Law Firms

Law firms operate under a set of financial and regulatory requirements that are unlike any other professional services business. The fiduciary obligations surrounding client trust accounts, the ethical requirements governing IOLTA compliance, and the unique structures of law firm partnerships all demand an accountant who understands the legal profession from the inside. Lanphier LLP serves law firms throughout Denver and Colorado with the specialized knowledge required to keep your practice in full compliance while maximizing your financial performance.

Our team understands that attorneys are held to the highest ethical standards when it comes to handling client funds. A single accounting error in trust accounting can trigger a bar complaint, a malpractice claim, or worse. That is why we take a meticulous, systems-driven approach to law firm accounting that eliminates guesswork and builds confidence. Whether you are a solo practitioner, a boutique litigation firm, or a multi-office practice, we provide the financial infrastructure your firm needs to operate with integrity and efficiency.

Trust Accounting and IOLTA Compliance

Colorado's Rules of Professional Conduct impose strict requirements on how attorneys handle client funds. We help law firms establish and maintain trust accounting systems that comply with these requirements, including proper three-way reconciliation procedures, timely identification and disposition of unidentified trust deposits, and accurate client ledger maintenance. Our trust accounting reviews give firm partners confidence that their client funds are being handled in full compliance with Colorado bar requirements and that their firm is protected from the regulatory risks that come with trust accounting errors.

Partner Taxation and Firm Structure

Law firm partner taxation involves complexities that extend well beyond standard pass-through entity rules. Guaranteed payments, capital account maintenance, income allocation methodologies, partner buy-ins and buyouts, and retirement plan contributions all require careful planning and coordination. We work with law firm partners to structure their compensation arrangements tax-efficiently, plan for partner transitions, and optimize the firm's overall entity structure. For firms considering changes to their partnership agreements or bringing on new partners, we provide the financial modeling and tax analysis needed to make informed decisions.

Denver's legal community is one of the most vibrant in the region, and Lanphier LLP is proud to serve it. Our office at Colorado Center, located at Colorado Boulevard and I-25, is convenient for attorneys throughout the Denver metro area. We welcome the opportunity to discuss how our specialized law firm expertise can benefit your practice.