Law Firm Accounting Services in Northern VA, DC & MD

Law firms in Northern Virginia, Washington DC, and Maryland need a local CPA who understands law firm accounting, trust accounting, and legal industry cash flow. Akumen Accounting Group helps keep your finances compliant, profitable, and audit-ready.

Local CPA Firm Focused on Law Practices

Akumen Accounting Group is a small, responsive CPA firm serving solo attorneys and small to mid-sized law firms across Northern Virginia, DC, and Maryland. We understand the unique challenges of legal practices, such as client trust accounting, partner compensation, realization rates, and collections, and we build accounting systems that give firm owners clear visibility into profitability and cash flow.

Talk to a law firm CPA today

Ready to simplify your law firm’s bookkeeping, trust accounting, and taxes? Schedule a consultation with a local CPA who understands how modern law firms operate and grow.

What’s Included in Our Law Firm Accounting Services

Akumen Accounting Group offers a comprehensive suite of services designed specifically for law firms that want clean books, compliant trust accounting, and proactive tax planning.

Law Firm Bookkeeping and Accounting

Law firms need bookkeeping that tracks client matters, retainers, and fee arrangements, not just generic income and expenses. Akumen structures your accounting to mirror how you bill, collect, and pay attorneys so you can see exactly where your firm is making money.

Key Services:

  • Matter-level income and expense tracking tied to practice areas and fee arrangements
  • Monthly bank and credit card reconciliations with clear financial statements
  • Recording of retainers, fee advances, and settlements in compliance with ethical rules
  • Setup and optimization of QuickBooks Online or other cloud platforms for law firm workflows

Trust (IOLTA) Accounting and Compliance

Client trust accounting is one of the most sensitive areas of law firm compliance. Errors can lead to bar complaints and disciplinary action. Akumen helps you design and maintain a trust accounting process that aligns with IOLTA and state bar requirements.

Key Services:

  • Trust bank account reconciliations and three-way reconciliations (bank, client ledger, general ledger)
  • Proper recording of client retainers, settlements, and disbursements
  • Clear separation of client funds and firm operating funds to avoid commingling
  • Trust reporting and documentation to support audits or bar inquiries

Partner Compensation, Profitability, and Reporting

As law firms grow, partner compensation, equity allocations, and performance metrics become increasingly important. Akumen develops reporting that helps managing partners understand profitability by practice area, attorney, and matter.

Key Services:

  • Design of partner draws, guaranteed payments, and profit-sharing structures
  • Reporting on realization, collection, and write-off trends
  • Practice area and attorney-level profitability analysis
  • Budgeting and cash-flow forecasting to support hiring and expansion decisions

Payroll Services for Attorneys and Staff

Law firms often balance a mix of partners, associates, of counsel, and staff with different compensation models. Akumen coordinates payroll and accounting so wages, bonuses, and benefits are recorded correctly for both tax and management reporting.

Key Services:

  • Full-service payroll setup and processing through modern platforms
  • Proper classification of partners, employees, and contractors
  • Payroll tax filings and year-end W-2 and 1099 reporting
  • Integration of payroll with your accounting system for accurate financial statements

Tax Preparation and Planning for Attorneys and Law Firms

Law firms and their owners face complex tax issues involving entity choice, partner allocations, multi-state activity, and retirement planning. Akumen combines law firm accounting expertise with proactive business and personal tax strategies.

Key Services:

  • Business tax preparation for law firm entities (LLC, partnership, S corporation, professional corporation)
  • Individual tax returns for partners and owners, coordinated with firm results
  • Estimated tax planning to avoid surprises and underpayment penalties
  • State and local tax compliance for DC, Maryland, and Virginia

Why law firms choose Akumen Accounting Group

Akumen Accounting Group works closely with law firms to provide tailored accounting, bookkeeping, and financial advisory services that address the unique challenges of running a legal practice. With deep expertise in legal accounting, trust and escrow management, and firm financial reporting, we help our clients streamline operations, improve financial visibility, and make informed decisions. From day-to-day bookkeeping to strategic tax planning and financial guidance, our team ensures that law firms can focus on serving clients while we handle the numbers with accuracy, compliance, and insight.

Get your law firm’s finances in order

Give your law firm the confidence of a well-structured accounting system and proactive tax planning strategy. Contact Akumen Accounting Group today to request a consultation and discover how a local CPA focused on law firms can support your practice’s growth and financial health.