Best Accounting Software options for Your Law Firm
If you have a law firm and you manage Trust Accounts, you should take into account that you require unique management software that can integrate with your accounting software.
Law firm bookkeeping software also must handle client trust accounts (CTAs), including interest on lawyers’ trust accounts (IOLTAs). In addition, time and expenses need to be meticulously tracked by client and matter level to bill the client accurately.
There are several accounting software options for lawyers and we have worked with some of them. For that reason, I recommend that your law firm use either law firm-specific accounting software or general-purpose accounting software with an integration that provides trust accounting. Also, we want to share with you our top three choices, as well as some law firm integrations for popular accounting programs.
How to Choose Your Legal Practice Accounting Software
The accounting software for your legal practice must include trust accounting. While it’s possible to perform trust accounting in general-purpose accounting software, it’s difficult, time-consuming, and prone to errors because every trust transaction requires multiple entries.
General accounting: A good accounting system will allow you to import and reconcile banking transactions, track unpaid bills, print checks, record fixed assets and long-term liabilities, and print financial statements.
Trust accounting: the software must provide a way to track both aggregate client funds in your client trust account and the amount of those funds owed to each client. The software also must provide a list of trust transactions by client. Finally, you should be able to perform a triple reconciliation easily between the client trust account, client ledgers, and bank statement.
Billing system: the software must track time and expenses by client, job and service code. Billing rates should be allowed to vary by service code and employee. Employees should be able to track and report time and expenses while away from the office. Finally, the billing system should generate professional looking invoices that can be printed or emailed.
Practice management: You also might like practice management features integrated with your accounting and billing systems. Common features include client portals, secure communications, document management, calendars with integrated time tracking, and matter dashboards with links to all relevant parties, documents, time, expenses, and invoices.
Multiple pricing options give you the ability to scale as your firm grows, meaning you won’t pay for features until you actually need them.
Clio’s most popular solution — runs between $39 and $99 per user per month when paid annually, with most law firms choosing the $59 per user per month option. Other options include Clio Grow, which is priced at $49 per user per month when paid annually, and Clio Suite, which starts at $89 per user per month.
Time and Expenses Tracking
Law Firm Insights Dashboard
Legal Client App
Clio also integrates with a number of external accounting programs, including QuickBooks Online and Xero.
LeanLaw’s pricing is $28 per user per month when paid annually, or $35 per user per month when paid monthly, making it one of the most cost-effective options on our list.
Quickbooks Online Integrations
Mobile Apps for iPhone, iPad & Android Devices
Credential with Microsoft, Google or QuickBooks Online
LeanLaw Accounting Pro Network
Simple, Real-Time Reports
North American Support
Multiple Custom Fields
Priority Technical Support
The best feature of LeanLaw,, is its ability to keep your trust accounts updated and reconciled automatically. If you’ve ever dealt with an out-of-balance IOLTA, you know what a nightmare it can be to locate and resolve the discrepancy. LeanLaw fixes this problem once and for all.
LawCus’s most popular solution — runs between $59, the Standard Plan $34 and Plus Plan $44 per month.
Time, Expense and Billing
Document Management & Electronic Signatures
Client Intake Forms or Questionnaires
Customer Relationship Management (CRM)
Accounting & Online Payments
Email & Text Automation
Powerful Reports & Dashboard
Client Portal & Security
Whichever option you choose, get advice from an expert in Law Firms Bookkeeping Software, with this you avoid acquiring a software with more or less features than you need. At My Books and Taxes we are EXPERTS in Law firms and their Softwares, so if you are looking for someone to advise you, you are in the right place. Just contact us! Schedule a Discovery Call or contact us as email@example.com