How it runs for law firms and solo practitioners
Partners see the same numbers on screen that they sign off in the reporting pack, which ends the argument about whose spreadsheet is right.
What are financial dashboard services?
Financial dashboard services design, build and maintain a visual view of your key financial metrics from your accounting, billing and payroll systems. The provider defines each KPI with you, connects the data, refreshes the figures, and checks that every number ties to the ledger. The result is a page you open any day, not a report you wait for.
What we handle for law firms and solo practitioners
- Hours recorded, billed and collected by attorney and practice area
- Realization and collection rates monthly and trailing twelve months
- Aged receivables and unbilled costs advanced by matter
- Trust balance, trust liability and last reconciliation sign-off date
- Overhead per attorney and revenue per lawyer against budget
The KPI that matters here
Dashboard refreshed within 2 business days of each close with every tile reconciled to the practice system and the ledger.
Law firms compliance notes
IOLTA and trust accounting (US and Canada)
Client funds sit in a separate trust or IOLTA account with an individual ledger per client, and the firm may never hold its own money there beyond what the rules allow for bank charges. We support the supervising attorney by keeping the client ledgers current, preparing the monthly three-way reconciliation and flagging any negative client balance the same day. We never have signing authority on trust accounts and never move client funds; the attorney approves and executes every transfer.
SRA Accounts Rules (UK)
Firms regulated by the Solicitors Regulation Authority must keep client money separate, reconcile client account at least every five weeks, return client money promptly when there is no longer a reason to hold it, and obtain an accountant's report within six months of the period end unless exempt. We prepare the reconciliations and the working papers for the COFA and the reporting accountant; the firm remains responsible for the client account.
Retainers, earned fees and transfers
An advance fee deposit is a trust liability until the work is done and invoiced. We prepare the transfer schedule showing which earned fees may move from trust to operating after the invoice is issued and any required notice period, and the attorney authorizes the transfer. Revenue is recognized when earned, not when the retainer is received.
Costs advanced and disbursements
Amounts the firm pays on a client's behalf are recorded as a receivable from that client and matter, not as firm expense. In the UK, disbursements need correct VAT treatment depending on whether the firm acted as agent. We track each cost to its matter and confirm the VAT position with the firm's accountant.
Law firms software we work in
- QuickBooks Online
- Xero
- Bill.com
- Clio
- LeanLaw
- CosmoLex
- PracticePanther
- LawPay
- All 50 platforms
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Other services for law firms
Frequently asked questions
Which KPIs should a law firm dashboard show?
Billable hours recorded and billed, realization rate, collection rate, aged receivables, unbilled costs advanced, revenue per lawyer and overhead per lawyer are the core set. Add a trust status tile showing the last signed reconciliation date. Partners tend to watch realization and collection first, because those drive distributions more than hours do.
Can the dashboard show trust compliance status?
Yes, a tile shows the trust bank balance, the total client liability, whether they agree, and the date the supervising attorney signed the last three-way reconciliation. It does not replace the reconciliation itself, but it lets the managing partner see at a glance that the month's trust work is done and signed.
Where does the dashboard data come from?
Time, billing and collection data come from Clio, LeanLaw, PracticePanther or your practice system; financial data comes from QuickBooks Online or Xero. Both are reconciled to each other monthly before the dashboard refreshes. Fathom, Syft or your own BI tool presents the tiles; the definitions and checks are ours.
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