Bookkeeping Designed for Law Firms
Expert accounting services that understand legal practice management. Stay compliant with bar regulations while gaining clarity on firm profitability.
Challenges We Solve
Maintaining strict compliance with bar association trust accounting rules and IOLTA requirements
Our Solution: Dedicated trust account management with three-way reconciliation and automated compliance reporting that meets bar association standards
Impact: Eliminate risk of trust account violations and maintain good standing with bar associations
Tracking client retainers, advances, and ensuring proper application of funds
Our Solution: Detailed client retainer tracking with automated alerts for low balances and proper fund allocation
Impact: Never miss a retainer replenishment and maintain clear client billing transparency
Reconciling time and billing software with accounting records
Our Solution: Seamless integration with major legal billing platforms (Clio, PracticePanther, MyCase, Rocket Matter) for automated reconciliation
Impact: Reduce billing reconciliation time by 80% and catch discrepancies immediately
Tracking partner draws, capital accounts, and matter profitability
Our Solution: Sophisticated tracking of partner equity, distributions, and matter-level profitability analysis
Impact: Clear visibility into firm and partner profitability with accurate quarterly distributions ---
How We Help Bookkeeping for Law Firms Businesses
Trust Accounting
Complete trust account management with three-way reconciliation
- ✓IOLTA compliant trust account management
- ✓Three-way reconciliation (bank, trust liability, client ledgers)
- ✓Automated compliance reporting
- ✓Client ledger tracking by matter
- ✓Trust account audit preparation
Legal Billing Integration
Seamless integration with your practice management software
- ✓Clio, PracticePanther, MyCase, Rocket Matter integration
- ✓Automated billing reconciliation
- ✓Time and expense tracking
- ✓Invoice payment tracking
- ✓WIP (Work in Progress) reporting
Client & Matter Accounting
Detailed financial tracking by client and matter
- ✓Client retainer tracking and alerts
- ✓Matter profitability analysis
- ✓Cost allocation by matter type
- ✓Contingency fee tracking
- ✓Client trust balance reports
Partner & Equity Management
Sophisticated tracking of partner accounts and distributions
- ✓Partner capital account management
- ✓Draw and distribution tracking
- ✓Profit allocation by partner
- ✓Origination credit tracking
- ✓Quarterly distribution reports
How We Helped Thompson & Associates Law Firm
Personal Injury & Business Law
The Challenge
Mid-size law firm with 8 attorneys struggling with trust account compliance, spending 20+ hours per month on manual three-way reconciliations. Previous bookkeeper missed trust account discrepancies that led to a bar association inquiry.
Our Solution
Implemented specialized legal accounting system with automated three-way trust reconciliation, integrated with their Clio practice management system, and established monthly partner profitability reporting.
Results Achieved
How It Works
Practice Assessment
We evaluate your current accounting setup, practice management software, and trust accounting procedures.
System Integration
Connect your practice management software, bank accounts, and trust accounts with our secure accounting system.
Trust Account Reconciliation
Perform comprehensive three-way trust reconciliation and establish compliant processes going forward.
Ongoing Compliance & Reporting
Monthly reconciliation, compliance reporting, and strategic financial insights to grow your practice. ---
Frequently Asked Questions
Do you understand the trust accounting rules for my state?
Yes. We maintain expertise in trust accounting rules and bar association requirements across all 50 states. Our team stays current with rule changes and ensures your firm remains compliant with your specific state bar requirements.
What practice management software do you integrate with?
We integrate with all major legal practice management platforms including Clio, PracticePanther, MyCase, Rocket Matter, CosmoLex, TimeSolv, and more. If you use a different system, contact us—we likely support it or can create a custom integration.
How do you handle three-way trust reconciliation?
We perform monthly three-way reconciliation comparing: (1) bank trust account balance, (2) trust liability balance in your books, and (3) sum of all individual client trust ledgers. Any discrepancies are investigated and resolved immediately with full documentation.
Can you help with bar association audits?
Absolutely. We maintain audit-ready trust account records and can assist with bar association inquiries or audits. Our documentation and reconciliation processes are designed to meet or exceed bar association standards.
Do you work with solo practitioners or only larger firms?
We work with law firms of all sizes, from solo practitioners to mid-size firms with 20+ attorneys. Our services scale to your needs, whether you need basic trust accounting compliance or sophisticated partner profitability tracking.
What about contingency fee case accounting?
We have extensive experience with contingency fee practices. We track cases through all stages, monitor case expenses, calculate fee distributions, and ensure proper accounting for settlements and liens. ---
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Ready to Transform Your Bookkeeping for Law Firms?
Schedule a free consultation to see how our specialized accounting services can help your business thrive.