Mr. Gormakh is a highly qualified accounting professional with over 20 years of experience providing full-charge bookkeeping, incorporation, payroll, and tax preparation services to clients in New York. Over the years, he has assisted lawyers and law firms in connection with general bookkeeping matters, reconstruction of escrow and operating account records, grievance committee audits, and various tax issues.
In legal practices, managing client funds appropriately is paramount. Escrow accounts serve as a vehicle for holding these funds and, as a result, are subject to meticulous rules and regulations. One commonly misconstrued area is the practice of keeping a cushion or surplus in an escrow account. In this blog post, we will delve into […]
Introduction: Addressing the Challenge of Payment Fraud Attacks In the dynamic world of financial accounting, the challenge of countering payment fraud attacks is more pressing than ever. Amidst technological advancements and the shift to remote work, legal professionals find themselves navigating a constantly evolving threat landscape. As a trusted source of accounting insights for the […]
Introduction In today’s fast-paced legal environment, law firms must remain vigilant to protect their financial interests. Fraudulent checks have become increasingly prevalent, causing substantial losses for businesses that fall victim to this type of scam. Law firms are no exception. To safeguard your firm’s financial health, it is crucial to implement specific strategies and practices […]
In the legal industry, the decision to classify legal professionals as employees or independent contractors can have significant implications for both law firms and the lawyers themselves. This classification affects various aspects, including tax liabilities, benefits, and legal protections. In this post, we will explore the key differences between employees and independent contractors in the […]
Financial statements are essential tools for monitoring your law firm’s financial health and making informed business decisions. However, interpreting these reports can be challenging for those without an accounting background. In this post, we’ll demystify law firm financial statements, helping you understand the key components and how to leverage this information for strategic decision-making. The […]
Monitoring financial metrics is essential for law firms looking to optimize performance, drive growth, and maintain a competitive edge. By tracking key performance indicators (KPIs), you can make data-driven decisions, identify areas for improvement, and set strategic goals for your practice. In this post, we’ll discuss the critical financial metrics every law firm should track […]
Tax planning is an essential aspect of managing your law firm’s finances. By understanding and taking advantage of available tax deductions, you can minimize your tax liability and maximize your firm’s financial health. In this blog post, we’ll explore key tax deductions relevant to law firms and provide guidance on how to leverage these opportunities […]
Managing cash flow is critical for the success and growth of any business, and law firms are no exception. Ensuring steady revenue streams and maintaining financial stability allows your firm to meet its obligations, invest in growth opportunities, and weather unforeseen challenges. In this post, we’ll explore essential cash flow management strategies tailored for law […]
Expert Solutions for Navigating the Challenges of Escrow Account Discrepancies At Law Ledgers, we understand the unique financial challenges that legal professionals face, particularly when managing client funds in escrow accounts. One such challenge is the reconciliation of multi-year escrow accounts when the balance is off. In this post, we will explore the complications associated […]
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