The Best Free Accounting Software for Lawyers

It includes lightweight practice management (clients, cases and calendars), coupled with robust time tracking, billing and accounting (including robust financial reporting). While PCLaw is thought of as law practice management software, accounting is deeply embedded into the product. Legal billing software is a downloadable or cloud-based program that lets you track billable hours for law firm clients, send invoices and get paid.

• It should be user-friendly, designed for the unique needs of the legal industry, and easy-to-access when you need it.
• A TimeSolv Legal plan also includes legal-specific billing formats, including LEDES 2000, 1998B, 1998BI, Chubbs and Litigation Advisor.
• Does not necessarily include more advanced reconciliation features like three-way trust account reconciliation.
• There are QuickBooks resellers that are experienced with implementing it in the legal space.
• PCLaw’s certified partner program can help with this, or you can choose to have a member of your team become a PCLaw Power User.
• It’s simple to create and customizing an invoice, add your logo and personalize your “thank you” email.
• FreeAgent is not the most well-known accounting program, but those who use it love it.

LeanLaw was designed with the midsize law firm in mind and is specially equipped to handle the time tracking and monitoring, billing, and trust needs of law firms. When you add QuickBooks through instant integration, you can easily access a full suite of tools to help you manage your small or midsize law firm. Zola Suite is an option with some of the most powerful and plentiful tools for law firm accounting and bookkeeping. It offers most—if not all—of the tools, other software options, and some of its unique features, most notably various management capabilities. You can manage your contacts, documents, and other aspects of your law firm’s operation with Zola Suite. To save you time, here is a review of the top 7 law firm accounting software designed specifically for lawyers.

Business stage

You may also need to provide proof of address and identification documents. Once the account is open, it is important to manage it carefully by regularly reconciling accounts, tracking expenses, and paying bills on time. With financial data, legal accountants present big-picture information and give comprehensive and specific reports of a firm’s financial health.

Lawyers should be able to track their time, work on client matters, and delegate work to colleagues all while tracking expenses and generating invoices for cases in one system. Being able to do this in a a single, fully integrated system is important for the productivity of your law firm. The right legal accounting software gives the law firm the customization options to create the invoice in an accurate way and satisfy the firm’s requirements. The billing system is established to track time and expenses by each client’s case and service provided.

Connect With Industry Leading Apps To Level Up Your Accounting

For a general bank account, you’ll need to use an accounting software with a general ledger that performs bank reconciliations. Any accounting software with a general ledger should offer this feature. However, there is no harm in using these products for trust accounting, as long as your accounting team is familiar with the trust accounting rules outlined by your local Law Society.

It boasts a flexible time tracking feature, which allows you to either run a timer or manually enter your time on whatever device you choose. From there, you can create your invoices in as few as four clicks, meaning you will no longer have to “find time” to bill your clients. And in case you’re a smaller law firm with humble needs and didn’t find anything you like on this list, take a look at our best small business accounting software post.

Reason #5: Effectiveness in tracking expenses

Cosmolex combines legal practice management software with legal accounting software for a complete solution. It’s actually completely cloud-based, so you don’t have to install it on a computer, rather it’s accessed online through a browser. Like accounting solutions, legal accounting software gives businesses secure digital tools to manage and track client payments, expenses, revenue, and more. Additionally, many accounting solutions integrate with payment providers and include other features that help streamline financial processes. But unlike software used for retail or other types of businesses, accounting software for attorneys is designed from the ground up to address the financial challenges that are unique to legal professionals.

These data are valuable for a law firm’s future sustainability and profitability. Understanding these terms and how they relate will help law firms properly manage their finances. Additionally, maintaining accurate books helps ensure that all financial information is correct and up-to-date.

You can share documents securely with clients and request documents from clients for secure uploads. You can create templates for matters that you can apply to any cases in the future. Trustbooks has completely changed my view on trust accounting for my firm. It takes into account all of the trust accounting requirements of the State Bar and helps make sure you comply with them. Trustbooks has simplified the trust accounting for my firm and I no longer dread doing reconciliations or an audit from the State Bar. LeanLaw has developed an automated and transparent tool to manage tracking, reporting and paying compensation to respective attorneys in the law firm.

TrustBooks has simplified the intricacies of trust accounting such that I can focus more on my client’s needs and less on law firm administration. The software is extremely user-friendly and accessible, and support is just an email or phone call away. As a litigator and manager of a busy divorce practice, I cannot imagine practicing law without such a brilliantly executed piece https://dodbuzz.com/running-law-firm-bookkeeping/ of software. As a fully customizable legal accounting software platform, QuickBooks lets you manage retainers based on your state’s specific IOTLA programs rules. Easily track all money held in trust retainers and general retainers. Whatever financial management software you choose, it’s important that the timekeeping and billing integrate into the business accounting.

As long as you have an internet connection, you can access QuickBooks anytime, anywhere on your device of choice. Track and analyze cases or clients that drive the most revenue to capitalize with better planning and resource allocation. Automatically track every second you and your team work, on any device.

• Although it may seem like an unnecessary expense to some practitioners, this is not typically something your office can afford to go without.
• Know what reports you need, have a list and make sure you “kick the tires” before you commit.
• Here are some of the most important things you’ll need to consider when choosing your legal accounting software.
• Offer competitive wages and benefits packages to qualified candidates once you have finalized your selection.
• For example, when you invoice a client for services, the money they owe you is entered into the books as revenue.
• With the matter management features, you’ll be able to manage items and events related to matters, including expense cards, trust transactions, and time cards.