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A complete Chart of Accounts designed for law firms, attorneys, and legal consultants. Learn the best practices for tracking trust accounts, billable hours, and legal expenses.
Use This TemplateThis template includes 29 accounts organized by category. Each account is designed for legal services businesses.
Primary business banking account for firm operations
Client trust funds (IOLTA compliant)
Reserve funds and emergency cash
Track unpaid client invoices
Prepaid malpractice insurance, subscriptions
Legal reference materials and research tools
Furniture, computers, office equipment
Track bills owed to vendors
Business credit card balance
Client funds held in trust (must match trust account balance)
Wages, taxes, benefits owed
Unearned retainer fees
Partner investments in the firm
Accumulated profits from prior years
Distributions to partners (reduces equity)
Billable hours income
Fixed-fee case income
Contingency fee income
Client reimbursements for court costs
Salaries for associate attorneys
Support staff compensation
Court fees, filings, process service
Expert testimony and consulting
Westlaw, LexisNexis, research services
Professional liability insurance
Bar association fees, licenses
CLE courses and conferences
Office space rent
Travel for depositions, court appearances
Maximize the value of your Chart of Accounts with these proven strategies.
Keep your trust account and trust liabilities in perfect balance. Reconcile monthly and maintain detailed records for each client to ensure bar compliance and avoid serious ethical violations.
Use time tracking to distinguish billable client work from administrative tasks. This improves realization rates and helps identify opportunities to increase billable hours.
Track hourly, flat fee, and contingency income separately. This helps you understand which billing models are most profitable and guides your case acceptance strategy.
Track court costs, expert fees, and case expenses separately from overhead. Use job costing to ensure you're recovering these costs from clients and maintaining profitability per case.
Generate this template for QuickBooks® Desktop (IIF) or Online (CSV) in seconds.
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