Law Firms

You deserve a CPA accountant to handle your business bookkeeping because a CPA understands the importance of maintaining accurate and meticulously recorded IOLTA accounts. Our CPA bookkeepers provide attorney office bookkeeping services for law firms, ensuring compliance with ethics and regulations. For instance, Rule 1.15 of the American Bar Association outlines lawyers’ responsibilities to maintain accurate IOLTA accounts. Additionally, clients should be informed about the receipt of IOLTA funds. Violations of these regulations can lead to serious repercussions, such as significant financial penalties, license suspension, and disbarment.

Accounting significantly impacts your law firm. Effective attorney bookkeeping hinges on a good accounting system with a proper chart of accounts covering the five core categories—assets, liabilities, owner’s equity, revenue, and expenses. Furthermore, the chart of accounts for law firms should include an IOLTA or trust liability account that ties to the IOLTA bank account, which is not the law firm’s property. The IOLTA account is a type of trust bank account that earns interest, which is collected and paid to the state bar, not the law firm. Consequently, the purpose of the IOLTA account is to keep client monies separate from the firm’s operational and day-to-day business activities. Lawyers cannot deposit or withdraw their own money in or out of the IOLTA account.

Moreover, hiring a CPA bookkeeper for law firms is critical for your firm’s success and compliance with regulations. Not only do we provide clean attorney office bookkeeping, but we also ensure clear, meaningful, and accurate financial statements. Our services in legal accounting, law firm bookkeeping, and IOLTA accounting are designed to enhance both the efficiency and reliability of your legal practice. In summary, with our expertise, you can focus on your clients while we manage your financial matters with precision.