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.
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.
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.
DR. BUKKY KOLAWOLE
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.