Law Firm Accounting

 

It’s not about the business – it’s about the clients”

Dr. Patricia Rudolph, CFP
Rudolph Financial Planning


Lawyers are not accountants, but when it comes to running a law firm, they need to understand accounting. Legal accounting requirements are unique and different from that of general accounting, and in a world where compliance is king, all compliance needs must be met. It’s best that all lawyers are as knowledgeable as possible when it comes to accounting for their firm. 

With more than twenty five years of experience in the legal industry, I watched many firms struggle to handle thee accounting. More than billing, being prepared for an IOLTA audit is paramount.  Generic accounting software, such as QuickBooks and Xero, does not have a legal specific Chart of Accounts, requires customization, training and diligence to ensure proper data entry, especially for Trust Accounting. If your firm isn’t compliant with legal accounting regulations the penalties can be devastating, and even disbar your firm.

In Fall 2014 I became the strategic advisor to CosmoLex, a cloud-based practice management software that, at the time, included fully compliant IOLTA accounting. With that transaction based infrastructure, it was surely a software that could handle a complete accounting module within the application.  My value has been to guide them in the development of a fully integrated, full-featured, fool-proof, law firm accounting system that is simple to use.   In addition to IOLTA (Trust) Accounting, Time and Expense billing, and Back Office accounting, the software offers legal specific chart of accounts, firm wide setup of matter cost allocations, compliant hierarchy of client invoice payments, legal specific as well as general financial reports, and much more.

Please contact me for additional information.

CosmoLex-CC