Bookkeeping and Accounting for Business and Corporate Law Firms

Business and corporate law firms serve companies that expect professional invoicing, detailed billing, and responsive service. Your firm may juggle hourly matters, monthly general-counsel retainers, transaction-based fees, and escrow for deal closings. A&W Associates provides bookkeeping for business law firms that helps keep billing organized, receivables current, and client funds accurately recorded.

Hourly Billing and Work-in-Progress

Transactional and advisory work is usually billed hourly, which makes unbilled time a major driver of cash flow. Our WIP accounting shows how much work is waiting to be billed and how quickly invoices turn into cash.

Monthly Retainers and Outside General Counsel Arrangements

For clients on fixed monthly retainers, we record recurring revenue, track usage against the retainer, and help you see whether each arrangement is profitable.

Deal Escrow and Closing Funds

Mergers, acquisitions, and financing transactions can involve escrow, holdbacks, and closing disbursements. We track those funds by matter and perform monthly three-way reconciliation of your IOLTA and trust accounts.

Accounts Receivable and Corporate Collections

Corporate clients often have their own approval processes and payment terms. We monitor aging receivables, prepare clear statements, and report on past-due accounts so you can follow up before balances grow.

What We Handle for Business and Corporate Law Firms

Hourly billing and WIP reporting
Monthly retainer revenue tracking
Deal escrow and closing fund records
IOLTA and trust account reconciliation
Accounts payable and receivable
Payroll coordination
Monthly financial statements and tax-ready books

Why Business Attorneys Choose A&W Associates

Our team has over 25 years of financial and accounting experience and specialized training in legal bookkeeping. Contact us today to discuss your firm’s needs.

Running a Business Law Firm in New York, Chicago, Texas, or Miami

Business law firms cluster in the country’s major commercial centers, and each of those cities taxes the firm itself in its own way. For a business law practice, those entity-level taxes affect partner distributions and cash planning, so the books need to be set up with them in mind. We support business and corporate firms in these markets remotely.

New York City

Partnerships and LLCs doing business in New York City are generally subject to the city’s 4 percent Unincorporated Business Tax, on top of state and federal obligations. For Manhattan transactional firms, we keep the books organized so your CPA can allocate income correctly and plan UBT estimates without a year-end scramble.

Chicago and Illinois

Illinois imposes a personal property replacement tax on business income: 1.5 percent for partnerships and S corporations and 2.5 percent for corporations. Chicago firms structured as partnerships or S corporations should expect that liability in their planning, and we provide clean, tax-ready books to support the CPA’s calculations.

Texas: Dallas, Houston, and Austin

Texas has no personal income tax, but most law firm entities, including PLLCs, are subject to the Texas franchise tax and its annual report, generally due May 15. Texas also opened its specialized Business Court in 2024 for complex commercial disputes, giving Dallas, Houston, and Austin litigation boutiques a new venue and new matters to track.

Florida: Miami and Tampa

Florida has no personal income tax, and Miami’s growing finance and corporate sector has drawn new business law offices. Pass-through firms here generally avoid state income tax at the owner level, which makes accurate owner draw and distribution records the main bookkeeping priority.

Business and Corporate Law Firm Bookkeeping Near You

A&W Associates supports business and corporate law firms throughout Florida, Georgia, Alabama, and New Mexico, and works remotely with firms in Texas, Illinois, and New York. See our service area for the cities where we work with law firms, or contact us to ask about your location.

About A&W Associates

A&W Associates was founded by Angela Weicht, who brings over 25 years of financial and accounting experience, beginning in banking as a risk control specialist and fraud control analyst and continuing as an office manager and accounting manager for private businesses. The firm holds Certified Public Bookkeeper and QuickBooks ProAdvisor credentials and specializes in bookkeeping for law firms and nonprofits.