Bookkeeping and Accounting for Personal Injury Lawyers
In need of bookkeeping for your personal injury law firm? We handle your accounts, giving you more time to focus on winning your cases. Sign up today and get a free month of bookkeeping, valued at $299.
No credit card required. By clicking ‘Get Started’, I agree to Bench’s Terms & Privacy Policy.
How Bench works with personal injury lawyers
Get your bookkeeping, income tax prep, and case-related financial documentation handled by experts—backed by one powerful platform. Bench works with personal injury lawyers.
We get you set up
Our team takes the time to fully comprehend the specifics of your personal injury law practice, address your inquiries, assist you in connecting your accounts, and guide you through how Bench operates.
We do your bookkeeping
Each month, your bookkeeper meticulously organizes your legal transactions and prepares your financial reports. Should they require any additional information from your end, they'll promptly reach out.
We deliver tax-ready financials
Our team of professionals is well-versed in the tax nuances for personal injury law firms and will tailor their approach to meet your practice's distinct requirements.
Here’s why personal injury lawyers like you trust Bench with their bookkeeping and accounting
Get fast, unlimited support from our expert advisors
We'll maintain constant contact, providing you with regular bookkeeping updates tailored for your personal injury law practice. Do you have urgent queries that simply can't hold off? Rest assured, we'll respond to your concerns in one business day or less.
Guaranteed accuracy in every detail
Our platform enables you to automate data entries from the leading providers to elude frequent errors. We collaborate with prominent legal financial systems like Clio, MyCase, Legal Files, and TimeSolv—ensuring your firm's finances are always accurate. At Bench Accounting, we’re committed to simplifying the bookkeeping process for Personal Injury Lawyers.
See where you’re spending. Make smart decisions
Say farewell to mountains of legal files and hours spent on manual record keeping—we automate entries directly from linked accounts. Gain insights from one central dashboard, allowing you to easily comprehend the financial health of your personal injury law firm and make tactical decisions.
Bench integrates with your favorite small business tools
We sync seamlessly with your financial accounts and tools to keep your books up-to-date and save you the time and effort of manually uploading documents.
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We know bookkeeping for personal injury lawyers
With Bench Accounting, personal injury lawyers can focus on fighting for their clients, instead of getting tangled up in the web of bookkeeping and tax preparedness. As personal injury lawyers, there are specific rules and regulations related to client funds, contingency fees, tax brackets, and legal operating expenses which can make managing your books a complex affair. However, Bench's combination of intuitive software and a knowledgeable team of bookkeepers, who are acquainted with the particular nuances of legal industry taxation and expenses, can streamline your entire bookkeeping process, keeping your financial records in order and your operations tax-compliant.
Moreover, our team can help personal injury lawyers handle common bookkeeping issues that arise in their practice. For example, one challenge specific to this profession is tracking and attributing contingency fees - a task our software and bookkeepers manage effortlessly. We also assist in correctly recording settlement funds, handling common legal expenses and navigating through murky tax laws that often affect law firms. Here at Bench, we provide personal injury lawyers with a novel approach to managing their firm’s finances – effectively handling bookkeeping and tax irrespective of the size of the firm, and allowing them to focus solely on serving their clients' best interests.
Simple, straightforward pricing for everything your business needs.
Join over 25,000 US-based business owners who have streamlined their finances and have grown their businesses with Bench.
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Frequently Asked Questions
Yes, as a personal injury lawyer, there are specific tax deductions you can claim. Some of these include:
- Professional fees and dues: You can deduct the money paid towards your bar association dues, and other professional membership fees.
- Legal research costs: Any amount spent on research materials, law books, or legal database subscriptions can be deducted.
- Office expenses: This includes rent, utilities, office supplies, furniture and equipment. If your law practice is from your home, certain home office expenses may also be deductible.
- Travel expenses: If travel is necessary for your casework, you can deduct these costs, including airfare, hotel stays, meals, and car rentals.
- Continuing education: Any tuition fees or costs associated with maintaining your law license or improving your legal skills can be deductible.
Please note, it is always recommended to consult with a certified accountant to provide personalized advice based on your specific circumstances.
A bookkeeper can be incredibly beneficial in managing the financials of your contingency-fee based cases. They can accurately track the expenses incurred on each case, maintain a clear record of any settlements or wins, and help organize the case's financial aspects throughout its duration. This allows you to focus on the legal aspects while ensuring that the financial side is well-maintained and accounted for.
The most effective bookkeeping system for tracking client retainers and trust accounts in personal injury law would be one that is specially designed for law firms, such as a Legal Trust Accounting Software. These systems offer specific features for managing trust accounts and client retainers, ensuring they are compliant with legal regulations and keeping accurate records of all transactions. It is also helpful if the software can integrate with other tools commonly used in law firms, such as case management systems, for seamless operation.
Nope! All bookkeeping is completed in-house.
Your bookkeeper will be your main point of contact, but at times you might hear from another member of your team. This is usually when your bookkeeper goes on vacation, is sick, or otherwise unavailable.
We handle the bookkeeping for you but sometimes we’ll need your input, especially at year-end. On average, expect to spend 15 minutes each month answering questions for your bookkeeper, or uploading supporting docs.
Bookkeeping Services for Personal Injury Lawyers
Discover how we can help you have better finances with a personalized demo from a Bench expert, ready to answer all your questions. Sign up as a customer today and get a free month of bookkeeping, valued at $299.
No credit card required. By clicking ‘Get Started’, I agree to Bench’s Terms & Privacy Policy.