CPA for Lawyers
Running a law firm requires more than legal expertise—it requires careful financial management. From trust accounting and compliance to managing overhead and planning for growth, attorneys face financial challenges that are unique to the legal profession. At Angelo & Associates CPAs, we provide specialized accounting services for law firms designed to keep your practice compliant, profitable, and prepared for the future.
As experienced CPAs for lawyers, we understand the intricacies of running both solo practices and multi-partner firms. Our role is to help you simplify your financial operations so you can spend more time practicing law and less time worrying about the books.
Why Law Firms Need Specialized Accounting
Law firms operate under a financial structure unlike most other businesses. Common challenges include:
Trust Account Management (IOLTA Compliance)
Ensuring client funds are separated and tracked properly.
Complex Expense Management
From partner draws to case-related costs and reimbursements.
High Overhead Costs
Office leases, staff salaries, continuing legal education, and malpractice insurance.
Growth Planning
Determining the right time to add attorneys, expand office space, or invest in new practice areas.
Our specialized accountants for lawyers have the expertise to navigate these complexities while ensuring compliance with bar association requirements and IRS regulations.
Comprehensive Accounting Services for Law Firms
We provide a full suite of services that cover your day-to-day bookkeeping needs, proactive tax planning, and long-term growth strategies.
Bookkeeping Services for Law Firms
Accurate bookkeeping is the foundation of a financially healthy firm. We provide bookkeeping services for law firms that keep your records organized and compliant while giving you clarity into your firm's performance.
- IOLTA/trust account reconciliation and compliance
- Tracking of case-related costs and reimbursements
- Categorization of firm expenses and overhead
- Monthly reporting that highlights cash flow and profitability
Solo practitioners and small firms often lack in-house staff to manage the books. Our services provide affordable, outsourced bookkeeping for small law firms with professional-grade financial oversight. With our support, you can stop stressing about your books and focus on serving your clients.
Learn moreTax Strategy & Planning for Lawyers
Attorneys often miss opportunities for tax savings. We deliver:
- Identification of profession-specific deductions (CLE, bar dues, malpractice insurance, research tools, professional memberships, office expenses)
- Guidance on quarterly estimated payments to avoid penalties
- Entity structure analysis (LLP, LLC, or S-Corp) to balance liability and tax efficiency
- Retirement and succession planning
By leveraging our experience, you'll minimize your tax burden while staying compliant.
Learn moreFinancial Planning for Lawyers
Beyond day-to-day accounting, attorneys need long-term strategies to build wealth and financial stability. As your financial advisor for lawyers, we help you align your practice finances with your personal goals.
- Cash flow forecasting to plan for growth and overhead
- Partner compensation and equity planning
- Strategic budgeting for practice expansion
- Retirement planning tailored to attorneys' income structures
- Tax-efficient wealth management strategies
- Planning for major life events, succession, or exit from practice
Our financial planning for lawyers ensures that both your practice and your personal finances remain on track for long-term success.
Learn moreWhy Lawyers Choose Angelo & Associates
Industry Expertise
We have specialized experience as CPAs for lawyers, and we understand the unique financial landscape of the legal profession.
Regulatory Compliance
From IOLTA account rules to IRS reporting, we ensure your firm remains compliant while protecting client trust.
Tax Optimization
We identify deductions and implement strategies that minimize your tax burden while keeping you in full compliance.
Time Savings
With our team handling your accounting, bookkeeping, and financial planning needs, you can focus on representing your clients and building your practice.
Frequently Asked Questions
Common questions about our accounting services for lawyers
Do you have experience with law firm trust accounts?
Yes. We regularly manage and reconcile IOLTA accounts, ensuring full compliance with state bar rules and client fund regulations.
What tax deductions are available to attorneys?
In addition to general business deductions, law firms often deduct CLE courses, bar dues, malpractice insurance, office space, technology subscriptions, research tools, and professional memberships.
How can you help my firm grow?
We provide profitability analysis, cash flow planning, and compensation models that allow you to expand strategically while protecting long-term stability.
What's the best entity structure for a law firm?
It depends on your goals. We assess liability protection, tax considerations, and ownership structure to recommend whether an LLP, LLC, or S-Corp is the best fit for your practice.
Partner with Accountants Who Understand Law Firms
At Angelo & Associates CPAs, we go beyond compliance. Our accounting services for law firms—combined with tailored bookkeeping services for law firms and financial planning for lawyers—help attorneys reduce stress, minimize taxes, and grow with confidence. Whether you're a solo practitioner or managing a multi-partner firm, we have the expertise to be your trusted financial partner. Schedule a Consultation - Call Us: 732-382-2272