Lawyers – Expert Tax & Financial Solutions for Legal Professionals
At Lepore & Company, we specialize in tax planning, bookkeeping, and financial management for lawyers and law firms. Whether you’re a solo practitioner, partner in a firm, or managing a growing legal practice, our tailored solutions help you minimize taxes, optimize business structures, and ensure CRA compliance.
Financial Challenges for Lawyers
Legal professionals face unique financial and tax complexities, including:
- Managing fluctuating income from retainers, billable hours, and contingency fees
- Maximizing deductions for office expenses, professional fees, and continuing education
- Determining the benefits of incorporation for tax efficiency
- Handling trust accounting and CRA compliance for client funds
- Ensuring proper payroll management for associates and staff
With proactive financial planning, lawyers can reduce tax liabilities, improve cash flow, and grow their practice effectively.
Our Financial Services for Lawyers
1. Tax Planning & Compliance
- Identify tax-saving strategies for legal professionals and law firms.
- Optimize deductions for business expenses, office space, and bar association fees.
- Ensure accurate and timely CRA filings to avoid penalties.
2. Law Firm Incorporation & Business Structuring
- Evaluate the benefits of incorporating your practice to reduce taxes.
- Set up a professional corporation for long-term financial growth.
- Optimize salary vs. dividends for better after-tax income.
3. Bookkeeping & Law Firm Accounting
- Manage financial records efficiently with cloud accounting solutions.
- Track billable hours, retainers, and client invoices accurately.
- Generate financial reports for better decision-making and cash flow management.
4. Trust Accounting & Compliance
- Ensure proper trust fund management and compliance with legal regulations.
- Maintain detailed trust ledgers to prevent CRA audits and legal issues.
- Stay compliant with provincial and federal legal trust rules.
5. Payroll & Compensation Planning
- Process payroll smoothly for associates, paralegals, and administrative staff.
- Structure bonuses and profit-sharing plans for tax efficiency.
- Ensure compliance with CRA payroll requirements.
Why Choose Lepore & Company?
- Industry-Specific Tax Expertise
- CRA Compliance & Risk Mitigation
- Trust Accounting Support
- Comprehensive Business Advisory
Simplify Your Finances – Focus on Your Legal Practice!
Managing legal cases is demanding—handling taxes and finances shouldn’t be. At Lepore & Company, we provide expert financial guidance, tax optimization, and business support, ensuring your law practice remains profitable and compliant.
Contact us today to streamline your financial management!