Accounting for Chicago law firms: we handle the complexity and keep you compliant
Your law firm doesn’t need more complexity, especially when it comes to your finances.
From trust account management and compliance to partner taxation and practice profitability analysis, we provide the specialized accounting support legal practices need to stay compliant, profitable, and focused on serving clients. Based in Chicago, we work with law firms and attorneys across the country.
Financial Services for Law Firms
We’re CPAs who understand law firm accounting
You need more than transactional bookkeeping. We provide proactive, strategic accounting support for law firms.
Solo practitioners and small firms
You’re managing cases, clients, and compliance – you don’t have time to become an accounting expert too. Get reliable monthly support and clear, timely answers from a CPA who can handle the complexity and understands legal practice accounting.
Mid-size partnerships
Partner compensation, capital accounts, and multi-state tax filings get complicated fast. We handle complex financials, equity tracking, prepare detailed financial reporting, and support partnership tax compliance across jurisdictions.
National firms
As you add partners and expand across state lines, your accounting complexity multiples. We provide fractional CFO support, entity structure advice, profitability reporting by practice area, and handle multi-state tax compliance.
Need payroll processing as well as bookkeeping? We’ve got you covered.
I’ve been working with Rob for our business accounting since 2018, and he’s been a game-changer. As someone who dreads dealing with anything financial, I truly appreciate his proactive approach. Rob always ensures we’re on the right track and handling things properly, making the whole process so much easier.
– Matt W.
Legal bookkeeping and accounting services for compliance and profit
Trust accounting oversight
Challenge
Manual trust accounting is slow, error-prone, and risky. Even small mistakes can put your license at risk.
Solution
We perform three-way trust reconciliations (matching your trust bank balance, trust liability on your balance sheet, and individual client ledgers) to catch errors before they become compliance issues. IOLTA procedures are reviewed to ensure compliance with your state bar’s rules.
Partner equity & compensation
Challenge
Partner capital accounts, distributions, and tax compliance get complicated fast, especially across multiple jurisdictions.
Solution
Maintain accurate capital records, prepare K-1s, and align partner compensation and payroll with your firm’s tax strategy.
Financial reporting & insight
Challenge
Many law firms use accrual accounting software designed for other businesses, creating tax reporting complications.
Solution
Set up cash basis accounting that aligns with ABA recommendations and IRS requirements, while still tracking accounts receivable and payable for management purposes.
Tax planning and multi-state compliance
Challenge
With partners in multiple states, your tax exposure multiplies and filing season becomes chaotic.
Solution
Prepare partnership and individual partner returns, handle multi-state filings, and build proactive tax strategies throughout the year. Most tax savings happen before December 31.
Separating firm and personal finances
Challenge
Solo and small-firm attorneys often blur personal and business expenses, creating compliance and audit risks.
Solution
Implement clean systems for expense tracking, reimbursements, and partner draws, keeping your books accurate and audit-ready.
Client costs & reimbursements
Challenge
Hard costs advanced on behalf of clients (filing fees, transcripts, expert witnesses) tie up your cash flow and create tax complications if not handled correctly.
Solution
Properly categorize costs advanced as balance sheet assets (not expenses) until reimbursed, keeping your books IRS-compliant and giving you accurate profitability by matter.
Billing and software integration
Challenge
When legal billing systems and accounting software don’t talk to each other, errors and double entry follow.
Solution
Integrate your legal billing, accounting, and tax systems. When clients make partial payments, we ensure proper allocation to taxes first, then costs, then fees – keeping you compliant with bar rules.
Accounting for the realities of legal practice management.
Speak to a CPA with law firm accounting expertise. We’ll review your current situation, identify opportunities for improvement, and explain how we can help.
What our clients say
Have questions about how we can support your firm? Book your complimentary 20-minute consultation call with Rob.
Our Approach
Think of us as strategic accounting and tax partners for your law firm – so you stay compliant, confident, and focused on clients.
Since 2014, we’ve provided accounting and tax services to law firms in Chicago and across the United States. Learn more about working with us.
How we work with your legal practice
Our licensed CPAs help you navigate complex tax requirements, minimize liabilities, and stay compliant with IOLTA, partnership, and other broader tax regulations.
1
Book a complimentary call
We discuss your current accounting processes and answer your questions to determine the right service level for your firm’s needs.
2
Month to month engagement
Consistent, year-round access to the same CPA team who understands your firm’s financial situation. We answer questions quickly and provide personalized video talk-throughs.
3
Year-round support
We return calls and emails promptly with real answers in plain language. More than a bookkeeper, we explain your numbers, flag issues early, and help you stay compliant and profitable.
Ask a CPA
Law firm accounting resources and FAQs
Yes. We provide oversight and compliance support. We review your procedures, help implement automated reconciliation, and ensure you’re meeting state bar requirements. While we don’t manage day-to-day entries, we catch issues before they escalate.
Absolutely. We regularly work with legal platforms like Clio, MyCase, and PracticePanther. We integrate with your accounting software (e.g. QuickBooks) to reduce duplicate entry and billing errors.
Yes. Tax preparation for both the firm’s partnership returns and individual returns for partners is available. We coordinate the two to maximize tax savings and handle multi-state filing requirements for partners who live or work in different states.
Monthly fees depend on firm size, transaction volume, and service scope. Most firms pay between $1,500 and $5,000 per month for comprehensive accounting and tax services. Our CPA-licensed accountants for law firms provide fixed monthly pricing so you know exactly what to expect. View our pricing plans here – we encourage you to book a complimentary call with us to see how we can help with your specific situation.