They say laws are made to be broken. However, rules and regulations, which are considered to be the essence of law, keep everything united and in order.

Operating a profitable law firm requires legal expertise and sound financial management. While skilled attorneys represent clients, navigating finances and accounting can get pushed aside.

However, monetary stewardship directly impacts your firm’s sustainability. This is why savvy legal professionals collaborate with certified public accountants (CPAs) to gain an extra advantage. If you are looking for the leading professionals for your financial success, then connect with Interactive Accountants immediately.

Specialized Expertise

CPAs bring specialized financial training tailored to legal entities. They stay updated on industry trends, regulations, ethics requirements, partnership structures, profit-sharing, and other complex areas that influence law firm accountants. This focused knowledge helps them provide targeted recommendations and services.

CPAs also advise on legal-specific concerns like:

• Managing client trust accounts
• Billing and collecting fees
• Tracking billable hours
• Getting operating loans
• Insurance and liability coverage
• Retirement and succession planning

A law-focused CPA understands these pain points and structures appropriate financial processes.

Objective Insights

Attorneys get deeply immersed in cases, making it hard to objectively assess the business. CPAs take an outside look, identifying strengths, weaknesses, and opportunities. An unbiased perspective highlights bind spots while still appreciating assets.

CPAs benchmark against industry metrics to gauge profitability, cost control, staff productivity, cash flow, and other metrics. This analysis determines where your firm outperforms or trails behind peers. Audits also assess internal controls and risk. Actionable insights empower strategic decision-making.

Ongoing Partnership

The most successful attorney-CPA relationships become trusted partnerships versus one-off deals. Frequent check-ins allow for better tax planning, forecasting, decision support, and accountability.

Proactive guidance also mitigates issues like fee delinquencies, fund mismanagement, system hiccups, insurance gaps, and personnel problems. CPAs act as financial watchguards to catch problems early.

Over time, CPAs get to know firm leaders and finances intimately. This facilitates highly customized recommendations that get implemented versus generic, theoretical advice. Partnership fosters progress.

Take your finances up a notch with the top law firm accountants. Contact our team at Interactive Accountants to get matched with a certified public accountant for law firms catered to your legal specialty and growth goals.