Accounting Firms for Legal Businesses
From IOLTA trust accounts to law firm billing software, legal businesses require more than basic bookkeeping. Find accounting firms who specialize in the legal industry and know how to help your firm stay compliant, grow profitably, and reduce risk. Need to outsource something else? Search for proactivefinancial advisorsandfractional CFOson Sam’s List too. Make sure to check the reviews, it’s one of the most important parts of your vetting process!
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What Kind of Accountant Do Law Firms Actually Need?
Most law firms require accountants with experience in IOLTA compliance, trust accounting, and legal billing systems like LeanLaw or Clio. Whether you’re a solo practitioner or a mid-sized firm, look for someone who knows how to navigate ethical requirements, track billable hours, and keep your finances court-ready.
FrequentlyAsked Questions
Do law firms need accountants?
Yes. Legal practices face strict financial regulations around trust accounts, retainers, and billing. Accountants help ensure compliance with state bar rules, manage taxes, track case costs, and free up attorneys to focus on client work.
What is a legal accountant called?
A “legal accountant” typically refers to a professional who specializes in law firm accounting. Some may also be forensic accountants, especially if they provide litigation support or expert testimony.
What is IOLTA accounting and why does it matter?
IOLTA (Interest on Lawyers Trust Accounts) rules govern how law firms handle client funds. Accountants ensure proper segregation, reconciliation, and compliance with bar association standards—avoiding penalties or disbarment.
What accounting software is best for law firms?
Top legal accounting software includes LeanLaw, Clio, and PCLaw. These tools integrate time tracking, billing, and trust accounting—features general-purpose accounting tools often lack.
How much do legal accountants cost?
Fees range widely. Solo attorneys may pay $500–$2,000/month for part-time help, while mid-sized firms might pay more depending on complexity. Trust accounting and tax services tend to increase the cost.
What’s the difference between a CPA and a forensic accountant for law firms?
A CPA handles tax prep, bookkeeping, and general financial reporting. A forensic accountant supports legal cases—helping quantify damages, trace funds, or testify in court. Some law firms hire both for different needs.
Not sure who’s right for your legal business? Answer a few quick questions, and we’ll introduce you to someone who fits.
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