Legal Bookkeeping Basics
In this episode the team reunite after their recent travels to dive into the foundational (and often misunderstood) world of legal bookkeeping.
From trust accounting to client cost management, the trio explores the nuanced challenges of keeping law firm books clean, compliant, and client-ready. Whether you're a new bookkeeper stepping into the legal space or a seasoned pro facing tricky transactions, this episode is full of wisdom, warnings, and a few laughs along the way.
What You’ll Learn:
How trust accounting trips up even experienced bookkeepers
The importance of knowing a law firm’s practice area
Why client costs aren’t always as simple as they seem
Real talk on cleanup projects, consulting fees, and client expectations
How economic shifts affect cash flow and AR
The evolving roles of paralegals, CPAs, and bookkeepers in financial management
Common pitfalls that derail law firm books—and how to avoid them Favorite tools and tips for continuous learning in legal accounting
04:41 – Intro to Legal Bookkeeping Basics
05:50 – Trust Accounting Challenges
07:08 – Navigating Different Law Practices
12:02 – Tips for New Legal Bookkeepers
15:14 – Handling Cleanup + Consulting Fees
17:00 – Tackling Messy Legal Books
18:11 – Client Transaction Complexities
18:50 – Economic Uncertainty & Cash Flow
20:46 – Real Estate & Market Trends
26:02 – The Role of Bookkeepers, CPAs & Paralegals
28:14 – Common Mistakes in Legal Bookkeeping
30:30 – Why Accurate Records Matter
35:16 – Final Thoughts & Favorite Resources
Whether you’re cleaning up a trust ledger or guiding a firm through cash flow chaos, this episode offers a wealth of insight (and a few road trip stories for good measure).
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Accountants Law Pod is hosted by Lynda Artesani, Sarah Prevost, and Steve Libhart and directed/produced by Teaira Burge and The Proper Trust. Music by ComaStudio from Pixabay - Edited by audiovideo_uk
Disclaimer: The content presented in this podcast is for informational purposes only and should not be considered as legal, financial, or professional advice.