Industries: Law Firms

Law firms require special attention because of the specific financial circumstances that they face as a business in an industry of their own. As a professional-services firm in our own right, Crowe MacKay LLP realizes that maintaining a successful law practice requires you to spend as much time as possible focusing on the needs of your clients. Our team also recognizes your client demands and your need to be free of the day-to-day business-management responsibilities.

Accounting services for law firms are extremely important because of the unique circumstances of legal accounting that differ from general business accounting. Lawyers often manage multiple clients simultaneously, which means balancing different ledgers. Small firms have to focus on the intricacies of cash-flow accounting while larger law firms tend to also employ accrual accounting as well. Accounting issues that arise relative to issues such as malpractice insurance, governmental compliance for financial records, taxes and staff salaries and benefits all also complicate things.

Law firms in Western Canada and Northern Canada often encounter these accounting issues regularly. The tax and accounting professionals at Crowe MacKay can assist with your greatest business concerns—from partnership issues as they affect law-firm accounting, such as income allocations to partners, the entrance/exit of a partner or financial disagreements between partners, to personal issues as they affect your accounting situation, such as the incorporation of your personal-law firm, salary versus dividend allocations, tax minimization and the use of family trusts.

In the end you can spend more time working on the growth of your practice rather than in the administration of it. From two-partner emerging practices to multi-office regional firms, Crowe MacKay is uniquely positioned to satisfy your accounting needs and deliver results-oriented financial solutions to your firm.

For more information on our accounting services available to Canadian law firms, please contact one of our team members or your local Crowe MacKay office

Stay Connected. Sign up to receive our quarterly newsletter, important tax and financial insights, specialized reports and bulletins.

Our Clients Speak