Law Firm Accounting and Tax

Whether you’re an attorney who practices independently or has a small to mid-size law firm, your bookkeeping and tax obligations can sap away at productivity and billable hours. Lipsey and Associates can manage your financial recordkeeping as well as personal and business tax preparation so that you can focus on serving your clients.

Our law firm accounting services provide you with the insights you need to meet your firm’s goals and determine where your money is going. If you’re still on the associate track and are mapping out your options for opening your own law practice in the near future, we can help you decide which business type you should set up based on your goals and types of clients you plan to serve. If you’re growing your firm and hiring staff, we also handle payroll taxes.

Tax planning is also an integral part of operating a law firm whether you’ll have a solo practice or work with partners. Every law practice has a unique financial situation and we can assess how to best plan your tax savings strategy at both the personal and business levels. We can also get your firm set up with a digital, integrated accounting system designed for professional services and working with clients on retainers and contingent bases and subsequently manage your financial transactions so you can concentrate on running and growing your law practice.

Every law practice needs accounting help to keep track of the complexities in accounts payable and receivable specific to the legal profession, and most small or new law firms don’t have the resources for a staff accountant. Lipsey and Associates can work with you as an outsourced accountant for day-to-day operations or as an outsourced CFO if your practice is experiencing rapid growth and needs additional counseling on cash flow and financial management. We can take care of these accounting matters for your practice so that your attention can be focused on acquiring new clients and serving your existing client base.

Jeffrey Lipsey is a Certified Public Accountant and an Enrolled Agent; he is a member of the AICPA and the National Association of Enrolled Agents (NAEA).