Financial expertise and consulting
Law Firm Specialists

Financial Operations for Modern Law Firms

Master trust accounting, billing compliance, and law firm financial operations with CFO partners who understand legal industry regulations and best practices.

Financial expertise and consulting
Industry Challenges

Law Firm Accounting Challenges We Solve

Legal practices face unique financial complexities from trust accounting to partner compensation structures.

Trust Accounting & IOLTA Compliance
Three-way reconciliation (bank, client ledger, general ledger)
State bar trust account rule compliance across jurisdictions
Client fund safeguarding and segregation requirements
IOLTA reporting and interest allocation tracking
Matter-Based Billing & WIP
Work-in-progress (WIP) tracking by matter and timekeeper
Billing realization rates and write-offs/write-downs
Contingency fee revenue recognition timing
Alternative fee arrangements (AFAs) and budgeting
Partner Compensation & Capital
Equity vs. non-equity partner profit allocation
Lockstep vs. eat-what-you-kill compensation models
Capital contribution tracking and returns
Partner draw vs. distribution accounting
Collections & Revenue Recognition
Client AR aging and collection management
Retainer advance tracking and application
Evergreen retainer replenishment
Bad debt reserves and write-off policies
Our Expertise

Comprehensive Law Firm Financial Services

From solo practitioners to Am Law 200 firms, we provide the financial infrastructure legal practices need.

Trust Accounting
Three-way trust reconciliation
IOLTA compliance & reporting
Client advance tracking
State bar audit preparation
Matter-Based Accounting
WIP tracking & management
Billing realization analysis
Matter profitability reporting
Budget vs. actual variance
Partner Compensation
Profit allocation models
Origination credit tracking
Capital account management
Draw vs. distribution planning
Collections & AR
Aging AR analysis
Client payment plans
Write-off policy implementation
Collection effectiveness tracking
Practice Management
Utilization & realization rates
Leverage ratio optimization
Revenue per lawyer (RPL)
Practice group profitability
Tax & Compliance
Partnership tax planning (K-1s)
State multi-jurisdiction tax
Payroll & benefit administration
Regulatory compliance audits
Law Firm Metrics

Legal Practice KPIs We Track & Report

Monitor the operational and financial metrics that drive law firm profitability and performance.

Billing Metrics
Utilization Rate
Realization Rate
Collection Rate
WIP to Revenue Ratio
Profitability
Profit Margin %
Revenue per Lawyer (RPL)
Profit per Partner
Operating Expenses %
Productivity
Billable Hours Target
Billing Rate Effectiveness
Matter Turnaround Time
Leverage Ratio
Financial Health
Days Sales Outstanding
Aged WIP Analysis
Cash Flow Cycle
Partner Capital ROI
Trust Compliance

Zero Trust Account Violations

Trust account violations can result in malpractice claims, state bar discipline, and reputational damage. We maintain perfect compliance through rigorous daily reconciliation and audit-ready documentation.

100%
Daily Reconciliation

Three-way reconciliation performed every single business day

Zero
State Bar Violations

Perfect compliance record across all 35+ law firm clients

24 Hours
Audit Response Time

Complete trust account audit documentation delivered within 1 day

Compliance Record

8 Years Clean

Trusted by Leading Fintech Companies

"Rich and the aquifer team helped us significantly improve our financial infrastructure. This allows us to focus on scaling faster, while feeling confident we have the right financial systems in place."

"Rich and the aquifer team helped us significantly improve our financial infrastructure. This allows us to focus on scaling faster, while feeling confident we have the right financial systems in place."

"Rich and the aquifer team helped us significantly improve our financial infrastructure. This allows us to focus on scaling faster, while feeling confident we have the right financial systems in place."

Our Clients

"Rich and the aquifer team helped us significantly improve our financial infrastructure. This allows us to focus on scaling faster, while feeling confident we have the right financial systems in place."

"The Aquifer team has been incredibly insightful in approaching our finance stack, making them an invaluable partner for our business. They work with us rather than around us and continue to lend their expertise in the world of web3 accounting."

"Aquifer was instrumental in helping GDA scale by providing financial infrastructure & processes, financial advisory seed + Series A rounds, corporate accounting & tax support, and any other ad-hoc projects. The team brought a strong sense of co-founder ownership."

The Aquifer Difference

Strategic Partners Who Speak Legal

We don't just reconcile trust accounts. We become integrated partners who understand your billing cycles, partner compensation models, and ethical obligations—speaking the language of the legal profession.

Legal-First Expertise

We specialize exclusively in law firms, understanding nuances from IOLTA regulations to ABA Model Rules that generalist accountants miss.

Trust Compliance Perfection

Zero tolerance for trust account errors with daily reconciliation, audit-ready documentation, and state bar rule compliance across all jurisdictions.

Profitability Optimization

Maximize firm profits through realization rate improvement, WIP management, and data-driven partner compensation models.

Our Team

Meet Your CFO Partners

Our experienced CFOs bring decades of expertise across various industries to help your business thrive

Rich Zhou
CEO & Founder
Terence Papadacos
COO & Manager of Accounting
Alexander Williamson
Senior Manager of Accounting
Ron Armstrong
Senior Business Analyst
Witton Leung
Financial Modeling Expert
Lydia Yu
Manager of Accounting
Mhilanie Belleza
Manager of Accounting
Want to learn more about our team and expertise?
View Full Team Bios
Common Questions

Law Firm Accounting FAQ

How do you ensure trust account compliance across different states?
What's your process for matter-based accounting and WIP tracking?
Can you help with partner compensation models?
How do you handle alternative fee arrangements (AFAs)?
What law firm metrics do you track and report?
How do you handle retainer advances and evergreen retainers?
Can you help improve our collection rate?
What about multi-jurisdiction tax compliance for law firms?
Let's Get Started

Ready to Perfect Your Trust Accounting?

Get a free law firm financial audit. We'll review your trust accounts, billing processes, and profitability metrics—providing a custom roadmap for optimization.

Free Audit ($2,500 value)
Legal Industry Expert Call
Custom Compliance Plan