Legal Accounting and Bookkeeping
At Legal Practice Solutions, LLC, we believe that debt is a very unique burden on any law firm. Our tailored legal accounting and bookkeeping will put your firm in a better place to be compliant, organized, and financially productive. We iron out your operations so you may devote your time to serving your clients with the best in legal practice.
Why Law Firms Need Professional Accounting Services
The financial environment within a law firm is singularly unique and complex, with special demands ranging from customer trust and retainer management to special industry regulations such as IOLTA. Failure to adhere to these strict regulations brought unappealable, absolutely grave penalties or irreparably damaged your firm’s reputation. With regard to our specialized accounting services, said complications are treated with utmost precision and care.
Accounting and Bookkeeping Services for Law Firms:
We do just about everything in accounting and bookkeeping, depending upon needs, but especially the following:
Trust Accounting
Trust accounting is an integral part of legal accounting, significant for law firms in terms of protecting clients’ money and compliance with State Bar regulations, and for building trust among their clientele. Understanding the basics of trust accounting and then implementing best practices helps attorneys maintain financial integrity and avoid expensive mistakes or disciplinary action. We will outline the key elements of trust accounting in this article and provide guidelines for effective management.
IOLTA Compliance
One of the primary tasks every attorney has in relation to their client’s money is to keep it in IOLTA compliance. An IOLTA-Interest on Lawyers’ Trust Accounts-is that special trust account into which are deposited all those funds from clients which are either very small in amount or are to be held for a very short time. The interest derived from IOLTA accounts, broadly speaking, supports both legal aid and access to justice. In complying with the various regulations of IOLTA, it would better enable the law firms to uphold ethics and not get penalties, which even furthers social good. This paper discusses the main issues of IOLTA compliance and gives some best practices that will help legal professionals to deal responsibly with these accounts.
Legal Billing and Invoicing
Legal billing and invoicing are assumed to be the most significant processes in running any law firm, as lawyers get paid through these means and all money spent on them gets accounted for. A good, organized billing process will encourage better cash flow, reduce the administrative burden, and help in building a relationship with the client by making transparent and correct invoices. In that respect, this presentation covers some of the key elements of effective legal billing and invoicing, along with best practices to help attorneys improve their accuracy and efficiency.
Reconciliation
Trust and IOLTA account reconciliation is one of the most important jobs for any law firm in maintaining customer funds in a transparent, ethical manner, and in the unobservable eye of state rules. Reconciliation is necessary to make sure that the balance for any firm regarding both Trust and IOLTA accounts is the same as what is recorded in client ledgers and bank statements, among other records. Reconciling on a regular basis not only secures the customer funds but also prevents costly compliance issues. Below are some of the key reconciliation practices that are necessary for any firm to maintain its financial integrity and instill trust in its clients.
Financial Reporting
To this end we will institute detailed financial reports relative to income, balance sheet position and cash flow. This will afford us better insight into your firm’s performance and thereby allow us to make truly sound decisions about our business.
Why Choose Legal Practice Solutions LLC?
Solution Expertise in Legal Practice:
Advantages Gained Over the years, experience in serving law firms has made us very conversant with the generally accepted bookkeeping practices in the legal profession. Due to the experience amassed in the industry, we are full of industry-specific regulations as regards full trust accounting, and adherence to other ethical considerations.
Accurate and timely reporting:
We plan comprehensive financial reports quite a while in advance. Hence, we ensure that the right decisions concerning your business are made by considering propriety with due regard to transparency towards your clients.
Confidentiality:
Top-secret and security are the prime concerns. We use advanced technology to make your financial data confidential and secure while protecting sensitive information about your firm on the same note.
Smarter Financial Efficiency for Your Law Firm
With Legal Practice Solutions LLC, you are outsourcing a team of financial professionals committed to optimizing your legal accounting and bookkeeping practices. Let us take the headache of financially managing the firm while you get back to what is important-your clients and cases.
Contact Us Today and let us show you how our legal accounting and bookkeeping for law firms services will fuel your financial success. Let us take responsibility for streamlining processes. We will keep you in compliance. We will present you with financial insight. This positioning will help you with practice growth.
