Can The Same Person Act As Both A Legal Bookkeeper & An Accountant For My Solicitors Firm?

Answering your questions based on Accounting Rules 2021...

Know exactly where you stand when it comes to having a Legal bookkeeper and Legal Accountant dealing with your Solicitor finances - the last thing you want to do is breach any rules!

Day-to-day a Legal Bookkeeper is responsible for ensuring all of the below is in order for partnered legal firms...

• Keeping accurate records of transactions in the Attorney Trust account
  
• Monthly bank reconciliation 
• Creating and sending statements and invoices
• Following up on outstanding invoices
• Issuing monthly statements 
• Creating a balance sheet of all data collected
• Maintain records for annual audits
  

Generally speaking, the tasks of a Legal Accountant involve the following...

• Provide ongoing financial advice (initial structure, expansion, tax matters and more)
• Process and analyse financial data
• Reporting findings to the business
• Support with tax filing
• Ensure legal financial compliance
• Monitor financial performance
• Undertake monthly and/or quarterly reviews of accounts

Let’s break it down, a Legal Bookkeeperis involved in the initial stages of the process they take care of the administrative aspect of finances which involve recording transactions and keeping these records organised, reconciling bank transactions monthly and making sure you audit runs smoothly.



Whereas the role of a Legal Accountant is to process these recordings, interpreting and analysing the data and reporting the financial information. Typically a legal accountant is mostly required during specific periods during the financial year.