Accounting for Law Firms: Special topics attorneys need to know

Unlock the potential of your law firm by building the essential tools of accounting with our specialized course designed exclusively for attorneys. In today’s competitive legal landscape, understanding the financial aspects of your practice is not just beneficial-it’s essential. Our comprehensive course will empower you with the knowledge to manage your firm’s finances with confidence and precision.
Duration: 1 Day
Hours: 2 Hours
Training: Live Training
Training Level: All Level
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Recorded
Single Attendee
$199.00 $332.00
6 month Access for Recorded

Overview: 

Understanding accounting topics is important for attorneys managing their firm’s business because it impacts the firm’s financial health, compliance and operational efficiency. 

Why choose this course?

  • Financial Health: Successful businesses need sound financial management. Attorneys need to understand financial statements to assess the profitability, liquidity and solvency of the organization. 
  • Compliance: Law firms are subject to regulations concerning the handling of client funds. This course does NOT cover rules specific for a firm since that is often based on individual state and firm operations. We’ll look at general concepts that can be applied dependent on the firm’s situation.
  • Client Trust: Clients expect attorneys to manage finances competently. Transparent and accurate financial practices build trust and credibility with clients. This enhances the firm’s reputation and client retention.

Course Objective: 

Develop an understanding of basic accounting tools required for law firm management.

Target Audience: 

  • Attorneys that are involved in financial decisions

Basic Knowledge: 

Beginner level

Curriculum
Total Duration: 2 Hours

Trust Accounting:

  • Client Trusts: Segregation of client funds from the firm’s operating funds.
  • Interest on Lawyer Trust Accounts (IOLTA): Collect interest on pooled client funds to support legal aid services

Revenue Recognition:

  • Fee structures: Understanding how to account for different fee structures such as hourly billing, flat fees, and contingency fees.
  • Retainers: When to recognize as revenue versus held in trust.

Expense management:

  • Overhead Costs: Tracking and allocating overhead costs such as rent, utilities, and administrative expenses
  • Billable vs Non-billable Hours: differentiating between the two to ensure accurate client billing.

Financial Statement analysis:

  • Understanding the different financial statements including the Balance Sheet, Profit and Loss Statement, and Statement of Cash Flows.