Accounting for Legal Firms
Start Optimizing Your Law Firm Financial Foundation Today with These Services
IOLTA Trust Account Analysis
- Design and update trust accounting policies and practices
- Clean up and reconciliation of trust accounts
- Creation of standard trust accounting reports
- Compliance with state and legal Requirements
Starts at $2,500
Financial Dashboard with KPIs
- Design and build custom financial dashboard tools
- Connect source financial systems to customized financial dashboard tools
- Create a maintenance plan to support dashboard revisions and request
Starts at $2,500
Financial Budgeting, Forecasting & Cash Flow Analysis
- Create budget and cashflow Forecast
- Analysis of revenue and cost drivers
- Accounts receivable and cashflow analysis
Starts at $3,500
Employee ROI Analysis
Design a custom financial tool that is used for:
- Planning staffing and hiring
- Analyzing financial performance by staff member
- Establishing employee bonus and incentive pay programs
Starts at $2,000
Accelerate Growth With Consultance’s Accounting for Legal Firms Growth Formula
Attorneys and accountants often work in tandem to solve clients’ problems using complementary skills. When it comes to managing the finances of a legal firm, the right accounting team remains an irreplaceable partner that can accelerate your firm growth and provide business insights to ensure future goals are met.
Real-time Accounting is the Foundation of a Successful Law Practice
Accurate, real-time accounting for legal firms and actionable expert advice are fundamental to building a strong financial foundation for your law firm. Consultance Accounting’s Legal Firm Growth Formula combines the six essential elements of successful law firm financial management into one proven service suite.
The Consultance Accounting Team works with firm management, partners, and owners to build and maintain a solid financial foundation in six critical ways:
- Comprehensive Legal Accounting Services
- Controllership and Outsourced CFO for Legal Firms
- Business Process Efficiency for Law Offices
- Legal Accounting System Optimization
- Strategic Financial Management for Informed Decisions
- Financial Insights to Support Law Firm Growth
Individually, each component of Consultance Accounting’s Legal Firm Growth Formula supports your law firm in remaining compliant with ethics regulations such as the ABA’s Model Rules of Professional Conduct, which stipulates key responsibilities for how trust funds must be managed, including proper recordkeeping, and client notifications in regard to the receipt of funds or property. Failure to comply with these regulations can lead to serious professional liabilities for your firm.
Consultance Accounting’s legal accounting service team has you covered to mitigate the risk of issues arising from your firm’s financial management. If you are currently not having your firm’s accounting handled by a professional legal accounting firm, you risk violations of compliance regulations which can lead to professional sanction and significant financial penalties.
Take action to protect your legal practice and achieve your next level of sound, successful growth.
Accounting for Legal Firms Blog Posts
Project-Based Services to Optimize Your Legal Firm Finances
Consultance Accounting Services works closely with legal firms to provide outsourced accounting and financial management services using fully integrated accounting systems. We understand that a complete change to your accounting function can be a large undertaking....
Keys to Fueling Legal Firm Growth
Learn how Consultance can fuel your legal firm growth. Consultance partnered with the law firm's leadership group to provide accounting support and systems, specialized knowledge, cutting edge technologies, and insightful financial analysis to ensure Berenzweig...
6 Key Performance Indicators to Assess Your Law Firm’s Health and Success
Key performance indicators, or KPIs, are quantifiable measures of performance over time for a specific objective. KPIs indicate a company’s long-term performance and document a company’s strategic and operational achievements. Knowing which specific financial KPIs...
8 Strategies To Optimize Your Law Firm’s Cash Flow
Do you find that you have a consistent client list, great marketing, and a solid staff, but your firm just doesn’t seem to grow? If this is the case, it may be time to work with Consultance Accounting’s legal firm accounting specialists to take control of your cash...
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