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Bookkeeping services for law firms
Get profit-focused, accurate, and timely monthly reports without the software hassles.
A law firm bookkeeper keeps your books current, your trust accounts clean, and your reports on schedule. Here is what that looks like at Law Firm Velocity.
Each week, we categorize transactions in QuickBooks Online, record advanced client costs to the right matters, and keep your trust ledger current. Each month, we reconcile every operating and trust account, run a three-way reconciliation on each IOLTA account, coordinate payroll entries, and close the books. Your management reports are built around the Critical Four: Revenue, Contribution Margin, Profit Margin, and Cash.
You do not need to hire a bookkeeper for your law firm, train them on trust bookkeeping, and hope they stay. Our team of law firm bookkeepers has done this work for more than 130 firms since 2009.
General bookkeepers get attorneys in trouble. Attorney bookkeeping has rules that regular small business bookkeeping does not.
Client money is not your money. Retainers and settlement funds sit in trust until they are earned or disbursed. Recording them as income overstates revenue and invites a bar complaint.
Advanced client costs are not expenses. In a contingency practice, the case costs you advance are recoverable. They belong on the balance sheet, not the P&L. Expensing them distorts profit and hides what each case actually costs.
Fees split. Co-counsel and referral arrangements need matter-level tracking. Gross fee, minus splits, minus costs is the number that tells you whether a case type is worth taking.
Bookkeeping for attorneys means building the books around these rules. That is the difference between books you can run the firm on and books you have to double-check.
We do not make you change systems. QuickBooks Online stays the ledger, and we reconcile it against the billing, payment, and trust activity in your practice management software: Clio, MyCase, Filevine, PracticePanther, CasePeer, Smokeball, Actionstep, CosmoLex, Soluno, and Caret.
That matters because most bookkeeping errors in law firms live in the gap between the practice management system and the accounting file. Payments recorded in one and not the other. Trust transfers that never hit the ledger. We close that gap every month.
Bookkeeping for a small law firm or solo attorney is where most relationships start.
As the firm grows, the books need more. Matter-level profitability. Contribution margin by case type. Cash forecasting against a contingency pipeline. Our controller and fractional CFO services sit on top of the same bookkeeping foundation, so nothing gets rebuilt.
We serve more than 130 law firms nationally. Many are personal injury and plaintiff contingency practices between $1M and $70M in revenue.
Weekly transaction categorization, trust ledger maintenance, and cost tracking by matter. Monthly reconciliation of every operating and trust account, three-way IOLTA reconciliation, payroll entries, and month-end close. The output is an income statement, balance sheet, and management reports delivered on a fixed monthly schedule.
Client funds sit in trust and cannot be recorded as income until earned. Advanced case costs belong on the balance sheet, not the P&L. Fees often split across co-counsel and referral agreements. A general bookkeeper misses these rules. A legal bookkeeper builds the books around them.
Yes. Trust accounting, advanced client costs, and fee splits are specific to law practice. A bookkeeper who has not worked with attorneys will misclassify all three. Every bookkeeper on our team works only with law firms, so bookkeeping for attorneys is the whole job, not a sideline.
Price moves with transaction volume, complexity, the number of bank and trust accounts, and payroll frequency. Compare that to a full-time hire: salary, benefits, training, and coverage when they leave.
Yes. QuickBooks Online stays the ledger, and we reconcile it against Clio, MyCase, Filevine, PracticePanther, CasePeer, Smokeball, Actionstep, CosmoLex, Soluno, or Caret. You keep your billing workflow. We keep the books tied to it.
Either. Many firms hand the books to us fully. Others keep an internal person on invoicing and collections while we handle categorization, reconciliations, trust accounting, and the monthly close. We document the split so nothing falls between the two.
Three-way reconciliation on every trust account, every month: the bank balance, the trust ledger, and the sum of individual client ledgers must match to the penny. Differences are investigated and corrected before the month closes, and the reconciliation reports are kept for your audit trail.
We also support IOLTA trust account reconciliation and reporting requirements for law firms located across the US.