SERVICES

Every law firm needs two offices working in tandem—a front office populated by talented lawyers advancing client goals, and a back office populated by skilled accountants improving support services and reducing costs.

But for many small and midsize law firms, a well-staffed back office comes with a price tag that’s beyond their budgets, leaving law firm partners to pick up the slack and perform the bookkeeping basics—paying bills, processing invoices, and recording receipts. This overlooks the true mission of the back office: improving workflows and adding value by decoding financial data to reveal practice areas and clients which are profitable—and fix those that are not.

4L Law Services has a solution. We provide outsourced accounting services to increase efficiency, productivity, and profitability. And through economies of scale, we’re able to offer these services, performed by seasoned accounting experts in the legal field, for much less than it would cost a firm to build and maintain a department on their own.

We tailor our services to the needs and goals of each client firm, providing:

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Monthly Accounting Services

With 4L, you have assurance that your accounting tasks will be executed accurately and on time, with monthly (or on-demand) production reports.

  • Financial Statements

    • Income Statement
    • Balance Sheet
    • Cash Flow Statement
    • Partner Capital Accounts
    • CFO Analytics

     

  • Production Reporting

    • Timekeeping Analyses
    • Client Billing & Realization Reporting
    • Collection & Revenue Reporting

Financial Procedures

4L works with your firm to set accounting policies and procedures, to ensure transactions executed timely and accurately from day to day, month to month.

  • Accounting Policies, Procedures and Internal Controls
  • New Client/Matter Intake & Conflicts Analysis
  • Timekeeping Policies & Hourly Rate Administration
  • Accounts Payable & Client Cost Advances
  • Invoice Preparation (Electric Billing and Invoice Emailing)
  • Collection Assistance

Human Resources Support

HR department services are critical components of your firm’s operations to ensure your employees are paid and have access to a broad spectrum of benefits. 4L Law can assist with:

  • Payroll Processing
  • PEO Employment Options
  • Insurance & Benefits Consulting
  • HR Consulting
  • Staffing & Recruiting Assistance

Strategy and Administrative Support

Even the most experienced lawyers find it difficult to juggle all the demands of client responsibilities and managing firm operations. That’s why 4L offers strategic and administrative support to assist in financial strategy, growth planning, and other matters.

  • Strategic Planning
  • Compensation Plans
  • Succession Planning
  • Liability Insurance Reviews
  • Marketing Planning

Law Firm Accounting Software

4L offers easy-to-use accounting software built upon industry best practices and cutting-edge technologies to new and existing law firms upgrading their financial systems.

  • Law Firm Accounting Software
    • Managed Cloud-based Software from Orion® with security features:
      • Separate physical computing resources and IP addresses for each firm
      • Advanced firewall protection and redundant power sources
      • Server optimization for high performance/low latency
      • Data encryption and restricted user account administration
      • Geo-redundant backup/recovery resources
      • Intrusion detection and prevention/penetration testing

New Firm Launch Planning

Launching a new law firm requires specialized skills and detailed business plans. 4L understands the strategic and tactical details required to get start-ups off the ground.  

  • Developing business and financial plans
  • Establishing banking relationships and a line of credit
  • Obtaining professional liability and related business insurance
  • Arranging for healthcare and related benefit programs
  • Establishing client/matter intake and conflicts clearance procedures
  • Developing initial marketing plans

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