Do you handle IOLTA / trust accounting for law firms?

Yes. We reconcile trust accounts monthly, prepare client-ledger reconciliations, and keep documentation that meets state bar requirements.

How do you handle partner draws and capital accounts?

We track partner capital separately from operating cash and reconcile capital accounts monthly. Draws, contributions, and tax distributions are reflected accurately on the K-1 and on each partner's basis schedule.

Can you support a multi-state remote partner team?

Yes. We register your partnership in additional states as needed, run multi-state payroll for staff, and coordinate state withholding and nonresident filings for partners.

Do you do project profitability or matter-level reporting?

Yes — when the underlying time and billing data is structured for it. We work with Clio, MyCase, and the standard agency stacks to produce per-matter or per-client profitability.

Professional Services

Accounting for Professional Services Firms

Professional services firms run on billable time, partner draws, and trust accounting — not inventory turns or COGS. Your accounting needs to reflect that. Rubric Financial supports law firms, consulting practices, marketing and design agencies, and other professional partnerships across the Bay Area and the United States.

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What We See Most

Common challenges in this category

The accounting and tax issues we run into repeatedly with professional services clients.

Partner compensation, draws, and capital accounts that need consistent tracking — not just net income to a single owner
WIP (work in process) and unbilled receivables that distort cash-basis books
Trust accounting and IOLTA reconciliation for law firms with strict bar-association requirements
Project profitability across clients and matters when revenue is bundled or fixed-fee
Multi-state nexus when partners or staff work remotely across state lines
Quarterly K-1 distributions and partner tax estimates that need predictable cadence

How We Help

Services that matter most for professional services

Accounting

Accrual-basis monthly close with WIP and unbilled receivables tracked properly — so partner draws are paid from real income, not cash timing.

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Payroll

Multi-state W-2 staff and 1099 contractors handled cleanly, with quarterly tax filings and year-end forms on schedule.

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Business Tax & CPA

Partnership (1065) and S-corp (1120-S) returns, K-1 preparation, and quarterly partner estimates — coordinated with personal returns.

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Personal Tax

Partner personal returns with K-1s, multi-state filings, and equity / partnership-interest planning under one engagement.

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Fractional CFO

Pricing analysis, partner compensation modeling, lateral / merger evaluation, and lender / banking management.

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FAQ

Common questions

Do you handle IOLTA / trust accounting for law firms?: Yes. We reconcile trust accounts monthly, prepare client-ledger reconciliations, and keep documentation that meets state bar requirements.
How do you handle partner draws and capital accounts?: We track partner capital separately from operating cash and reconcile capital accounts monthly. Draws, contributions, and tax distributions are reflected accurately on the K-1 and on each partner's basis schedule.
Can you support a multi-state remote partner team?: Yes. We register your partnership in additional states as needed, run multi-state payroll for staff, and coordinate state withholding and nonresident filings for partners.
Do you do project profitability or matter-level reporting?: Yes — when the underlying time and billing data is structured for it. We work with Clio, MyCase, and the standard agency stacks to produce per-matter or per-client profitability.

Run a professional services business?

Tell us about it. Same business day response from a partner.

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