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Opening Bank Accounts for Law Firms: Operating & IOLTA Accounts
Establishing the right banking structure is a fundamental step for any law firm aiming to maintain financial integrity and comply with...
Sep 18, 20255 min read
Pass-Through Taxation Explained: LLCs, S Corps, and Partnerships
A profit and loss (P&L) statement for law firms is a financial report that tracks revenue, expenses, and net income over time, helping...
Sep 17, 20256 min read
Three Steps to Create a Budget for Your Law Firm
To create a budget for your law firm, start by identifying and categorizing all operating expenses using a comprehensive law firm...
Sep 16, 20257 min read
Can You Be Both a Lawyer and a CPA at the Same Time?
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...
Sep 15, 20255 min read
Escrow and Trust Accounting: Ethical Pitfalls Every Lawyer Should Avoid
Escrow accounts temporarily hold funds or assets during transactions and are managed by neutral third parties. In contrast, client trust...
Sep 14, 20256 min read
How Progressive Tax Impacts Business Growth and Scaling
Key Takeaways Trust accounts are essential for attorneys to manage client funds separately from operating funds, ensuring legal...
Sep 11, 20257 min read
How Long Must Trust Account Records Be Kept
When it comes to how long must trust account records be kept, most jurisdictions require a retention period of five to seven years. This...
Sep 10, 20256 min read
IOLTA Rule 45.4: What Attorneys Need to Know
Key Takeaways Rule 45.4 mandates the use of pooled IOLTA accounts for small client funds in Iowa, which generate interest to support...
Sep 8, 20259 min read
Best Banks for IOLTA Accounts: Top Picks of 2025
Need the best banks for IOLTA accounts? This article highlights top options with great interest rates, low fees, and strong support for...
Sep 7, 202511 min read
How to Open an IOLTA Account: A Step-by-Step Guide for Attorneys
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...
Sep 4, 20258 min read
Is an IOLTA Account Checking or Savings? Here’s the Answer
Key Takeaways An IOLTA account is a type of checking account designed for legal professionals to manage client funds and generate...
Sep 3, 20256 min read
The Purpose of an IOLTA Account: Why Law Firms Must Use It
IOLTA accounts, or Interest on Lawyers’ Trust Accounts, are essential for law firms. They manage unearned client funds securely and...
Sep 3, 20257 min read
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