Accounting for Law Firms
Trust accounting, billable hours, and client expense tracking.
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IOLTA Trust Accounting
Manage client trust funds with built-in compliance checks, three-way reconciliation, and audit-ready reporting that meets state bar requirements.
Matter-Level Billing
Track time and expenses by matter with support for hourly, contingency, flat-fee, and blended billing arrangements.
Cost Advance Tracking
Log client cost advances for filing fees, depositions, and expert witnesses with automatic reconciliation against trust disbursements.
Conflict & Compliance Alerts
Automated alerts for trust account minimums, unearned retainer balances, and approaching statute deadlines that affect billing.
Financial Challenges for Lawyers
- Maintaining compliant IOLTA trust accounts with strict state bar requirements for client fund separation
- Tracking billable hours accurately across dozens of matters with different billing rates and fee arrangements
- Managing accounts receivable when clients dispute invoices or pay on extended timelines
- Reconciling cost advances for filing fees, expert witnesses, and court reporters against client matters
Law firm accounting carries unique compliance burdens that generic bookkeeping software simply cannot handle. Trust accounting alone—with its strict separation of client funds, three-way reconciliation requirements, and state bar oversight—demands specialized tools that understand legal finance.
FiscalInsights provides law firms with compliant trust accounting, matter-level financial tracking, and the billing flexibility that legal practice demands. Whether you bill hourly, use contingency arrangements, or offer flat-fee packages, our platform tracks every dollar earned and every cost advanced on behalf of clients with the precision your state bar requires.
For solo practitioners and small firms, FiscalInsights eliminates the need for expensive legal-specific accounting software while maintaining full compliance. For mid-size firms, our multi-attorney dashboards show utilization rates, realization rates, and collection metrics that drive profitability decisions.
Frequently Asked Questions
What are the trust accounting requirements for law firms?
Most state bars require lawyers to maintain separate IOLTA accounts for client funds, perform regular three-way reconciliations, and keep detailed records of all trust transactions. FiscalInsights automates these compliance requirements and generates the reports your state bar auditors need.
How do law firms track billable hours effectively?
FiscalInsights captures time entries by matter, task code, and billing attorney. Our AI suggests time entries based on calendar events and document activity, reducing the common problem of reconstructed timesheets. Detailed reports show utilization rates and realization rates by attorney.
How should solo attorneys handle retainer accounting?
Retainer funds must be held in your IOLTA trust account until earned. FiscalInsights tracks retainer balances per client, automatically transfers earned fees to your operating account as you bill against them, and alerts you when retainer balances fall below agreed minimums.
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