ACCOUNTING FOR LAW FIRMS
Berdon’s professionals bring unique perspectives to our law firm clients. That is because our team includes not only experienced CPAs, as clients would expect, but attorneys as well. Due to fusion of the legal and accounting disciplines at Berdon, our professionals have keen insight into law firm operations and the mind of the attorney. This perspective brings added value to the law firms we service.
With more than 100 years of experience advising law practices, Berdon has worked with boutique and multinational firms on day-to-day practice issues and long-term strategic planning. Berdon’s comprehensive array of services positions the Firm as the go-to resource for advising on the situations law firm clients face in the areas described below—and more.
TAXATION—KNOWLEDGE WHEREVER OUR CLIENTS OPERATE
- Nationally respected team: Many partners and principals hold advanced J.D. and LL.M. degrees, as well as CPA certifications
- Dedicated state and local tax group: Fluent in tax laws governing all 50 states
- International tax experts: Versed in overseas laws, rules, and operations
- Personal tax advisors: Individualized tax, estate, and trust planning for partners
Building a Financially Secure Environment
- Capital planning: Formulas agreeable to partners that deliver the finances needed
- Cash flow: Procedures to enhance realization rates, billing practices, and fee arrangements
- Financing: Access to existing network of lenders to assist in negotiations of favorable credit terms and bank covenants
RUN A TIGHT LEGAL FIRM OPERATION
- Internal controls: Plug holes in the operational control environment and reduce exposure in areas such as escrow accounts and T&E
- Operating expenses: Realize savings in cost centers—payroll, administration, rent, technology, etc.
- Leases: Negotiate office leases, scrutinize rent escalations, perform lease audits, evaluate lease/buy options, and so on
- 401(k) and other retirement plans: Services include helping to meet fiduciary obligations, avoid personal liabilities, and recommending options that fit our clients firms
Management Advice—Not Just What Works, But What Works For Our Clients
- Mergers and laterals: Identify candidates, perform due diligence, and coordinate intake
- Partnership agreements: Evaluate tax and financial impacts, including capital requirements
- Compensation: Review current compensation plans for partners and employees to determine if they meet firm goals and are sustainable, and, if not, suggest alternative arrangements
THE COVID-19 PANDEMIC’S IMPACT ON BUSINESSES – LAW FIRMS
Berdon’s Law Firm Services Practice Leader, John Fitzgerald, connected with our CMO, Frank Vitale, to discuss how the COVID-19 Pandemic is affecting the legal industry from managing cash flow to financing options.