Legal Accounting Solution
Law firm accounting software must address the unique requirements of the legal industry. Strict bar association regulations have guidelines on how attorneys must handle their client funds. Over this, lawyers prefer an end-to-end solution to manage law practice and financial managers accounting needs.
Client Matter Retainer Funds
Funds collected in advance from the clients before the work is completed must be kept in a separate account. Law firm trust accounts must be used only to manage client funds and not be mixed with operating accounts. PageLightPrime law firm trust accounting software provides workflow and security to handle client money. All deposits and expenses require approval from the partners. Client must be notified, and receipt sent over when funds are withdrawn.
Law firm financial systems
PageLightPrime legal accounting solution allows partners to obtain the firm’s complete cash flow from dashboard. The following baseline functionalities are available in the cloud solution
- Time Entry for timekeepers to record lawyers’ billable hours. Automatically assign GL code and tax rate as per client and organization requirements
- Expense or disbursement module to track soft and hard expenses.
- Create Invoice based on templates. Line items can be grouped by task code or expense type and customized to work division requirements
- Automatic feeds from banks to reconcile the ledger against bank statements
- Standard reports to obtain AP, AR and other financial exposures grouped by client or matter
- Multicurrency legal software will support to bill clients in any currency of their choice
- PageLightPrime legal solution is customized for Singapore and has Form 5 generated for easy tax filing
Financial solution is integrated with Legal Practice Management Solution so matter security is already applied to Invoice approval workflow. Litigation practices can benefit from fees split functionality to calculate the sharing of the service cost among the partners.
