Unbilled work
Matter-based time and expenses awaiting review or invoicing remain visible in the billing workflow. Unbilled work is tracked separately from issued invoices and collected fees.
Finance services for law firms
Law firm accounting and bookkeeping services
CFO-led accounting, monthly bookkeeping, and year-round tax planning for U.S. law firms. Separately scoped back-office support covers matter-based timesheets, billing preparation, accounts payable, and client receivables.
IOLTA and trust accounting are available through a separately scoped and priced engagement.
- $999 per month
- Foundations
- Billing and AP/AR
- Scoped and priced separately
- EAs and CPAs
- In-house tax planning support
Free consultation lasting 30 minutes. Figures Advisors responds within one business day to arrange the meeting.
Revenue, receivables, and operating cash
Recorded work, issued invoices, and collected fees represent different stages of a law firm's finances. A profitable month does not necessarily provide enough operating cash for payroll, vendor payments, taxes, and owner distributions.
Figures Advisors connects monthly financial records with CFO advice and tax planning. Additional billing and back-office support helps firms track work awaiting approval, unpaid invoices, and upcoming obligations.
Client receivables
Aged receivables show which invoices remain unpaid. Separately scoped follow-up support maintains a record of reminders, billing queries, and items requiring attorney review.
Operating cash
Cash reviews consider expected collections, scheduled payments, tax reserves, and owner distributions. Client trust balances are not treated as available operating cash.
Monthly accounting and bookkeeping for law firms
Current operating books provide the basis for financial reporting, tax planning, and management decisions.
Figures Advisors provides monthly bookkeeping and close support, including:
- Recording and categorizing operating transactions.
- Reconciling operating bank and credit-card accounts.
- Maintaining financial statements and monthly reporting.
- Reviewing accounts payable and accounts receivable reports.
- Distinguishing firm overhead from matter-related expenses where the agreed records support that separation.
Client-advanced costs and reimbursable expenses require appropriate classification. Their accounting and tax treatment depends on the facts and applicable rules.
Historical cleanup and catch-up work are scoped separately from recurring monthly services.
Law firm billing and back-office support
Billing administration, day-to-day AP/AR management, and IOLTA and trust accounting are available through separately scoped engagements. Responsibilities, approval procedures, software access, and transaction volumes are agreed before work begins.
Matter-based timesheets and pre-bills
Support includes reviewing recorded time for missing matter references, incomplete entries, duplicate records, and pending approvals.
Pre-bills organize actual time and expenses for attorney review. The responsible attorney approves billing descriptions, rates, adjustments, and write-downs. Figures does not create time entries for work that was not recorded or performed.
Invoice preparation and delivery
Approved billing information is used to prepare and issue invoices through the firm's agreed process. Billing queries and exceptions are routed to the appropriate person for review.
Fee changes, discounts, and decisions about disputed charges remain with the law firm.
Accounts receivable and collection follow-up
Support includes aged-balance reviews, payment matching, approved reminders, and follow-up records.
Unresolved billing disputes and requests for payment arrangements are escalated to the firm. Collection follow-up does not include a guarantee of recovery or independent decisions about legal representation.
Accounts payable administration
Vendor bills are organized, costs are categorized, due dates are tracked, and payment information is prepared for approval.
The firm retains payment approval. Any authority to initiate payments must be expressly agreed. Operating-account AP administration does not include trust-account payments or disbursements.
IOLTA and trust accounting
Figures Advisors offers IOLTA and trust accounting through a separately scoped and priced engagement.
Required records, reporting, software access, and approval responsibilities are agreed before work begins. Client trust balances remain separate from the firm's operating cash.
Financial client administration
Support covers invoice records, payment status, billing correspondence, and coordination of financial queries.
This service does not include legal advice, case management, conflicts checks, court calendars, or court filings.
CFO advice for law firm cash flow and profitability
Monthly books explain financial results. CFO advice helps firms use those results when assessing hiring, pricing, spending, and owner distributions.
Figures Advisors provides support for:
Cash planning
Review expected collections alongside operating expenses, upcoming obligations, and tax-planning requirements.
Hiring and overhead decisions
Assess the financial effect of additional attorneys, support staff, office costs, and other recurring commitments.
Matter profitability
Where reliable time, billing, and expense records are available, separately scoped reporting can examine matter-level economics.
Reporting distinguishes billed fees, collected fees, direct costs, and any allocated overhead. The reporting method and data requirements are agreed for the engagement.
Owner distributions
Consider operating cash needs, outstanding obligations, and tax reserves before assessing amounts available for distribution.
Year-round tax planning for attorneys and law firms
Tax planning is part of the recurring finance relationship, rather than a discussion reserved for filing season.
Figures Advisors' in-house enrolled agents and CPAs support planning discussions using current financial records. Relevant topics may include:
- Estimated tax payments and cash reserves.
- Entity structure and owner compensation.
- Business expenses and supporting records.
- Client-advanced costs and reimbursements.
- Changes in profit, staffing, and firm operations.
Recommendations depend on the firm's structure, owner circumstances, and applicable federal and state rules.
Tax return preparation and filing are separate services. Entity returns, owner returns, state coverage, and fees are agreed independently.
Monthly finance support and separately scoped services
Foundations
$999per month
The Foundations plan includes:
- Dedicated CFO advisory.
- Monthly bookkeeping and close.
- Financial statements.
- Year-round tax planning.
- Monthly AP/AR reports and insights.
Additional law firm support
The following services are scoped and priced separately:
- Matter-based timesheet administration and pre-bill preparation.
- Invoice preparation and billing administration.
- Accounts payable and accounts receivable management.
- Collection follow-up and financial client administration.
- IOLTA and trust accounting.
- Matter profitability reporting.
- Historical bookkeeping cleanup and catch-up.
- Tax return preparation and filing.
Software subscriptions are paid separately by the client. Payroll processing is not included in the standard monthly plan.
Firms with higher transaction volumes or additional complexity may require a custom engagement. The consultation establishes the appropriate scope and fee.
Establishing the finance engagement
Review the current process
Assess operating books, reporting requirements, billing workflows, software, and the firm's administrative responsibilities.
Agree scope and approvals
Define the monthly finance services, any additional back-office work, required access, reporting schedule, and approval responsibilities. IOLTA and trust accounting require a separately agreed scope and fee.
Establish the opening records
Review the available records and identify any cleanup or catch-up work needed before recurring services begin.
Maintain reporting and follow-up
Complete the agreed monthly finance work and additional workflows. Bring exceptions, overdue items, and financial decisions to the firm's designated reviewer.
Support for owner-led and growing law firms
The service is relevant to solo attorneys, small law firms, managing partners, and administrators seeking external finance support.
An engagement may be appropriate when:
- The owner handles bookkeeping alongside legal work.
- Financial reports are available but do not inform cash or hiring decisions.
- Time records, invoices, and receipts require better coordination.
- Billing follow-up depends on occasional manual reminders.
- The firm needs ongoing tax planning alongside current books.
IOLTA and trust accounting can be included through a separately scoped engagement, with records, reporting requirements, and responsibilities agreed before work begins.
Law firm accounting FAQs
What do law firm accounting services include?
Law firm accounting services can include operating bookkeeping, account reconciliation, financial statements, management reporting, and tax support. Figures Advisors combines monthly bookkeeping, CFO advisory, and year-round tax planning. Billing administration, IOLTA and trust accounting, and other back-office services are scoped separately.
What is the difference between law firm bookkeeping and CFO support?
Bookkeeping maintains transaction records and supports monthly financial statements. CFO support uses those records to assess cash requirements, expenses, hiring, pricing, and owner distributions. Both are included in the Foundations plan.
Does Figures Advisors provide attorney trust or IOLTA accounting?
Yes. Figures Advisors offers IOLTA and trust accounting through a separately scoped and priced engagement. It is not included in the $999 Foundations plan. Required records, reporting, software access, and approval responsibilities are agreed before work begins.
Can Figures Advisors manage timesheets and legal billing?
Yes, through a separately scoped engagement. Support can include matter-based timesheet administration, pre-bill preparation, approved invoicing, and billing follow-up. Attorneys and staff record actual work, and the responsible attorney retains approval over charges and adjustments.
Are billing and AP/AR management included in the $999 plan?
No. Foundations includes monthly AP/AR reports and insights. Day-to-day billing administration, accounts payable management, accounts receivable management, collection follow-up, and IOLTA and trust accounting are additional services with separately agreed fees.
Can Figures Advisors report on matter profitability?
Yes, where suitable time, billing, and expense data are available and the reporting scope is agreed. Matter-level reporting is scoped separately. Unbilled work, issued invoices, and collected fees are distinguished rather than treated as interchangeable amounts.
Which accounting and legal billing systems are supported?
Figures Advisors supports QuickBooks and Xero. Compatibility with a firm's legal billing or practice-management system is reviewed during scoping. Required access, exports, and workflows are agreed before delivery begins.
Does year-round tax planning include tax return preparation?
No. Year-round tax planning is included in Foundations. Tax return preparation and filing are separate services, with entity, owner, state, and fee requirements agreed independently.
Law firm finance consultation
A free consultation lasting 30 minutes reviews the firm's current accounting, billing, and reporting requirements.The discussion identifies the appropriate monthly finance scope, any additional back-office services, and the responsibilities that remain with the firm.
Figures Advisors responds within one business day to arrange the meeting.