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Hi, this is Tiffany Altekar with TAA Financial. One of the things we specialize in is accounting for Law Firms.

A comprehensive accounting system for attorneys should incorporate robust internal controls to effectively monitor both the fees billed and the costs and expenses advanced on behalf of clients.

Examples of expenses that may be advanced for clients include court filing fees, legal research, mediation fees, travel expenses, and deposition expenses.

To provide a clear breakdown, the cash receipts journal should distinguish between fees received and expense reimbursements.

On the other hand, the cash disbursements journal should allocate payments between regular overhead expenses and client costs.

Attorneys typically maintain various records to ensure accurate financial management including
– an appointment book,
– a client card index,
– a receipts journal or daily log
– a disbursement journal or book

A disbursement journal reflects the breakdown of regular expenses paid from bank accounts and disbursements made from client trust funds.

These disbursement records should enable the identification of specific client charges for billing purposes.

Additionally, attorneys may also keep a petty cash journal.

Furthermore, an accounts receivable journal should be maintained to track billed receivables.

Individual client accounts should include
– a description of services rendered,
– charges and credits,
– a summary of unbilled charges and work in progress,
– as well as final invoices.

Other essential components of the accounting system are
– case time records per client,
– a register of cases in progress organized by client's name,
– and time summary reports sorted by attorney and client are also

These reports should include details such as the time spent, dates of work, billings, and charges.

If you are an attorney or a Law Firm that would like help with your accounting, please reach out to schedule a free consultation.
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