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Attorneys who manage general legal practices, real estate closings, litigation or employment law are all at risk of making bookkeeping mistakes which could be catastrophic for both the lawyers and their clients. To avoid serious consequences for your legal firm’s related income taxes and licensing, you need to retain both a CPA and bookkeeper who are experts in managing the finances of legal practices.

As expert bookkeepers, we proactively help our attorneys avoid these two common pain points as well as many others.

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Pain Point #1

Not handling client escrow and trust accounts properly.

Solution: Attorneys must be 100% certain their required escrow and client trust liability accounts are properly set up and reports are accurately managed to avoid tax penalties and possible fines.

We use a combination of escrow and client trust liability (CTL) accounts. Only when money is earned will it be properly moved from the escrow/CTL to a law firm’s operating account. Until money is earned, we make sure payments are only made from escrow/CTL accounts to only pay other attorneys or bills incurred on behalf of clients.

Pain Point #2

Not tracking income and expenses for different types of law services.

Solution: Setting up QuickBooks with bookkeeping best practices includes separating income sources to identify between different types of law services. By properly setting up accounts for different types of services, attorneys can track related finances and determine their profitability as well as their greatest income sources. Then, attorneys can make better business decisions as to which types of closings or litigation they accept.

Overall, we help attorneys...

  • Focus on the business rather than in the business for growth and expansion.
  • Have more consistent and accurate reports for better business decision making.
  • Enjoy more time with family and friends.

“As an attorney, I have special accounting and reporting requirements to manage retainers, track earnings and document expenses. For over 10 years, I’ve trusted Karen and her team of small business advisors to help me administratively meet all the American Bar Association fiduciary mandates.”

Alysa F., Attorney-at-Law, Hawaii

Are you ready to become “permanently profitable?”
Click now to let us know if you’d like to learn more
about us as a Certified Profit First Professional.