Businesses across the United States have been challenged to improve their bottom line without sacrificing quality of its products and services. And the legal profession is no exception. Today’s legal environment has forced law firms to embrace an aggressive, more competitive approach toward the practice of law, spurred by BPO technology and practice management. Legal outsourcing, therefore, consists of general accounting, forensic accounting, legal drafting, legal research, document sifting, forensic analysis of administrative communications and printed material, as well as secretarial and administrative tasks.
Legal Management Solutions (LMS), a division of Carangue + Carangue, P.A., as an accounting firm can assist the sole practitioners or small-to-medium size law firms by providing accounting and administrative services on an outsourced basis. If the frustration of deficient administrative and accounting skills continue to cost your firm valuable attorney time, Legal Management Solutions’ experienced accountants can turn those costly hours into billable dollars. Our competence in law firm economics, client billing, financial and trust accounting will provide the information and guidance necessary to achieve that competitive edge, while very often reducing the law firm’s total overhead.
Financial Accounting & Taxation
Legal Management Solutions delivers timely financial reports including budgets and comparisons. Our accounting & bookkeeping services ensure all receipts and disbursements are posted and accounted for. Our tax preparation services are in compliance with Federal & State requirements. LMS has gained reputation for excellence and strives to remain on the cutting edge of all accounting software available for law firms, as well as having established priority dealer status with TABS3 software.
Client Trust Accounting
LMS recognizes the importance of accurate trust accounting. LMS prepares all trust activity in compliance with Florida Bar Standards and guidelines. All trust reports are accompanied by complete and detailed reconciliation schedules. While many lawyers are aware of their fiduciary responsibilities, many do not know how to implement them. Legal Management Solutions can assess your trust accounting and help you better comply with the Florida Bar standards and guidelines. Mr. Carangue’s desire to help law firms and individual law practitioners comply with the Florida Bar requirements regarding trust accounting, he wrote, ‘Managing Trust Accounts of Florida Lawyers‘. This book serves to educate anyone regarding the minimum standards and the application of those standards in order to be in compliance with the Rules. He would be happy to give talks/seminars regarding trust accounting.
Time & Billing
Our skills in the legal billing process will provide prompt, clear-cut results at a fraction of the cost of employing a fulltime billing clerk. Legal Management Solutions employs highly qualified degreed accountants trained in law firm economics, tracking of client cost advances, interpretation and release of billing information.
LMS will provide useful management reports focusing on attorney/timekeeper productivity and efficiency, client account status, as well as total firm profitability. With over fifteen years of legal billing experience, our competent accountants have the proficiency needed to efficiently process your firm’s client billing. This wealth of experience and know-how also gives our accountants the advantage and insight on legal market trends as well as expertise in overhead cost analysis.