What Are the Three Bank Accounts Every Law Firm Should Have?

CosmoLex Team

3 Bank Accounts

Lawyers go to law school—and graduate to find themselves running businesses. Yet whether you’re starting a solo practice or growing an existing firm, the same accounting rules apply. Every law firm should have three basic bank accounts: an operating account, a savings account, and a trust or IOLTA account. And despite trust laws varying state-by-state, there are also a few … Read More

What type of bank accounts should our law firm have?

CosmoLex Team

Whether a firm is a new solo practice or an established AmLaw 100 firm, a law firm needs to have at least three bank accounts. These bank accounts should include: A business operating account. This account(s) are designated for practice income and expenses. If you’re audited, you would provide records for this bank account. A business savings account. Set aside … Read More