Law Firm Accounting Services in Chicago, IL

Chicago Accounting CPA for Lawyers

Lewis.cpa specializes in accounting for law firms, providing tailored tax and financial services. We aren't just accountants for law firms, however, as we also offer law firm bookkeeping and accounting services to attorneys and lawyers working for all sizes of practices.

Whether you're a sole local proprietor, a de novo firm, or a multi-partner firm with a big staff, we have many financial management and accounting services for law firms, big or small, that we can scale to meet your size and needs. Count on us for individual attention that results in excellent and accurate work. Focus on your billable hours and revenue while we handle the rest.

Why Professional Bookkeeping and Accounting Matter for Law Firms

Effective accounting for law firms is crucial for your firm’s success. To ensure your financial statements are accurate, complete, and up-to-date, you need sound legal accounting practices. Utilizing cash-basis accounting and legal accounting software is essential to maintain a clear, accurate accounting system for law firm operating funds and business bank accounts. Here’s why it matters:

Compliance with Legal Accounting Rules

Every law firm must adhere to ethics regulations, including rules like Rule 1.15 of the ABA’s Model Rules of Professional Conduct. These guidelines govern responsibilities such as handling financial transactions, maintaining proper recordkeeping, and notifying clients of funds received. Violating accounting rules, intentionally or inadvertently, can result in severe consequences such as significant financial penalties, license suspension, or disbarment.

Business Growth and Cash Flow Management

Your law practice isn’t only a legal entity but also a business. Effective bookkeeping and using accounting software enable you to gather and analyze financial data. This data-driven approach helps make informed cash flow decisions—tracking revenues (such as collections) and expenses (including law firm operating costs and business expenses). Accurately recording billable hours and spotting tax deduction opportunities optimizes cash flow management and identifies avenues for business growth.

Protecting Your Reputation

In the legal profession, reputation is paramount. Even small errors in accounting can damage your professional image, potentially leading to client dissatisfaction, reduced referrals, and missed growth opportunities. Maintaining professionalism through accurate financial statements and meticulous bookkeeping not only safeguards your reputation but also enhances client trust and satisfaction.

Our Tax Services for Law Firms

From individual taxpayers and sole proprietors to lawyers working for big firms, we have the services that you can benefit from. Whether it's simple tax preparation or road mapping your tax future, count on us to improve things for your practice.

Income Tax Preparation

Even lawyers don't like messing with the IRS. Let us prepare your income taxes, so you avoid penalties, fines, and audits that waste your time and energy.

Tax Planning

Taxes might seem like an inevitable obligation you face every year or even quarterly. However, the right planning and deduction outlines can help you keep more of the billable revenue you generate for yourself or your firm.

IRS Representation

Citizens and corporations alike turn to legal professionals such as yourself to represent them in front of other lawyers, judges, and juries. Likewise, count on us to represent you in front of the IRS

Our Accounting Services for Law Firms

We really do understand how law firms have specialized accounting needs, which is why firms of all shapes and sizes count on us and our experience. We've earned our reputation for being a Chicago CPA firm that offers objective and confidential support and guidance that makes your practice more efficient and profitable.

Bookkeeping Services

Our bookkeeping services for law firms track all the dollars moving in and out of your practice to ensure accuracy and accountability.

Payroll Services

Spend less time dealing with payroll yourself so you can instead focus on your clients and billable.

Financial Planning

You can't control the future, but the more you plan for it, the more you can influence it in your direction.

Diverse Clientele in Law Firms

At Susan Lewis CPA, we're proud to support a diverse array of clients in the legal industry. Our expertise spans individuals, businesses, and organizations involved in various legal specialties, from boutique firms to large practices and nonprofit legal organizations.

• Boutique Law Firms
• Large Law Practices
• Corporate Legal Departments
• Solo Practitioners
• Legal Aid Organizations
• Government Legal Offices
• Nonprofit Legal Services
• Criminal Defense Attorneys
• Civil Litigation Firms
• Family Law Practices
• Estate Planning Attorneys
• Immigration Law Firms

Our Law Firm Accounting Process

Lewis.cpa offers accounting services for law firms locally around Windy City but also across the country. We customize our services for each client as we get to know them using this process:

Why Choose Our Law Firm Accounting Services

Working with Lewis.cpa is a good idea, but it's that way because of more than one reason:

Law Firm Accounting FAQs