Law Firms
Focused on the Business of Law
The practice of law is your firm's focus. Ours is to help you get the best financial results from it. From tax and accounting issues to practice management our team is focused on helping you achieve your goals.
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How Citrin Cooperman Can Help
Citrin Cooperman focuses on law practices with a mission to provide our clients with actionable advice and entrepreneurial solutions which will enable them to navigate today’s challenging economic environment. We build strong relationships with our clients allowing us to develop the critical insight necessary to advise them on their unique needs. This enables us to identify and deliver services that help them achieve their strategic organizational objectives.
Serving hundreds law firms our professionals strategically assist in planning for the future by providing extensive practice management services, compensation planning, merger and lateral strategy and integration, financing, and many other value-added services to complement our core accounting, tax, and business advisory services.
For over 35 years, we have assisted law firms in achieving their goals, by working with them on tax minimization strategies, securing financing, driving profitability, strategizing merging and laterals, structuring partner compensation, and implementing effective practice management tools.
- Fee pressures
- Attracting and retaining top talent
- Rapidly-advancing technology
- Partner and associate compensation
- Risk management
- Practice succession
- Growing firm profitability and improving efficiencies
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RELATED PRACTICES
Featuring Partner John Fitzgerald
Supporting Law Firms Through Generational Shifts
Citrin Cooperman's dedicated team of professionals has experience assisting our clients in all areas. From guiding them through merger and acquisition (M&A) transactions to advising on retirement planning and introducing new billing and collection processes.
Specialty Services
Law Firm Assurance
We take a collaborative approach in planning our attest services. Examining approach, and level of assurance, as well as strategizing needs, often produces the best results and is most cost effective
Law Firm Tax
In addition to our core federal, state and local, and international tax services, our professionals also provide a range of custom tax compliance and consulting services to our law firm clients, including:
- Profits interests
- IRC Sec. 754 decision making
- Capital planning
- Tax considerations in escrow accounts
- Expense capitalization considerations for client reimbursement
Law Firm Advisory
Citrin Cooperman’s law firm practice management services are focused on techniques that will drive your bottom line, transforming the way you execute your practice’s mission every day.
Guiding Four Phases of Mergers, Acquisitions, and Laterals:
- Planning
- Structuring and negotiating
- Execution (including Quality of Earnings Reports)
- Implementation
Revenue Cycle Strategy:
- Developing profitability drivers, including utilization and realization
- Creation of individual partner productivity matrix
- Billing alternatives
- Revenue cycle and cash acceleration
- Review and improve efficiency of billing procedures
Risk, Technology, and Governance:
- Enterprise risk management
- Escrow account review
- Practice governance
- Internal controls
- Technology
Financial Strategies and Support Services:
- Compensation planning
- Managing practice niches
- Succession planning
- Qualified and non-qualified retirement and deferred compensation arrangements
- Health insurance and benefits consulting
- Business plans
- Operational assessments
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