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Let’s face it, accounting for law firms is a whole different ball game compared to other industries. It’s not just about tracking income and expenses; there are specific regulations, like SRA rules, that make legal accounting more complex.

What Is Legal Accounting?

Legal accounting involves keeping precise records of all client transactions, managing trust accounts, handling VAT, and making sure everything is in line with regulatory bodies like the Solicitors Regulation Authority (SRA). From ensuring client funds are kept separate to handling disbursements, it’s a specialized field.

This isn't just bookkeeping – it’s legal bookkeeping, and it comes with strict rules that could land a solicitor in hot water if not followed properly.