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 a case involving tax advice, the U.S. Supreme Court debated on the limits of the attorney-client privilege. The case, In re Grand Jury, involved a criminal investigation of an early promoter of Bitcoin who expatriated from the US in early 2014. The Supreme Court was asked to decide whether an unnamed law firm should […]
Criminal conviction, failure to maintain advance fees, resulted in disciplinary action. In Matter of Grant, the court disciplined an attorney escrow agent based upon his criminal conviction. The attorney’s conviction arose from his participation in a scheme whereby victims paid advance fees for fraudulent standby letters of credit (SBLCs) issued by fake banks. Among other […]
In Matter of Thomas, the Second Department accepted the resignation of an attorney under investigation by the Grievance Committee for the Ninth Judicial District. The investigation involved allegations of the willful misappropriation of client funds in the amount of $50,000 held on behalf of one client and $188,000 held on behalf of another client. In […]
Blockchain technology has the potential to revolutionize the way law firms handle their accounting and financial transactions. The decentralized, distributed ledger technology offers benefits such as increased transparency, security, and immutability of data, which could greatly enhance the way law firms manage their accounting and financial records. Opportunities At Every Corner One of the key […]
In the competitive legal industry, law firms must constantly search for ways to streamline their processes and increase efficiency in order to stay competitive. One area that is ripe for improvement is accounting. Law firms can greatly benefit from automating their accounting processes and incorporating new technologies to optimize their operations. However, as with any […]
Managing risk in law firm accounting is an essential aspect of ensuring the financial health and success of a practice. One of the most critical risks that law firms face is the possibility of fraud, which can take many forms, from embezzlement to false billing, and it can have a devastating impact on a firm’s […]
As the legal industry becomes increasingly competitive, law firms are continually seeking ways to optimize their operations and boost efficiency. One area where many firms find themselves facing significant challenges is accounting. Outsourcing accounting functions is an increasingly popular solution among law firms that are seeking to streamline their operations, improve efficiency, and cut costs. […]
A Brief History Of Associate Bonuses The history of bonus payments to associates at law firms is a tale of ups and downs, twists and turns, and a whole lot of debate. It began in the 1980s, when a select few elite law firms started doling out bonuses to their top-performing associates. This was a […]
New York State Bar Association Special Account Guidelines for Lawyers The New York State Bar Association Committee on Professional Ethics, in its Opinion 1127 (7/7/17), expressed the view that settlement proceeds “must be deposited into an attorney’s Special Account and must be promptly paid to clients and to third persons to the extent such persons have an […]
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.