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Bookkeeping in law firms  is the systematic process of recording, tracking, and reconciling all financial transactions—especially client...

Establishing the right banking structure is a fundamental step for any law firm aiming to maintain financial integrity and comply with...

A profit and loss (P&L) statement for law firms is a financial report that tracks revenue, expenses, and net income over time, helping...

To create a budget for your law firm, start by identifying and   categorizing all operating expenses  using a comprehensive law firm...

Can You Be Both a Lawyer and a CPA? Yes, it is entirely possible to hold both licenses at the same time. A lawyer who is also a CPA has...

Escrow accounts temporarily hold funds or assets during transactions and are managed by neutral third parties. In contrast, client trust...

Key Takeaways Trust accounts are essential for attorneys to manage client funds separately from operating funds, ensuring legal...

When it comes to how long must trust account records be kept, most jurisdictions require a retention period of five to seven years. This...

Key Takeaways Rule 45.4 mandates the use of pooled IOLTA accounts for small client funds in Iowa, which generate interest to support...

Need the best banks for IOLTA accounts? This article highlights top options with great interest rates, low fees, and strong support for...

Need to open an IOLTA account? This “how to open an IOLTA account: a step by step guide for attorneys” simplifies the process. You’ll...

Key Takeaways An IOLTA account is a type of checking account designed for legal professionals to manage client funds and generate...