Precision Accounting & Consulting is based in Melville, New York and works with clients nationwide.
Law firm accounting is a specialty, not a setting in your bookkeeping software. Between IOLTA trust rules, three-way reconciliation, advanced client costs, partner compensation, and practice-area profitability, a firm’s books have to answer questions a general accountant never sees — and getting them wrong risks your license, not just your margin. Precision Accounting & Consulting runs a dedicated law-firm accounting practice built specifically for New York attorneys.
What we do: full-service accounting and bookkeeping built for New York law firms — IOLTA/trust accounting and three-way reconciliation, a proper law-firm chart of accounts, advanced-client-cost tracking, partner compensation, monthly close, and tax planning — so your trust account stays compliant with Rule 1.15 and you can finally see which practice areas actually make money.
Precision is built as a niche accounting firm: instead of one generalist trying to cover every industry, we run focused practices with specialists for the fields we serve — construction, commercial real estate, and law among them. For attorneys, that means the person handling your books actually understands trust accounting, realization, and the ethics rules that govern your money. We work with solos, partnerships, and multi-attorney firms — personal injury, real estate, estate planning, and general practice — across Long Island, NYC, and New York State.
“My trust reconciliation doesn’t balance and I don’t know why.”
“I have no idea which practice area is actually making money.”
“My advanced client costs are a mess and I think they’re hurting me at tax time.”
“I’m terrified of a Rule 1.15 problem with my IOLTA account.”
“My current accountant doesn’t really understand how a law firm works.”
Commingling trust and operating funds, or failing to keep per-client ledgers, is one of the fastest routes to a disciplinary complaint — and it usually starts with a chart of accounts that was never set up for a law firm. Booking advanced client costs as expenses quietly overstates your costs and understates recoverable assets, distorting both profit and taxes, especially on contingency work. And when every fee lands in one “legal fees” line, no one can see that the flat-fee work is subsidizing a stalled contingency docket. These aren’t bookkeeping quirks; they’re the difference between a firm that scales cleanly and one that stumbles into an ethics problem. We build the systems that keep them right all year.
Based in Melville on Long Island, Precision Accounting & Consulting works with law firms across Long Island, the five boroughs, and New York State — on-site where it makes sense and remotely everywhere else.
A law firm accountant handles IOLTA/trust accounting and three-way reconciliation, a law-firm chart of accounts, advanced client costs, partner compensation, and practice-area profitability — the ethics-driven, industry-specific work a general accountant typically isn’t set up to do.
Yes. We maintain properly separated trust accounts and per-client ledgers and perform monthly three-way reconciliation to keep your firm compliant with New York’s Rule 1.15.
Yes. We regularly take on cleanup and catch-up engagements, rebuild the chart of accounts and trust ledgers, and get firms back to accurate monthly reporting.
Yes — solos, partnerships, and multi-attorney firms across personal injury, real estate, estate planning, and general practice throughout New York.
We provide tax planning and preparation, including entity strategy, New York PTET, and QBI considerations, though specific outcomes depend on your firm’s facts.
If you want books that protect your license and show your true profit, Precision Accounting & Consulting can help. Contact us to talk with a law-firm accounting specialist, or read our guides to the law firm chart of accounts and three-way trust reconciliation.
Disclaimer: General information only, not accounting, tax, or legal advice. Consult a qualified professional about your firm’s specifics.