Law Firm Accounting Services​ Professional Bookkeeping Services

While we focus on delivering the best business and tax services to each of our clients, we also pride ourselves on our extensive industry knowledge. Learn more from our tax advisors and consultants by browsing our helpful resources below. Access talent with 18+ years average PQE, for up to 50% less than top law firms. Effective timekeeping boosts both bottom-line profit and top-line revenue. With Elite’s AI-powered Time Management solution, lawyers can maximize revenue capture, minimize non-billable work, and prevent delays and errors in the invoicing process.

Award-winning onboarding and support

• Profit & loss by practice area, cash flow management, and partner compensation reporting.
• Specialized CPA and CFO services offer the expertise to streamline these processes, ensuring compliance, improving financial stability, and freeing attorneys to focus on their practice with confidence.
• Designed for law firms seeking dependable and accurate support, this tier offers the essential bookkeeping structure to keep your practice compliant, organized, and operating with integrity.
• Law firms in the UAE face unique accounting demands from client trust funds, billable hours tracking, and strict VAT rules.
• Billable hours should be tracked in standardized increments (typically 6-minute/0.1-hour units) using specialized legal time tracking software to ensure accuracy and maximize revenue recovery.
• Our team has extensive experience working with law firms, giving us a deep understanding of the financial and regulatory requirements unique to the legal profession.
• Our streamlined law firm accounting processes and advanced tools save you time and minimize errors, allowing you to focus on client service.

Gain access to high-level financial expertise without incurring the cost of hiring a full in-house team. We provide financial analysis, due diligence, and strategic guidance tailored to legal firms, ensuring smooth transitions and successful outcomes. Whether you’re planning to expand or navigating a competitive legal market, our budgeting and forecasting services provide a strategic financial roadmap. We help you predict revenue, allocate resources effectively, and achieve your goals.

Is there a free trial available for CosmoLex?

Accurate accounting and detailed financial reporting are essential to understanding your firm’s financial health. We deliver tailored solutions to help you track expenses, revenue, and profitability with precision. CosmoLex is the #1 end-to-end practice management platform for lawyers. Trusted by law firms for secure, dependable, and comprehensive legal practice management. For law and accounting firms, AI is now embedded in workflows, transforming how tasks are executed and how value is delivered.

Safe and Secure

• We specialize in trust accounting and ensure compliance with all IOLTA and bar association regulations, keeping your firm audit-ready and compliant.
• Extract actionable insights from complex data sets to inform both big decisions and day-to-day operations with the advanced cloud analytics tools in Elite’s Data Management solution.
• Client retainers/settlements in segregated IOLTA-style accounts; three-way monthly reconciliations to ensure complete separation of client funds.
• That’s why we develop personalized financial strategies to meet your firm’s specific goals, whether it’s improving cash flow, managing trust accounts, or planning for expansion.
• Give your firm a competitive advantage by keeping all your critical tools under one software.

Get connected with vetted Axiom legal professionals, seamlessly integrated into your team, when and how you need them. At 96% client satisfaction, our tech-forward bench offers experience you can trust. Maybe it’s opening an ice cream shop, starting a dog rescue, or owning a second home with no neighbors for miles. But no matter what your vision is, it’s personal to you — and it takes a personal approach to help you realize it. Stay on top of matters, communicate with clients, and view documents from your smartphone or any device with an internet connection.

Integrated Solutions. A Single System of Action.

Standard billable hour targets for UAE law firms range from 1,600 to 1,800 hours per year for fee-earning attorneys. This represents approximately 70% of total working hours (assuming 2,300-2,500 total hours annually). The remaining time is allocated to business development, administrative tasks, training, and pro bono work. Billable hours should be tracked in standardized increments (typically 6-minute/0.1-hour units) using specialized legal time tracking software to ensure accuracy and maximize revenue recovery. Our legal-specific bookkeeping services are the foundation of every package we offer — from Foundations to Elevate. Designed exclusively for law firms, they ensure full compliance with ABA and state bar regulations while keeping your finances clear, organized, and audit-ready at every level of support.

Reasons Why: Anchin is The Accounting Firm for Law Firms

Our experienced team will oversee all of your firm’s https://thebossmagazine.com/post/how-bookkeeping-for-law-firms-strengthens-their-finances/ bookkeeping and accounting needs so you can focus on your clients. Law firm accounting comes with unique financial challenges, such as trust account management, billing compliance, and partner profit distribution. These require specialized knowledge and strict adherence to legal and ethical standards, which Bandicoot’s experts are well-equipped to handle.

We manage your bills with care and accuracy, ensuring your firm pays on time, every time — without overpaying or missing deadlines. Unlock the collaborative power of your team with comprehensive deposition and trial preparation tools. Transform your approach to litigation and investigations with the world’s most advanced ediscovery software.

Reporting for the Legal Industry – Navigating the Complexities

Track time and simplify essential tasks from one convenient hub. Increased adoption of AI and automation in legal accounting and compliance processes. At Counsel CPAs, we understand that running a law firm is more than just collecting revenue. Identify opportunities for improvement with in-depth profitability and cost analysis.

• Law firm accounting requires segregating trust accounts from operating funds to protect client money and maintain professional licenses.
• Make getting paid the easiest part of your job with intuitive time-tracking and convenient payment options.
• It’s built to give your team clarity, confidence, and control.
• CosmoLex stands out from other legal practice management solutions by offering a unique combination of features specifically designed to meet the needs of law firms.
• We excel at crafting solutions to complex problems and distilling them into readily understandable communications and efficient strategies.
• Writing Assistant quickly compiles facts into cohesive narratives, freeing you to focus on the high-level legal work that drives results.

Trust Account Management

Deductible expenses include salaries, rent, and operating costs, but not partner draws or distributions. Legal services to business clients may be subject to reverse charge mechanism where applicable. Profit & loss by practice area, cash flow management, and partner compensation reporting. With our guidance, you’ll have full control of your business and have the data and insights needed to make smarter financial decisions.