Accounting & Trust Compliance for Law Firms
Law firm accounting built around your trust account. We handle Law Society reporting, retainer reconciliation, and tax planning for legal PCs across Southern Ontario.
Why law firms need a specialized accountant
Law firm accounting is not regular accounting. Trust accounting is mandatory under By-Law 9, and most general practitioners do not understand it. The Law Society of Ontario requires you to keep detailed books, file a monthly trust comparison report, and submit an annual Form 9A. Miss a deadline or mix client funds with operating cash and you can face a spot audit, fines, or licence suspension.
Ontario Tax Team supports law firms across Southern Ontario and the GTA. We know the difference between a general account and a mixed trust account. We know how retainers move from trust to fees, what the Law Society expects on Form 9A, and how to keep a clean audit trail. Our clients run the range from solo practitioners to mid-size firms with multiple partners.
Compliance is only half the work. The other half is keeping more of what your firm earns. We help lawyers get the most out of a legal professional corporation. Think salary vs. dividend planning that matches your draw schedule. Corporate tax planning around the small business deduction. Year-end work that lowers your total tax. Our founder, Samer Al-Assali, sits down with partners to build a long-term plan.
Law Firm Accounting & Compliance Services
- Trust account reconciliation and compliance reporting
- Law Society of Ontario financial reporting
- General and mixed trust/general account management
- Accounts receivable and billing integration
- Professional corporation T2 tax returns
- Partner compensation planning and allocation
- Monthly bookkeeping and bank reconciliation
- HST filing for legal services
- Payroll processing for associates and staff
- CRA audit support and correspondence
What's Included
Our law firm packages cover everything from daily trust account management to year-end professional corporation filings.
We reconcile your trust accounts monthly, ensuring every dollar is accounted for and your records meet Law Society of Ontario requirements. No exceptions, no shortcuts.
We prepare your annual Law Society financial filing, including the trust account report. Our team understands the specific format and deadlines the Law Society requires.
Operating through a professional corporation can deliver significant tax savings. We handle your T2 return, salary vs. dividend planning, and corporate year-end optimization.
Legal billing is complex. We track outstanding invoices, manage retainer drawdowns, and provide aging reports so you know exactly where your receivables stand.
For multi-partner firms, we help structure compensation arrangements, calculate distributions, and ensure each partner receives accurate T4 or T5 reporting.
Profit and loss statements, balance sheets, plus cash flow reports delivered every month. You see firm performance at a glance, no spreadsheet digging required.
Law Firm Accounting FAQs
Find law firms services in your city
Ready to Take Control of Your Finances?
Book a free 15-minute consultation and let's talk about how we can help your business thrive.