LAW FIRM
30-attorney firm: trust accounting that survived a bar audit.
Operating and trust funds were comingled in the books, even though physically separated in banking.
100%
US-based accountants
~5 days
Typical month-end close
1 team
Books, tax, and reporting in sync
The situation
A regional firm had a clean banking setup but their accounting recorded trust receipts to operating revenue, then reversed them at month-end. A surprise bar inquiry was scheduled.
What we did
We rebuilt the GL with strict trust-account segregation, implemented three-way IOLTA reconciliations, and tied matter-level revenue to Clio. Partner draws were rebased on actual contribution by practice area.
Outcome
The bar audit closed without findings. The partners now meet quarterly to review matter-level profitability instead of arguing over draw allocations.
Engagement profile
- Industry: Law (mid-size regional)
- Annual revenue: ~$15M
- Engagement type: Outsourced finance
- Time to first clean close: 7 weeks
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