The Law Office's Challenge: Run a Partnership without Drowning in Paperwork

Accounting Hurdles for Law Offices

Miscalculated Fees

When reimbursable fees are not coded back to the client correctly, income leaks result.

Issues

  • Loss of income
  • Negative impact on operations

In-House Expertise is Expensive

Bookkeeping can be managed in-house with administrative staff. Accounting oversight requires education.

Issues

  • Critical accounting work can get de-prioritized due to lack of understanding
  • Mismanaged IOLTA account transactions can have far-reaching implications to the firm
  • Replacement & cross-training is difficult

IOLTA Account Liabilities

Proper stewardship of client funds is critical.

Issues

  • Monies paid/owed to client or outside vendors must be verified and paid out
  • Shortages must be paid by the firm

Collect Client Expenses

Consistent attention to accurate recording of client expenses is necessary to ensure profitability.

Issues

  • Expense transactions must be recorded and coded correctly and promptly
  • Can impact the firm's tax liability and profitability

Blazej Business is the Ideal Accounting Partner for Law Firms

We understand the complexity and importance of your IOLTA account

Working with partnerships is easy for us: we are objective and adept at sharing information with multiple partners within the firm

We have experience with complicated and long-term cases that require both payments and advances

Weekly

The Blazej Business Bookkeeping & Accounting Teams will review settlement and billing statements

Bookkeeping & Accounting

  1. Review and confirm weekly IOLTA payments
  2. Coding bank and credit card transactions to ensure the books stay up to date
  3. Asking questions on expenses and deposits to maintain the quality of financial reports and the integrity of the case's expenses

Monthly

The Blazej Business Accounting Teams will perform the tasks or review internal staff work.

Accounting

  1. Reconcile bank, credit card & loan accounts
  2. Review Balance Sheet and P & L 
  3. Confirm payroll and benefits 
  4. Any outstanding questions are resolved with the partners

Quarterly

The Blazej Business Accounting Teams will perform the tasks or review internal staff work.

Accounting

  1. Quarterly review
  2. Review and assist with correcting unreconciled items
  3. Confirm payroll tax deposits
  4. Reconcile owner draw account(s)

Sharing Responsibilities is Smart

  1. Fundamental business operations are delegated, leaving the partners free to focus on clients
  2. IOLTA account is kept current and managed correctly
  3. Accounting expertise is available on demand as needed, as opposed to hiring an accounting manager
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Multiple Locations

Compare & Contrast with Meaningful Metrics

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IOLTA Account Management

Proper management and reconciliation to avoid repercussions to the firm

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Reports Lenders Love

P&L statements that accurately reflect the business's condition & that reconcile with other systems

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Accounting Oversight & Training

Use in-house administrative staff for routine transaction maintenance.