in touch to help you find the cheapest car leasing deals available , anywhere in the uk .
for help with scheduling a courtesy vehicle , please contact amber benbow by phone 612 - 626 - 3320 or email petri142 @ urltoken .
when vehicles are used for field work , please take reasonable care to protect the vehicle . we are all stewards of university property .
the printed lease form must be labeled
lease agreement ,
retail lease agreement
or
motor vehicle lease agreement
.
you sign an agreement with a leasing company that lets you drive a brand new vehicle for an agreed period of time , for an agreed number of miles , for a fixed fee . it consists of a non - refundable upfront payment , followed by regular monthly payments for the length of the contract . you never own the vehicle , you just hand it back at the end of the contract period .
though leasing was sky high back in the late 1990s and early 2000s , it was “still not at this level , ” she said .
another reason why leasing continues to grow in popularity is because it targets millennial buyers . millennials make up the largest portion of lessees at 12 % , which isn’t surprising since leasing comes with smaller monthly payments and a shorter time commitment than a traditional five - year car loan .
first vehicle leasing is a trading style of conor kennedy ltd ( sc423133 ) conor kennedy ltd , 2 baillieston road , glasgow , scotland , g32 0qf , united kingdom conor kennedy ltd is authorised and regulated by the financial conduct authority . firm reference number 674509 . not all types of business we undertake is authorised and regulated by the financial conduct authority . failure to maintain payments may result in the vehicle being withdrawn . first vehicle leasing is a credit broker , not a lender . v . a . t . registration number : 198 4033 82 | data protection registration number : za227835 all rentals exclude v . a . t . , unless otherwise indicated . all images are for illustration purposes only .
leasing : you do not own the car . you only have the right to drive the car . at the end of the lease agreement , you return the car to the leasing company . you also have the option to buy the car for the residual value stated in the contract .
leasing : you can modify the car , but before you return it , you may have to change the car back to its original state .
but the prevalence of leasing is perhaps tempered by the potential impact to residual values and the flood of vehicles returning to the market from leases .
so , automakers have to find a balance in their leasing portfolios . there is some risk as vehicles come back off - lease in droves .
purchase option : look for the amount you may be able to purchase the vehicle for—along with any related fees—at the end of your lease period .
the lease must contain an excess wear and damage definition that advises you of your obligation to return the vehicle in proper mechanical and physical condition .
leased vehicles accounted for about 25 percent of total vehicle sales in 2016 and 31 percent of retail sales . edmunds and autotrader see leasing declining slightly this year to 30 percent of retail sales as manufacturers back off as a hedge against declining used prices . manufacturers project what a leased vehicle will be worth after three years — the residual value . if the actual resale value is lower at the end of the lease , they lose money .
i was referred to gb vehicle leasing ( gbvl ) by our solicitors who were highly recommending of mark and his team . i am pleased to say that 10 days from what was an exploratory call we took delivery of a brand new vehicle with a specification we would have selected ourselves . gbvl took care of everything and our efforts were limited to the completion of a very simple form . will no doubt be recommending them to others !
built to withstand any environment , the g - class is at once luxurious and exciting , making it the perfect leasing choice for anyone seeking adventure .
unlike most other internet car leasing sites , i publish all my contact information openly ! . . . so , you know who i am - ling
people who lease a car usually do so because it allows them to drive a newer vehicle for less money than it would cost to buy one .
but some segments are more immune to this issue than others , due to strong used - vehicle demand . caldwell gives the example of pickup trucks .
if you plan to trade in your vehicle , it ' s a good idea to know how much it ' s really worth . services and retailers such as carmax offer vehicle appraisals ( often for free ) and can give you a very accurate assessment of what your trade - in is worth .
the edmunds content team brings you industry - leading vehicle reviews , news and research tips that make it easier for you to find your perfect car .
lease - assumption sites will help you with many aspects of the lease transfer , such as vehicle inspections , vehicle history reports , links to long - distance auto shippers and credit qualification . ( leasetrader prequalifies all potential buyers ; swapalease checks buyers ' credit after they reach an agreement with a leaseholder . )
nissan , infiniti and bmw are manufacturers that require post - transfer liability , hall said . acura and honda sometimes require it depending on the state in which you live . however , hall said that the trend in the secondary leasing market is moving away from post - transfer liability . a small percentage of leasing companies don ' t permit transfers at all . these are usually banks such as chase auto finance and huntington bank leasing or credit unions . before signing a new lease , consider this important factor . if your leasing company allows transfers , you will have more flexibility if you need to end the lease early .
our white papers and special reports aim to inform industry stakeholders on current and expected used vehicle price movement to better maximize today’s opportunities and manage tomorrow’s risk .
at the end of a lease , you do not own the vehicle . the specific provisions of your lease agreement govern your options at lease - end .
used vehicle prices are usually discussed with regard to how wholesale or retail prices are moving individually , rather than how they’re trending in relation to one another . focusing on just one or the other , however , leaves out valuable information that can enhance our overall understanding of the used vehicle market . read more here >
with a car leasing agreement , simply return your car in good condition at the end of your lease and choose a brand new one . with car leasing , you can drive a new car for less than you think , and benefit from fixed low monthly rental prices . drive the car of your choice with fvl .
let’s not forget that most of you who think leasing is stupid are usually the same folks that love to snatch up luxury cars after the depreciation . so even if you don’t think leasing is wise for you , be thankful for those who do . without leases , that lightly used luxury inventory would be much smaller .
estimated residual value : this is the value of the vehicle at the end of the lease projected by the dealer / lessor . your purchase option may differ .
car leasing a vehicle gives you a fixed affordable monthly cost , making it easier to work into your budget . most lease agreements have your car tax ( road fund license ) included : one less thing for you to worry about . if you own a business , you can claim the lease payments as a tax deduction .
dealers and automakers may be wise to come together and “explore” their options for used leasing , particularly the opportunity presented in luxury , pickups and suvs , she said .
the process for leasing a car is not much different from financing a car purchase . here are a few steps to take before you step foot in a dealership .
so , whether you’re ordering a citroen c1 or a aston martin db9 , you can rest assured that your vehicle has come from the manufacturer’s franchised uk dealer network .
sumitomo mitsui auto service co . , ltd . ( smas ) is a major auto leasing company . in november 2017 , smas ' s largest shareholders sumitomo corp . and sumitomo mitsui financial group , inc . entered into a basic agreement on the reorganization of their joint leasing partnership centered on sumitomo mitsui finance and leasing co . , ltd . ( smfl ) . smfl is considering transferring the auto leasing business of its wholly - owned subsidiary smfl capital co . , ltd . to smas , and newly acquiring a stake in smas . they plan to sign the final contract during the period between january and march 2018 and complete the reorganization during the period between january and march 2019 .
leasing : you agree to a limit of kilometres for the duration of the lease . if you exceed the limit , you will pay a per kilometer fee for overages .
before you can make a determination about leasing or buying , you need to understand your driving needs and habits and , more importantly , which option makes the most financial sense .
one of the ways to handle some of the off - lease volume — and an opportunity for dealers in and of itself — is used - car leasing , caldwell said .
there were a record 4 . 3 million vehicles leased last year , according to an edmunds report , which said 31 percent of new - vehicle sales in 2016 were leases .
the lessor must provide you with an itemized excess wear and damage bill and a notice of your right to a second inspection of the vehicle if you disagree with the bill .
if you ' re new to leasing , you probably have some questions about how it works . this overview is meant to explain the basics , including the answers to these questions :
© city vehicle leasing is a trading name of city west country limited . registered in england and wales 4306194 . registered office : city west country limited matford park road , exeter , ex2 8fd . city west country limited is an appointed representative of itc compliance limited , which is authorised and regulated by the financial services authority in respect of insurance mediation activities only .
if you return the vehicle to the lessor at scheduled termination , the lessor will tell you where to return the vehicle . in an open - end lease , subject to the three - payment rule , you are responsible for any difference if the actual value of the vehicle at scheduled termination is less than the residual value stated in your lease ( deficiency ) ( see glossary entry open - end lease for a definition of the three - payment rule ) . in most open - end leases , you are also entitled to any refund if the actual value is greater than the residual value stated in your lease . thus , the lessor may not arrange for inspection of the vehicle unless a substantial residual deficiency is expected . more info
read our guide to find out about car leasing and contract hire or get in touch with us today and we ' ll aim to find the perfect lease car solution for your budget .
car leasing hits a new time high in popularity with 4 . 3 million vehicles leased in 2016 , a 91 % growth since 2009 , and the trend doesn’t seem to be slowing .
if your open - end lease ends early , you may have to make a payment ( an
early termination charge
) to satisfy your lease obligations . this payment may be substantial . the early termination charge is typically the difference between the balance remaining on the lease ( lease payoff amount ) and the amount credited for the vehicle ( realized value of the vehicle ) .
many lessors offer gap coverage to reduce or eliminate your early termination deficiency when the early termination is caused by your vehicle ' s being stolen or totaled . there are two types of gap coverage . one is a waiver by the lessor of the gap amount after an insurance casualty loss . the other is a contract with a third party , which may be an insurance company , to cover the gap amount . with either type of gap coverage , you are usually responsible for your insurance deductible and any other amounts deducted from the insured amount of the vehicle by your insurance company . gap coverage typically applies only in the event of a total vehicle loss through casualty or theft covered by your insurance policy and a determination that the vehicle is a total loss .
leasing : in most cases , you will be charged a fee for breaking the lease before the end of the term . the costs can be as high as paying out your monthly payments .
long - term loans - - classified as loans that are 72 months and longer - - account for 33 . 1 percent of new - vehicle retail sales in february 2014 , according to data gathered by the power information network® ( pin ) from j . d . power . if that pace continues , february will set a new record for long - term loans as a percentage of new - vehicle retail transactions in a single month . the current record was set in september 2012 , when 30 . 6 percent of new - vehicle sales were loans of 72 months or longer .
here at nationwide vehicle contracts , we constantly research the marketplace to bring you the best cars and vans at incredibly low prices . view an unrivalled choice of cars and vans on our website with competitive leasing quotations available at the touch of a button and take advantage of exclusive lease deals with some of the uk’s largest finance partners ald , arval , lex autolease , hitachi capital and leaseplan .
capitalized cost : this is the amount agreed upon at the beginning of the lease by you ( the lessee ) and the dealer / leasing company ( the lessor ) for all items and services included in the lease . the capitalized cost is comparable to the selling price of the vehicle plus all related goods and services . these may include : insurance , warranties , registration fees and taxes .
we work with leading finance companies to offer low prices and flexible mileage options to suit . our car leasing deals start from under £100 , so you’ll find a deal for even the tightest budget .
i live inside my car leasing website all day monday to friday 9am - 6pm . i lease the cheapest pcp and contract hire cars in the uk ! - i am ling , accept no substitutes
another huge change in the lease market is the shift from foreign manufacturers to us manufacturers . us manufacturers now lead the leasing market in volume of vehicles leased , and this statistic continues to grow .
non - luxury manufacturing will continue to grow and dominate the leasing market . this is especially true since the quality of non - luxury cars has surpassed the quality of luxury vehicles , according to the recent j . d . power and associates initial quality study . it is now possible to get an affordable vehicle with the same quality and feel as a luxury car , thanks to modern technology .
it ' s less expensive : with the rising retail price of many of today ' s cars , leasing is often the least expensive way to get a new vehicle . leases tend to require lower down payments and lower monthly payments than car purchases . a lease is also a great way to get a nicer new car for less money than you ' d have to pay to buy it .
did you do an inspection ? you or someone you trust should inspect the vehicle thoroughly . have a look under the hood and drive a little harder than you normally would on your test drive .
seeking a vehicle for your department / area operations ? from cars to garbage trucks , pts fleet has you covered . by letting us handle the paperwork , you can save yourself time and money .
the lessor may only charge you for excess wear and damage , if the lessor actually makes the repairs which are then reflected in a higher sale price for the vehicle which is credited to you .
however , the major downside of leasing is that you will likely end up spending more over the long - term than you would if you bought a car and used it for many years . moreover , since you don’t own the vehicle , your use of the car must be in line with the restrictions laid out in your lease agreement , which is why it’s important to read that document closely .
companies like bmw realize that they can hold onto these customers by letting people get out of their lease ,
said stiberman .
they get a brand - new customer , and they ' ve created a new relationship with the older customer .
as a result , stiberman said ,
you ' re getting people that wouldn ' t normally lease a vehicle excited about leasing again .
lenders often base their new vehicle loan thresholds on manufacturer suggested retail price ( msrp ) or dealer invoice price . but these prices are static in nature and don’t reflect the ebb and flow of actual sales prices . data predicated on real - world activity — such as nada used car guide’s new vehicle values — provides the guidance lenders need to more accurately assess risk and opportunity . read more here >
we negotiate cheap car leasing offers , so you can drive away with a great deal on your next new car . each week , you’ll find a fantastic selection of special offers on a variety of models and car leasing deals , always keeping prices low . whether you’re looking for a small city car , a family saloon or a powerful suv , we have contract hire deals for a variety of budgets .
to help you work through the question of buying or leasing , we’ve put together some great information about the costs of having a car , financial considerations , and the pros and cons of each option .
for decades , vehicle leasing has provided an appealing alternative to car buying , whereby monthly payments are made over a fixed term in exchange for use of an automobile . the consumer , or lessee , benefits because , in most cases , lease payments are lower than loan payments , as the amount owed on a lease is largely based on the difference between the manufacturer’s suggested retail price ( msrp ) and forecasted residual value . the lessor benefits by earning income on the asset over the initial lease term and can realize additional revenue when the vehicle is returned and sold as used down the road . read more here >
you want lower monthly payments : many people need to watch their bottom line and keep monthly expenses as low as possible . leasing allows people to drive a new car for less than financing a new car .
“people make a lot of mistakes when setting up their car leases , and it can cost them a lot of money , ” he says . here are five common car - leasing mistakes that consumers should avoid .
you like getting a new car every couple of years : if you like driving a car with the latest features and technology , leasing is a great way to get a new car every 2 - 4 years .
there is almost 1 registered vehicle for canadian : there are 32 . 5 million registered vehicles in canada , and with a population of 35 . 6 million , that is 0 . 9 registered vehicles per person .
we will deliver your new car free to your door , whichever car leasing deal you choose . and with fvl , you can also expect dedicated customer service and complete aftercare , all for a low monthly rental cost .
car leasing hit an all - time high in popularity with 4 . 3 million vehicles leased in 2016 , a 91 % growth since 2009 , and some are questioning if we ' ll see this trend slow down .
when you lease a car you are essentially paying a company for the right to drive a car they own for a set period of time , usually two or three years . your payments are meant to cover the depreciation of the car during that period , so they are often cheaper than an auto loan on an equivalent vehicle would be . leasing can also be a good way to drive a newer model car for relatively little cost .
whether you prefer a low - cost monthly rental fee , or would rather agree on an exact time , all our options are competitive and designed to to make it easier for you to get the vehicle you require .
lessee is liable for all damage to the vehicle , whether or not it is accident related . fleet services will only reimburse the cost of damages when an accident report is filed and the claim is approved by insurance .
while leasing allows drivers to get higher - end vehicles for an affordable monthly payment , the leasing trend is being dominated by non - luxury vehicles . we sampled the top eight car manufacturers to see which company held the most sales . fca , ford , gm , honda , toyota , hyundai / kia , bmw and mercedes - benz held 74 to 80 % of total car sales between 2009 and 2016 . between these seven years , these manufacturers have continued to manufacture and lease more non - luxury vehicles over luxury ones . in 2009 , 24 % of leased vehicles were luxury vehicles , and the remaining 76 % were non - luxury vehicles . in 2016 , luxury vehicle leases dropped to 11 % and non - luxury vehicle leased increased to 89 % . the number of non - luxury vehicles jumped from 668 , 764 in 2009 to almost 3 . 5 million in 2016 .
leasing a car could be more clearly described as long - term car rental . you pay a monthly price that allows you to “borrow
a brand new car for an extended period of time—typically around 36 months , though this number will vary based on your dealership . at the end of your lease , you will have the choice to either buy your car , for an amount specified in your lease agreement , or turn the vehicle in .
the lessor must provide a separate notice in the event you are responsible for any early termination deficiency ( gap ) if your vehicle is stolen , confiscated or damaged and declared a total loss by your insurance company . coverage does not include vehicle confiscation . the lessor must offer gap protection to cover this potential liability , at its actual cost plus an administrative fee of not more than $ 10 , or provide this coverage at no additional charge .
our pricing team constantly monitors the market to ensure we are offering the very best deals and our leasing consultants are here to walk you through your options whether you’re looking for a car or van for yourself or your business .
she ' s sent me photo ' s of the new car and is very happy . it looks amazing . many thanks for your help and swift work ! it all went very smoothly . very impressed with rvl leasing .
jacobson says that if there’s damage to the car , the customer will have a chance to have it fixed on his own dime before turning it in . otherwise , the leasing company will assess a value to the damage .
you want to customize your car : some people just like to add extra features to their cars – like specialty tires . if you lease a vehicle , you have to remove any modifications or customizations you make to the car .
what car leasing provides above all , is great choice and flexibility on new vehicles . choose the right car finance deal from our wide range of vehicles in stock , or have yours made to order and delivered straight to your door .
as the leasing trend continues , more used cars will be available for purchase each year . buying an off lease car gives consumers the best of both worlds - a low mileage car that looks like new at a used car price .
is your vehicle under warranty ? consider shopping at a car dealership that offers certified pre - owned vehicles that come with a pre - owned warranty . if the dealership does not offer this automatically , consider purchasing an extended auto warranty .
in an interview here at the nada convention & expo in late january , jessica caldwell — who is executive director of industry analysis at edmunds — says leasing is so attractive to consumers because , in large part , they’re monthly payment shoppers .
maintenance : the car you’re leasing is sure to need some maintenance during the period you’re using it , and it might even need significant repairs . make sure you read the section of your agreement that explains your responsibility for covering these costs .
canadian drivers are also spending a large portion of their income on cars . the average canadian’s income is $ 49 , 000 and the costs of car loan or lease can represent almost 20 % of that income . that doesn’t even include the costs for insurance or gas , which makes the total cost to drive even more . we’ve all heard about being house poor , but it seems as though many canadians could become “vehicle poor” if they fail to make a smart vehicle choice .
keep in mind that while you are making monthly payments , you do not own the car , so any damage you do to the vehicle during the term of the lease will most likely come out of your pocket when the lease expires .
if you make a payment prior to lease signing , you are entitled to a refund if your application is not approved . other protections apply if your vehicle is held as a trade - in by the lessor pending execution of the lease .
sharon covington of long beach , california , was only five months into a three - year lease on a chevy tahoe when her circumstances suddenly changed and she needed to get out of her lease . she tried to trade in the vehicle .
our customer care sets us apart and we pride ourselves on the service we offer . committed to assisting our customers throughout the car leasing journey , you will have the same point of contact and be kept up to date as your order progresses .
we have been very impressed with the service given by your colleagues we have been in contact with , the whole process has been very smooth and stress free and we look forward to leasing further vehicles form you once we get to that stage .
choosing to buy or lease is a personal decision . there is no right and wrong when it comes to choosing between leasing and buying . you need to understand the differences between the two , and the pros and cons of each to make sure you are making to correct decision for you at this moment – financially and logistically . when you’ve done your homework on leasing and buying , and when you have clarity on your preferences , you will make a decision that is best for you .
when purchasing a vehicle using a loan , your lender is the one who owns the car until you finish paying off your car loan . you can negotiate the term of the loan , the interest rate and the monthly payment with your financer .
everything went well with the delivery and i have been well pleased with the service received from yourselves . this is my first time leasing and it has been so straightforward a process i am over the moon . thanks again for the excellent service provided .


according to the national association of legal fee analysis ( nalfa ) , legal auditing is a litigation management practice and risk management tool , used by insurance and other consumers of legal services , to determine if hourly billing errors , abuses , and inefficiencies exist by carefully examining and identifying unreasonable attorney fees and expenses .

because the majority of corporate law firms charge clients on an hourly basis , and base attorney promotion and compensation almost entirely on the number of hours billed , rather than the results achieved for clients , lawyers and law firms have much incentive to bill as many hours as possible , and little incentive to work efficiently or to bill fewer hours .

according to the california state bar , most lawyers who block-bill their time inflate each client bill by 10-30 percent , and at the average national billing rate of $ 661 per hour ( as of april 2012 ) that means that most big-firm lawyers overcharge clients anywhere from $ 150,000 to $ 400,000 each year .

legal auditing

a survey on auditing , quality assurance systems and legal frameworks in five selected slaughterhouses in bulawayo , south - western zimbabwe .
accountability services , one of the pioneers of the legal cost control and auditing industry , has proven techniques that result in significant savings .
how can the internal audit department help control and reduce legal costs ? auditors can start by using the techniques of legal auditing . these methods can help to quantify objective problems and isolate subjective problems that can then be reviewed by the legal department .
the legal landscape has and continues to change rapidly and dramatically : the legal services act ( tesco law ) ; referral fee reform ; outcome based regulation ; the legal aid bill ; assigned risk pool demise ; jackson reforms . against this background legal auditing services has been established to provide a range of audit and risk management services to the legal profession , purchasers of legal services and those providing support .
a survey on auditing , quality assurance systems and legal frameworks in five selected slaughterhouses in bulawayo , south - western zimbabwe . - pubmed - ncbi
since 1991 , our legal auditors have reviewed over a billion dollars in legal fees and have reduced legal bills as much as 46 % with our legal cost control services and 67 % with our expert witness testimony .
knowledge of accounting and auditing methods and systems ; of generally accepted auditing standards and procedures ; of business practices ; of legal contracts ; of business law , of numerical analysis ; of tax and sales tax laws ; of general and specialized accounting and auditing techniques ; and of specialized areas related to audit activity , such as computer system analysis and automated techniques .
knowledge of accounting and auditing methods and systems ; of generally accepted auditing standards and procedures ; of business practices ; of legal contracts ; of business law ; of numerical analysis ; of tax and sales tax laws ; of general and specialized accounting and auditing techniques ; and of specialized areas related to audit activity , such as computer system analysis and automated techniques .
a copy of the invoices ( if separate from the legal bills ) and cover letters accompanying the legal bills .
reviews work of other personnel engaged in auditing complex domestic , foreign , and multi - national corporations .
excerpted from the asq auditing handbook , j . p . russell , editor , asq quality press , 2013 .
plans and organizes specific audit programs to accomplish audit objectives ; and employs computer - assisted auditing techniques to minimize audit costs .
the pam sets out the principles of the international auditing standards which are relevant to the eca’s performance audits , as well as generally accepted principles and good practice in performance auditing . it provides procedures and guidance on how to conduct high quality performance audits ,
accountability services ' legal auditing can isolate any inappropriate or inefficient billing practice that unnecessarily increased your legal fees . aided by proprietary software , accountability services ' attorneys recast billing and disbursement information into comprehensible formats and determine what was done , by whom and for how long . then , our legal auditors test for mathematical errors and internal inconsistencies in the legal bills and determine whether the legal fees and disbursements were reasonable and whether there were any inappropriate or inefficient billing practice . once these practices are identified you may be entitled to a refund or a reduction in your legal bill .
please let us know what auditing resources you are looking for . if you would like a reply , please include an email address .
a legal department’s internal expenditures are typically about 40 percent of total legal spending . the other 60 percent goes to law firms and other external service providers ;
determining the most cost - effective legal service providers u . s . business litigation
the national association of legal fee analysis ( nalfa ) is a 501 ( c ) ( 6 ) non - profit professional association for the legal fee analysis field . our members provide a range of services on attorney fees and legal billing matters .
the audit of the legal department can lead to meaningful change within the organization . internal auditors can make meaningful recommendations regarding the quality of legal work performed . the operational review of legal services can lead to recommendations that result in a reduction in costs . a skillful audit team has the opportunity to provide valuable insight into ways to improve current legal processes .
a legal audit is a systematic review of the company’s transactions , contracts and practices to establish its legal status , identify potential legal problems and help minimize its legal liability . it involves inspections of the company’s activities to establish their compliance to its constitution , the national and the international laws as the case may be . a legal audit seeks to establish the adherence to all laws , rules and regulations that are applicable to the company in undertaking its objectives .
compliance with regulations governing international trade should be a necessary component of internal legal auditing programs , even for those businesses that engage in limited import and export trade . international trade considerations also can be an important facet of due diligence reviews in acquisitions and other transactions .
these transactional and contractual complexities require qualified , well - balanced and focused legal input so as to come up with remedies and preventive mechanisms to shield the company from possible legal conundrums by maintaining its legal health . therefore , it is vital that the companies conduct legal audits to ensure the compliance with the laws and policies so as to prevent or minimize the risk of litigation .
auditing is the on - site verification activity , such as inspection or examination , of a process or quality system , to ensure compliance to requirements . an audit can apply to an entire organization or might be specific to a function , process , or production step . find more information in the video , the how and why of auditing .
it is also advisable for a company to order a legal audit immediately a board or a management team is dismissed and a new one is appointed . this should be done especially if the previous board is accused of past legal improprieties or questions have been raised on the company’s legal position .
investigates and audits taxpayers’ financial records , operating reports , and business practices to ensure legal compliance .
las was established to satisfy the demands and needs of all parties associated with the legal world , including bulk purchasers of legal services , legal expenses insurers , funders , specialist brokers and underwriters and , of course , legal practices . the services provided are wide ranging and include open and closed file review , service / technical audit , compliance , due diligence , performance management , risk management reviews .
resources are available to assist the auditor in reviewing the legal function . a book from the institute of internal auditors research foundation , legal services : auditing the process , provides a basic foundation for how an internal audit team can perform the audit . organizations such as the association of corporate counsel routinely survey their members to determine what issues are pressing for a shared agenda for action .
it’s rare that the legal function can be considered a risk unto itself . but the legal function can expose the company to various hazards . the failure to help the company mitigate risk exposures , or the mishandling of litigation , can create significant liability . so one item you want to pinpoint is the capacity of the legal department to manage activities it believes pose a significant legal risk to the company .
may require certification as a certified public accountant ( cpa ) , certified internal auditor ( cia ) , certified management accountant ( cma ) , or certified government auditing professional ( cgap ) .
the general counsel also faces financial responsibilities such as monitoring budgets and reporting on expenses , so another focus of internal audits should be evaluating controls that can reduce legal costs and improve the department’s efficiency . the auditor can conduct a preliminary walk - through of legal operations to get a feel for how legal services are requested and processed . problems can result when request for services is informal , without clear parameters . the internal auditor should assess the inventory of legal services performed for the organization . questions to consider when evaluating legal processes include :
the legal work of the gao is centered at the headquarters office in its office of the general counsel .
undisclosed bonuses : confirm that the amount invoiced is the same as the bottom line on the itemized legal bills .
the auditor should examine compliance and legal counsel collaboration as an important component of the overall internal control structure . a system of internal controls with strong compliance , risk , and internal audit activities can militate against inefficient and ineffective legal counsel .
analyses of legal operations may involve detailed testing on case files and interviews about case file content . use analytics , including comparative benchmarking , to see how the legal function compares with others from an efficiency standpoint . metrics relevant for the gc have become more readily available and the auditor can seek studies , such as those conducted by organizations like general counsel metrics corp . , for data . some interesting fundamental metrics for the legal department provided by legal consultant rees morrison include :
every week we chat with leading thinkers in compliance , auditing , risk management , public policy and more . these short ( 10 - 15 minutes ) interviews are free to all . follow compliance week podcasts on itunes .
about the author : annette sanderson biesecker is a cofounder of accountability services , inc . , a legal cost control and auditing center . she received her b . a . from harvard university and her law degree from new york university law school . she is a certified mediator and a member of the arbitration panel of the american arbitration association .
those are all charges that would get kicked back if sipc employed david paige . he spent 18 years litigating legal bills for insurance companies before setting his own firm , sterling analytics , to advise companies on how to root out questionable legal charges .
legal audits are designed to quantify the financial impact of any legal fee billing abuse , inefficiency or fraud that may have taken place . our legal auditors and accountants scrutinize all time charges and expenses with the assistance of our proprietary software . underlying documentation is reviewed to assist our auditors in determining , among other things , whether the time taken to complete particular tasks was reasonable . our audits culminate in a written report that provides a solid foundation for negotiating a settlement with your law firm . in the event that your case goes to trial , accountability services stands ready to give expert testimony regarding attorney ' s fees at depositions , hearings or trials . accountability services ' legal audits have resulted in reductions of as much as 83 % of the legal fees . accountability services customizes its legal audits to provide the most cost - effective solutions for your legal cost control needs .
moreover , given the heightened enforcement environment , performing an audit of the legal department has become critical for addressing areas of regulatory compliance , financial reporting , and operational efficiency . however you might view the goals of corporate regulation—whether to increase shareholder value , protect third parties , or rein in corporate power more broadly—the gc , in framing the corporation’s response , affects how much these goals will be realized . the objectives of auditing the legal department may vary but there are several key questions the internal auditor should consider :
one example of where legal and audit teams can cooperate is in financial statement disclosures . does ( or should ) the company have a special litigation committee to approve high - cost legal services or pending litigation containing high - risk exposure ? are the compliance and legal teams involved in the disclosure committee ? among disclosure matters are contingent liabilities to legal counsel , addressed in financial accounting standard no . 5 . lack of adequate disclosure can create an overall misstatement of material facts to the financial statements , even when the related accounting transactions may be conforming .
an auditor may specialize in types of audits based on the audit purpose , such as to verify compliance , conformance , or performance . some audits have special administrative purposes such as auditing documents , risk , or performance or following up on completed corrective actions .
experience in accounting or auditing work . graduation from an accredited four - year college or university with major coursework in accounting , business administration , finance , economics , or a related field is generally preferred . experience and education may be substituted for one another .
legal audits have become one of the best prevention tools for companies , as an in - depth analysis of corporate documents helps identify potential contingencies .
prepares complex audit reports , summaries , working papers , operating reports and correspondence ; and reviews for accuracy and conformance with departmental and legal requirements .
the eca has developed practical guidelines on auditing methods to support auditors ' work across the various stages of the audit process . the guidelines complement the audit manuals and represent good practice advice for the eca ' s auditors . you will find them below in the related links section .
courts and clients turn to us for expertise when attorney fees and expenses are at issue in large , complex cases . nalfa members are fully qualified attorney fee experts , special fee masters , bankruptcy fee examiners , fee dispute neutrals , and legal bill auditors . our members follow best practices in legal fee analysis .
an internal auditor can assist the legal department in reviewing and monitoring legal invoices . first consider some basic controls , such as billing software that can check for arithmetic errors , duplicates , and possible abuses . billing guidelines are another key control . the guidelines should provide clear instructions for how attorneys should operate and bill when providing services . other controls include the practice of bidding out legal services , and periodically rotating the use of law firms to ensure efficient and effective representation .
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the gao has the following basic purposes : to assist congress , its committees , and its members in carrying out their legislative and over - sight responsibilities , consistent with its role as an independent , nonpolitical agency in the legislative branch ; to carry out legal , accounting , auditing , and claims - settlement functions with respect to federal government programs and operations as assigned by congress ; and to make recommendations that are designed to provide for more efficient and effective government operations .
a sampling of the legal bills are selected for computer assisted analysis with the balance reviewed in less detail . the preliminary legal audit , memorialized in a written report , will assist the client in determining whether a more comprehensive audit would be cost - effective . often , the preliminary report will be enough to effectuate a settlement with the law firm .
the european court of auditors performs its audits in accordance with the international auditing standards and code of ethics , which it applies to the specific eu context . these standards help ensure the quality and professionalism of the eca’s work , as well as its efficiency . the eca contributes to the development of the standards through its international cooperation .
such tales of overbilling can make an internal audit department crave control over the company legal budgets . however , internal auditors should realize that outright billing fraud is rare , and seldom does it affect the bottom line . rather , subtle billing abuses , as well as inefficiency , poor case management and general disregard of costs , are what drive legal fees up and create real losses .
the conduct of a legal audit is normally focused on compliance to existing laws and policies . this may be with regard to the whole company , especially if a legal audit has never been done before , or it may be focused on a certain set of transactions , law or policy as the management will decide or focused on the company’s potential problem areas with the lawyer’s advice .
our legal auditors and accountants scrutinize all time charges and expenses with the assistance of our proprietary software . underlying documentation is reviewed to assist our auditors in determining , among other things , whether the time taken to complete particular tasks was reasonable . our efficiency audits culminate in a written report , which provides a solid foundation for negotiating or litigating the appropriate reductions in the legal bills .
the internal auditor must always remember that an audit report on legal counsel can potentially be a source of legal liability for the business . information gathered and reported should emphasize descriptive data and limit evaluative observations—particularly conjecture and opinion . audit reports that are descriptive and fact - based are less likely to supply litigants and investigators anything more than they would obtain through standard discovery and information requests .
set forth below are brief summaries of the primary u . s . legal regimes governing international trade , along with some preliminary questions and examples that may help identify potential issues under these rules .
the auditor should start substantive testing by running a variety of analytics . examples include trending legal expenses from month - to - month and year - to - year . again to enhance the data analysis , auditors can measure analytical results against comparable organizations within the same industry . auditors should be alert to spikes and dips in the data set as a beginning point for further testing . another test is to determine whether the rate charged for legal services corresponds to the contract for legal services . trending hours billed over time , sorted by attorney and by service type , can identify aberrations .
identifying the potential risks related to corporate matters , foreign investment , intellectual property , labor law , contracts , administrative law , etc . , as well as issuing proposals for normalization and legal monitoring .
the legal audit equivalent of the traditional internal audit control function is an on site audit . in an on site audit , the legal auditor compares time records to the underlying work product on a day to day basis . this is done by checking phone records , court files , discovery indexes , deposition transcripts , final and draft versions of documents , chron files and email to confirm that work billed was , in fact , performed . the on site audit is a time consuming and expensive process and one that most legal auditors will not recommend unless their preliminary review reveals the likelihood of fraud . instead , the internal auditor first tries a desk audit or legal bill review , which is a careful examination of law firm billing and staffing patterns for the purpose of detecting billing errors , abuses and inefficiencies .
general counsels wield lots of power inside a corporation . they are the ones who translate legal mandates that influence how a corporation internalizes its compliance duties , and they have a huge range of daily tasks .
court rules notwithstanding ,
the client should be paying for the exercise of legal judgment ,
paige says .
you should be paying a lawyer to do what went to law school to do .
a legal audit is also an opportunity to update the company’s records , registrations , and licenses with a view to promotingits rights and legal position . once the employees and the management have been trained on the compliance issues it will lead to improved internal processes and systems . it can also focus on such issues as the company’s tax requirements with a view to establishing the company’s position and finding ways of lessening its tax liabilities .
at sudi & associates our primary focus remains , in the words of mark lanier , “to provide the highest quality legal care delivered in an honest , professional manner to enrich the lives or businesses of our clients . ”
auditing performance involves assessing different aspects of the public intervention process , including inputs ( financial , human , material , organisational or regulatory means needed for the implementation of the programme ) , outputs ( the deliverables of the programme ) , results ( the immediate effects of the programme on direct addressees or recipients ) and impacts ( long - term changes in society that are attributable to the eu’s action ) .
the legal work of the gao also covers a wide range of advisory services—to congress , its committees , and members , with respect to the legal effect of statutory provisions and implications of proposed legislation as well as assistance in drafting legislation ; to the justice department , primarily in the form of litigation reports on court cases generated by , or related to , the work of the gao ; and to the courts in connection with cases involving the award of government contracts . in addition , there is daily coordination between the staff of the office of the general counsel and the audit and operating staffs with regard to the legal consequences of issues raised in the course of reviews of government activities .
a copy of the itemized legal bills that contains the daily description of activities of the timekeepers ( attorneys , paralegals and other support staff billing to your matters ) and the hours billed each day . these may be referred to as the time sheets , billing logs , or diaries . if the legal bills do not identify the individual timekeepers and their billing rates ( which they usually do ) , you will need to obtain that information from the law firm .
as defined in iso 19011 : 2011—guidelines for auditing management systems , an audit is a “systematic , independent and documented process for obtaining audit evidence [ records , statements of fact or other information which are relevant and verifiable ] and evaluating it objectively to determine the extent to which the audit criteria [ set of policies , procedures or requirements ] are fulfilled . ” several audit methods may be employed to achieve the audit purpose .
various authors use the following terms to describe an audit purpose beyond compliance and conformance : value - added assessments , management audits , added value auditing , and continual improvement assessment . the purpose of these audits goes beyond traditional compliance and conformance audits . the audit purpose relates to organization performance . audits that determine compliance and conformance are not focused on good or poor performance . yet performance is an important concern for most organizations .
in view of the complexity of these and other international trade - related rules and the serious penalties that can be imposed for violations , a detailed knowledge of these requirements is critical , particularly in the legal audit and due diligence contexts .
yet despite the prominence of the gc , little is known about the operations of the legal function . internal auditors do have an opportunity here to examine and improve the efficiency of in - house counsel and its management of external counsel .
the eca conducts its audits in accordance with issais , the international standards on auditing issued by intosai , the international organisation of supreme audit institutions worldwide . the principles and details of the eca ' s audit approach are described in a set of manuals , standards and guidelines , which apply the international standards to the specific eu audit context . they help our auditors to provide high quality professional work , and to operate efficiently and effectively
a legal audit is vital for any company and will go a long way in helping to avoid unnecessary losses and penalties that might lead to the business suffering unnecessary costs or at the extreme closing up . it will enable a company to achieve its objectives with minimal risk to its management , employees and shareholders . kenyan businesses should , therefore , embrace the idea of a legal audit as it is a sure way of minimizing the potential exposure of the company to lawsuits and penalties .
ability to compose clear and concise audit reports ; to research , analyze , and understand tax laws , rules , and regulations ; to use automated audit techniques ; to gather and analyze accurate and relevant audit information ; to evaluate documents , records , and accounting and management operations systems for accuracy and legal conformance ; to trace historical accounting transactions through complex corporate structures to determine taxability and ownership ; to evaluate and summarize financial records for accuracy and conformance with accounting standards and legal requirements ; to present audit findings and recommendations in a clear and concise manner to individuals and / or at legal proceedings ; to maintain confidentiality and protect the privacy of state employees , taxpayers , and other members of the public ; to communicate effectively ; and to train others .
the fcam sets out the principles of the international auditing standards which are relevant to the eca’s financial and compliance audits . it gives guidance on how to apply these principles when carrying out the eca’s annual statement of assurance audit and other financial and compliance audits . the procedures contained in the manual are supplemented by practical guidance , including checklists and more detailed instructions . the eca uses an it - based audit support system to manage and document its audit work .
a complete legal review should also examine the use of outside counsel , to ensure that high standards of quality and cost control are maintained . having practiced in a law firm , i know too well the drudgery of tracking billable time in six - minute increments .
ability to compose clear and concise audit reports ; to research , analyze , and understand tax laws , rules , and regulations ; to use automated audit techniques ; to gather and analyze accurate and relevant audit information ; to evaluate documents , records , and accounting and management operations systems for accuracy and legal conformance ; to trace historical accounting transactions through complex corporate structures to determine taxability and ownership ; to evaluate and summarize financial records for accuracy and conformance with accounting standards and legal requirements ; to present audit findings and recommendations in a clear and concise manner to individuals and / or at legal proceedings ; to maintain confidentiality and protect the privacy of state employees , taxpayers , and other members of the public ; to communicate effectively ; and to train , lead , and / or prioritize the workload of others . .
vague billing descriptions . a legal bill should provide enough detail to inform the reasonably knowledgeable bill reviewer what is going on . any entry that contains a statement of hours worked with no description should be deducted from the bills . also , watch for meaningless entries such as worked on case or reviewed file .
the consequences of failing to comply with the laws and policies are grave and costly . some of them include the revocation of licenses , legal action against directors for breach of trust , fines being imposed against the company , losing existing tenders and the company being involved in ultra vires transactions which may occasion the directors being personally liable .
the main benefit of carrying out a legal audit is to identify the company’s legal liabilities and risks beforehand and come up with a way of averting potential lawsuits and penalties . this is a sure way of saving the company’s money in litigation costs and other unnecessary expenses . the audit also examines the company’s contractual position with its employees , customers and other players such as insurance and proposes possible remedies if potential problems are identified . in such a case it will go a long way in averting personnel problems as the lawyer conducting the audit can review and suggest updates in the company’s contract and policies so as to avoid issues such as unfair labor practices , discrimination and sexual harassment .
looking at core metrics for comparison can assist in gauging whether the legal department is significantly out of line in a particular area . a gc should consider developing measures of individual lawyer productivity to assist in evaluating individual performance . not only can suggestions be made to enhance productivity , but often the methods used to evaluate productivity can be improved .
every audit is usually unique based on the company , the transaction or subject to be audited or the lawyer undertaking the audit . however , one thing that stands out is that thelegal audit is usually required to evaluate the company’s current andfuture legal issues in light of the company’sneeds and industry standards and to come up with effective solutions for the organization .
all content on this website , including dictionary , thesaurus , literature , geography , and other reference data is for informational purposes only . this information should not be considered complete , up to date , and is not intended to be used in place of a visit , consultation , or advice of a legal , medical , or any other professional .
a legal audit is done by a lawyer who may be an in house counsel or an external lawyer . the benefits of it being done by an in house counsel is that he already knows the internal processes and therefore will save time . however , it is more advisable to have an external lawyer to do the audit so as to bring in a new perspective of the processes .
of course there are concerns that the billable hour is a metric prone to abuse . those in the legal profession know some of the stories such as the legendary associate at a wall street firm , described by james stewart in the partners , who flew to california from new york , worked on the plane , and , by virtue of the change in time zones , billed 27 hours in one day .
the scope of the activities of the gao was further extended by the government corporation control act ( 31 u . s . c . a . 841 [ 1945 ] ) , the legislative reorganization act of 1946 ( 31 u . s . c . a . 60 ) , the accounting and auditing act of 1950 ( 31 u . s . c . a . 65 ) , the legislative reorganization act of 1970 ( 31 u . s . c . a . 1151 ) , the congressional budget and impoundment control act of 1974 ( 31 u . s . c . a . 1301 ) , the general accounting office act of 1974 ( 31 u . s . c . a . 52c ) , and other legislation .
the instances or intervals within which a legal audit ought to be done will depend on the particular company concerned . several factors will guide the decision such as the size and structure of the company , the complexity of the industry or the transactions and the frequency in the change of laws and policies in the sector . however , the audit should be done periodically and with guidance as to the company’s last audit .
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webster hubbell , once third in command at the united states justice department , plead guilty to charges that he had billed his legal clients fraudulently . maureen fairchild of chapman & cutler was charged with inflating fees , doctoring bills , charging subordinate hours as her own and charging personal expenses to clients . richard a . solomon , formerly with mayer , brown & platt , was alleged to have altered a dozen bills to clients over a four year period .
the rules governing international trade are complex and sometimes counterintuitive . for example , although export control requirements generally apply to military items and high technology
dual use
goods , even commonplace items like hammers and nails are controlled to certain parties and destinations . while specific issues under these rules should be discussed with counsel , a basic ability to
spot
international trade issues in the legal audit and due diligence contexts can benefit companies in significant ways , such as :
the emergence of labor relations , environmental protection issues , consumer protection regime and the intergovernmental relations have brought about consciousness of rights and regulation of businesses compliance of which is required in most cases as a matter of law . this has resulted in a more complex legal regime in which the regulators in the society impose heavy fines and stringent measures , such as criminal prosecution , for non - compliance with the laws and regulations in place to the financial detriment of the company .
the statement of assurance ( sometimes referred to as the ‘das’ from the french “déclaration d’assurance” ) is an annual financial and compliance audit exercise where the eca audits the reliability of the eu’s accounts and the regularity of the transactions underlying them . the findings and conclusions are published in the eca’s annual reports . the audit involves testing a random sample of transactions and evaluating supervisory and control systems to determine whether revenue and payments are calculated correctly and comply with the legal and regulatory framework .
it is also advisable to bring in a lawyer who is a qualified advocate so as to be covered under the advocate - client privilege and also so that incase there is an additional transaction or litigation work to be pursued he has the capacity to undertake it without putting the company in a further legal abyss . the advocate - client privilege will be vital in safeguarding the company’s information , documents and communication revealed to the lawyer so as to avoid their being used in litigation against the company .
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the business environment is getting more complex by the day with regard to the legal implications of transactions and relationships between companies and other stakeholders in the society . the emergence of an integrated global economy and international trade have in turn increased the rights and duties owed by the company to those more traditional ones . the responsibilities of a company and its leadership have widened from the traditional one to shareholders to a more diverse duty to the employees , consumers , suppliers and distributers , to the government and to the foreign governments in countries where the company operates or its products are sold .
auditors should be familiar with control criteria involving the legal department under the coso framework . for example , to test the implementation and effectiveness of the control environment , auditors can compile a list of significant instances of misconduct that occurred in recent years , and then review board or committee minutes and reports to determine whether directors and executive management were apprised of such misconduct in a timely manner . auditors can also review the minutes to see whether the board or committee followed up on allegations of a breach in internal controls , such as ordering special investigations , hiring outside advisers , requesting follow - up reports , and so forth .
it also helps the company become or remain compliant with the laws and policies in place as it exposes the laws that have not been complied with and provides for ways of complying with them thus safeguarding the company’s legal position . it fosters observance of rules and regulations in place , especially in a regulated industry , thus saving the company money that would be spent on the settlement of hefty fines imposed as a result of their breach . an example is with regard to the burgeoning environmental laws and policies coupled with strict regulators where such an audit will help the company to be steadfast in complying with the complex area of law . this also results in enhanced compliance reputation which is a sign of quality .
legislation may be enacted to direct the gao to examine a specific matter ; special audits , surveys , and reviews may be performed for the committees , members , or officers of congress ; professional staff members may be assigned to assist committees in conducting studies and investigations ; the comptroller general or his or her representatives may testify before committees on matters considered to be within the special competence of the gao ; and committees or members may request comments on , or assistance in , drafting proposed legislation or other advice in legal and legislative matters . further , the gao responds to numerous requests from congressional sources for information relating to , or resulting from , its work , and it provides advice on congressional , administrative , and financial operations .
a recent new jersey law journal by charles toutant , “ $ 160m settlement approved in class suit over reimbursement of . . .
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baker & hostetler has charged the securities investor protection corp . $ 110 million so far for its work unraveling the madoff ponzi scheme . in april the law firm of irving picard , the trustee in charge of the madoff estate , submitted another bill for $ 43 . 2 million plus $ 1 . 1 million in expenses .
in it : $ 2 , 000 for photocopying , $ 13 , 065 . 93 for stationery and
office supplies ,
and $ 50 , 067 for preparing the bill itself .
baker & hostetler declined to comment . sipc said in a statement that it follows the rules established by bankruptcy courts to differentiate between legitimate expenses and overhead .
stationery ,
for example , actually refers to bound documents required by the court . baker & hostetler also notes in its fee application that its efforts have recovered more than $ 7 billion for madoff investors including $ 5 billion from the estate of jeffry picower and $ 470 million from union bancaire privee , the swiss bank that funneled money to madoff .
such justifications don ' t satisfy paige , whose clients have included financial institutions like regions bank and homebuilders avalon bay and kb homes .
using a combination of software and human auditors , sterling snoops out charges for services like photocopying and making travel arrangements that law firms would dearly love to shove off on their clients , but properly belong under the category of
overhead .
one of his favorites : charging clients for the use of conference rooms . paige says he ' s uncovered some law firms that form separate llcs to rent out their conference rooms , turning them into profit centers instead of a cost of doing business .
if you went into most non - law firm offices and sat in a conference room with a professional , you would not expect to get a bill for that ,
he says , speaking in the precise , unemotional tones of an insurance adjuster . ( sipc says it refused to pay $ 16 , 000 in conference - room charges sought by one firm . )
written by annette s . biesecker , executive vice president , accountability services , inc . , reprinted with permission by the financial management network .
no one can dispute that law firms sometimes engage in outright billing fraud . consider :
a copy of the retainer agreement and / or any billing policy or reimbursement guidelines that your company expects its outside firms or vendors to follow .
check for compliance with the retainer agreement or billing guidelines do not be surprised if you learn that there is no written contract with the law firm or that your company has no formal policy on law firm billing practices . for established attorney / client relationships , a written retainer agreement is the exception rather than the rule . if there is no billing policy , you might want to suggest creating one as part of your audit report recommendations . if there is one , evaluate whether its terms are being complied with .
billing errors : check for duplicate entries or double charges . look for entries with identical wording on the same day or consecutive days .
delayed billing : look for delayed charges or
recaptured time ,
i . e . time billed in a later month than the work was performed .
mystery entries : make sure that you are not being billed for some other client work . question an entry or a portion of an entry that does not seem to fit .
billing to multiple files : if your law firm is working on multiple matters for your company , add up the time billed during the same period for all company matters . you may discover that the same trip to court was billed to more than one case or that the same status conference with the home office appears on the time sheets of multiple matters .
when billed on an hourly basis , a client is entitled to an accurate accounting of the time spent on its matters . contemporaneous time records should be kept by each attorney and paralegal and should specify the date the work was performed , the hours expended and the nature of the work done . look for the following signs of poor record keeping practices :
formulaic descriptions . determine whether certain timekeepers use the same vague phrases over and over . ( i . e . , conference with team members re strategy or review , analyze and digest privileged documents ) .
formulaic time entries . do certain attorneys always charge the same ( large ) unit of time for certain tasks ? most phone calls are brief and most letters should not take more than half an hour .
use of large billing increments . your firm should bill in small minimum increments , preferably no higher than . 1 hours ( six minutes ) . remember : an extra 10 minutes a day , 200 days a year at $ 300 / hour is $ 10 , 000 / year .
pattern of long days . not every event in an attorney ' s day is billable . if timekeepers are billing their full time to your matter or frequently billing days of 8 , 9 or 10 hours or more , this could indicate heavy handed timekeeping or an attorney who lets work expand to fill the time available .
inconsistent time records . perform a spot check to see if the timekeepers consistently report interoffice conferences or record the same time for meetings , court appearances and depositions .
this article is reprinted from tranmission online , with permission by the mis training institute . founded in 1978 , mis training institute is the international leader in audit and information security education . mis offers leading - edge seminars , topical conferences , on - site training , and web - based training at urltoken
generally , the lawyer comes up with an audit plan which is discussed with the management and approved . once approval has been obtained , the lawyer comes up with a questionnaire which is submitted to the company’s employees with the relevant knowledge for answers and also requests for documents to be submitted for review . the lawyer then reviews the company’s transaction files and processes either randomly selected as is done in the accounting audits or the whole files with regard to the subject which is normally based on the complexity of the audit .
the audit may focus on various subjects including the form of business organization that is most suitable , review of taxation law compliance , review of intellectual property issues and use of internet , human resources and employee benefits , ongoing and threatened lawsuitsand corporate governance which is currently an important requirement when dealing with international investors and doing business in some of the developed countries among others .
if the lawyer requires any clarification as to the documents submitted or answers given he may interview the employees either by phone or in person . the lawyer will thereafter come up with an initial list of findings which will be submitted to the management for their feedback . after this the lawyer will analyze the findings and come up with recommendations which will be included in an audit report stating whether the company is compliant or not .
a written audit report is then issued and personal training sessions with the relevant employee carried out , if possible , with the aim of addressing the specific issues uncovered and promoting the best possible practices within the company .
it also demonstrates that the company’s directors and management have carried out due diligence with regard to the activities undertaken thereby minimizing their exposure to personal liability .
all time charges and expenses are scrutinized with the assistance of our proprietary software . in addition , our auditor and / or accountants visit the law firm to review work product , time sheets and underlying invoices for disbursements . with the audit report in hand , our clients are in an excellent position to negotiate or litigate appropriate reductions .
at rivadeneyra , treviño & de campo we apply the expertise of our various practice areas to study and diagnose your company’s situation in order to identify potential issues . the final diagnosis will point out the areas of opportunity found in your company , whether related to labor , environmental , administrative , corporate , intellectual property , contractual or other issues .
we apply the expertise of our various practice areas to study and diagnose your company in order to identify potential issues .
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