Law Firm Accounting ON DEMAND
Available Until
Your Desk
3.0 Credits
Member Price $87.00
Non-Member Price $100.00
Overview
A law firm has a number of unique accounting requirements. It is strongly focused on the proper identification of chargeable hours, correctly structured billings, distributable income calculations, partner accounts, practice group reporting, realization rates, and much more. This course provides the accountant with the information needed to set up a charge code system, account for ongoing business transactions, prepare financial statements, and issue a broad array of reports that are specifically targeted at the needs of a law firm. This course addresses every aspect of the accounting for a law firm.
Highlights
The essentials of law firm accounting. Law firm financial statements. Fee revenue. Law firm management reporting. Bad debts. Billing rates. Chargeable hours. Law firm controls.
Prerequisites
None.
Designed For
CPAs, CEOs, CFPs, and other financial managers.
Objectives
Recognize how the modified cash basis varies from accrual basis accounting, and how this impacts the recognition of various transactions. Specify the circumstances that can lead to the under-realization or over-realization of hourly rates. Specify the types of billing arrangements in which a law firm typically engages. Identify the accounting techniques that can be used to reduce the amount of reported income. State the types of expenses that are categorized as compensation or operating expenses. Describe the derivation of distributable income. Specify how the financial statements change when shifting from the modified cash basis to the accrual basis of accounting. Identify the contents of the line items commonly found in the statement of cash flows. Recognize the uses to which the various management reports and metrics can be put. Identify the controls that can minimize instances of fraud within a law firm. Specify the controls applicable to the handling of cash within a law firm.
Preparation
None.
Notice
None.
Leader(s):
Leader Bios
Steven Bragg, Western CPE
Steven M. Bragg, CPA, is a full-time book and course author who has written more than 70 business books. He provides Western CPE with self-study courses in the areas of accounting and finance, with an emphasis on the practical application of accounting standards and management techniques. A sampling of his courses include the The New Controller Guidebook, The GAAP Guidebook, Accountants’ Guidebook, and Closing the Books: An Accountant’s Guide. He also manages the Accounting Best Practices podcast.
Steven has been the CFO or controller of both public and private companies and has been a consulting manager with Ernst & Young and an auditor with Deloitte & Touche. He holds an MBA from Babson College, a Master of Finance from Bentley College, and a BA from the University of Maine (summa cum laude).
Non-Member Price $100.00
Member Price $87.00