THE LATEST DEVELOPMENTS IN LAW FIRM ACCOUNTING

escrow reconciliation
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Tackling Imbalances in Multi-Year Escrow Reconciliation

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…
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Counterfeit Checks
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Identifying and Avoiding The Counterfeit Check Scam

The legal community is not immune to the ever-present threat of fraud, and lawyers must remain vigilant in identifying and avoiding transactions that may involve counterfeit checks. This is the key message of the 2021 Formal Ethics Opinion…
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Law Firm Escrow Brooklyn
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Can A Lawyer Delegate The Authority To Sign Escrow Checks?

The question of whether an attorney is permitted to delegate the responsibility of signing escrow checks to a bookkeeper is a complex one. On one hand, attorneys have a professional obligation to ensure that they exercise due diligence and…
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Law Firm Accounting
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Zero Trust Law Firm Accounting

The traditional approach to security in law firms, where perimeter defenses such as firewalls and antivirus software are used, is no longer enough to protect against the ever-evolving threat landscape. "Zero trust" is quickly becoming a…
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Tax Accountant Lawyer Brooklyn
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The PLLC Publication Requirement

New York's PLLC publication requirement is a relic from a bygone era when newspaper ads and announcements were the only way to ensure that the public had notice of new companies setting up shop. But despite the changes in technology and the…
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Law Firm Financial Management Brooklyn
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Escrow vs. IOLA Accounts: What’s The Difference?

A common question that befuddles New York attorneys is what exactly is the difference between an escrow account and an "IOLA"? New York attorneys are often entrusted with managing client funds, such as settlement proceeds, that are…
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Cpa Lawyer Brooklyn
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SCOTUS: Lawyers can only be overtime-exempt if paid a true salary.

In Helix Energy Solutions Group, Inc., et al. v. Hewitt, the Supreme Court held that high-earning professionals such as lawyers can only be overtime-exempt if paid a salary. The question of whether a high-earning employee works on a "salary"…
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Accounting Services For Lawyers
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Maximizing Tax Benefits For Lawyers: 2023 Developments in Tax Law

With the multitude of recent changes in tax laws and regulations, it is more essential than ever for lawyers to stay informed and proactive in their tax planning strategies in order to have any chance at maximizing tax benefits. From choosing…
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Attorney Accountant Brooklyn
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Failure To Supervise Bookkeepers Leads To Suspension

On February 15, 2023, the Appellate Division for the Second Department decided the most recent case concerning escrow account mismanagement. The Court imposed a three-year suspension on an attorney who failed to safeguard funds held in escrow…
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Law Ledgers is an accounting firm providing full-charge tax and bookkeeping services to New York lawyers and law firms.  Our work focuses on meeting the unique needs of the legal profession, assuring compliance with the stringent record-keeping and reporting requirements of doing business and paying taxes in New York while also maximizing profits. To learn more, call us at 1 (929) 327-7711, or contact us by e-mail for general inquiries at staff@lawledgers.com.