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.
“The future of work is remote, and the future of remote work is flexible.” -Sara Sutton, Founder & CEO of FlexJobs What are the accounting implications of lawyers working remotely? According to McKinsey, in 2022, 58% Americans reported having the opportunity to work from home at least one day a week. Indeed, some law firms […]
The New York State Bar Association (NYSBA) has recently issued Opinion 1246 addressing the issue of lawyer and non-lawyer partnership. Generally, a lawyer cannot form a partnership with a non-lawyer if any of the activities of the partnership consist of the practice of law. This Opinion adds to the somewhat limited scholarship on this issue. […]
“The best way to predict the future is to create it.” – Abraham Lincoln Budgeting + Forecasting = A Winning Formula for Law Firm Success Forecasting a budget allows a law firm to anticipate future expenses and revenues, and to make informed decisions about how to allocate resources in the present. It allows the firm […]
“It’s not the tools you have faith in. Tools are just tools. They work, or they don’t work. It’s the people you have faith in or not.” -Steve Jobs The Formula For Selecting The Optimal Law Practice Management Software. When it comes to running a successful law firm, there are many factors to consider. One […]
“The art of taxation consists in so plucking the goose as to obtain the largest possible amount of feathers with the smallest possible amount of hissing.” – Jean-Baptiste Colbert Like taxation, accounting can be a delicate balancing act between maximizing revenue and minimizing costs. And just as with taxes, accounting can be complex and requires […]
“The only certain thing in life is death and taxes.” – Benjamin Franklin An Evolving Tax Code What are the top 10 law firm tax deductions and how can they impact your business? We are here to answer these questions. The history of tax laws as they impact law firms has evolved over time. In […]
In this edition of Accounting Best Practices for Lawyers, we examine a recent embezzlement case out of Portland involving an attorney’s escrow theft. Former Portland Attorney Sentenced to More Than Eight Years in Federal Prison for Embezzling Client Funds On January 9, 2023, a former Portland attorney was sentenced to 101 months in federal prison […]
Blockchain technology has the potential to truly revolutionize the way lawyers and law firms handle their accounting. It can bring increased transparency and security to financial transactions, as well as automate repetitive tasks through the integration of AI and ML. However, implementing Blockchain in the legal industry comes with some serious challenges. Firms must navigate […]
The legal industry is constantly evolving, and accounting is no exception. Over the past few months, we have seen the rise of new technologies that are poised to reshape the way law firms manage their finances. These emerging trends and technologies have the potential to revolutionize law firm accounting, making it more efficient, transparent, and […]
Please note that the information provided on this website is for general informational purposes only and is not intended to provide legal, financial, or tax advice. Your use of this website does not create a client relationship with us, and we are not responsible for any reliance you may place on the information provided.