User-Friendly IOLTA Trust Accounting

LeanLaw’s cloud-based, native QuickBooks Online integrated trust accounting software helps your law firm:

  • stay in compliance with industry practices and state bar standards
  • automates the way your law practice manages client funds
  • increase cash flow and decrease AR

A true, cloud-based solution — continually updating with three way reconciliation.

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Fully Integrated Trust Accounting with LeanLaw

See how simple it is to use LeanLaw’s trust accounting system in under four minutes. Then ask for your demo today!

True trust accounting compliance

Retainers in LeanLaw are easy to track. LeanLaw’s trust accounting solution increases the law firm profitability through easy to use automation.

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Identification

Assign trust and bank accounts for each client trust to track incoming and outgoing funds.

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Separation

LeanLaw helps keep client funds separate from your law firm’s operating funds.

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Accounting

Create client ledgers and maintain appropriate bookkeeping of account balances with LeanLaw’s automated trust reports.

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Three-way Reconciliation

Bank accounts, trust accounts and QuickBooks Online are in continuous sync and in-line with state bar standards, so you are well positioned for your weekly or monthly three-way reconciliation. That’s less time spent on your law firm’s end.

LeanLaw Trust Fund information
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Double Down on Accuracy, Not Duplicate Data

Eliminate errors in trust fund accounting by removing the need for duplicate data entry or reviewing bank statements. LeanLaw is always in sync with QuickBooks Online and bank accounts, automatically.

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IOLTA Inflow and Outflow Accountability

  • Request and track IOLTA funds electronically with our Gravity Legal integration.
  • Better understand how funds are flowing in and out of trust and bank accounts with clear reporting.
  • Realize higher accounts receivable.
  • Use memos integrated into the legal billing software to communicate with clients.
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Straightforward Dashboard Functionality

Visualize and quantify all income, invoice payments, transactions connected to a client and IOLTA transactions.

The LeanLaw difference

What sets LeanLaw’s trust accounting engine apart

LeanLaw makes 3-way reconciliation easier

Give clients the flexibility to deposit funds

Disburse funds from trust accounts

True integration with QuickBooks Online

Automated trust financial reports and syncing of data

All-in-One
Legal Accounting Features

Explore all the other features the LeanLaw financial operating system offers to streamline your legal operations and reduce the workload on your team of legal professionals:

Get started with LeanLaw

Discover how LeanLaw’s accounting tools automate the trust accounting process in a few simple clicks and get started with your legal practice.

LeanLaw frequently asked questions

Feel free to contact us along your LeanLaw journey. But here are some FAQ to get you started.

What is Trust Accounting in LeanLaw?

Trust Accounting is a feature in LeanLaw that helps law firms manage their trust funds, maintain client trust account records, and ensure compliance with ethical and legal requirements.

LeanLaw trust accounting software has a three way reconciliation — Bank accounts, trust accounts and QuickBooks Online are in continuous sync and in-line with state bar association standards. You are well positioned for your weekly or monthly three-way reconciliation. 

Even better: IOLTA accounting is built into the invoicing workflow: You can make legal trust deposits and pay invoices using from trust liability account using LeanLaw. What used to be a daunting 12-step trust accounting process in QuickBooks Online is now just a few clicks.

What is an IOLTA Account?

IOLTA is an acronym for Interest on Lawyer Trust Accounts.

First started in 1981, an IOLTA account is an account that is set up by a law firm to hold those client funds that are not large enough – or won’t be held for long enough – to justify having their own separate trust account.

How does LeanLaw’s Trust Accounting work?

LeanLaw’s Trust Accounting allows you to create and manage trust funds, track client funds, generate reports, and reconcile accounts. The feature integrates with your billing and accounting systems to provide a complete view of your trust funds and transactions.

What kind of reports can I generate with LeanLaw’s Trust Accounting?

You can generate reports on trust fund balances, transactions, and reconcile accounts. Reports can be customized based on date range, client, and other parameters.

Is LeanLaw’s Trust Accounting compliant with ethical and legal requirements?

Yes, LeanLaw’s Trust Accounting is designed to meet the ethical and legal requirements for trust fund management, ensuring that your firm’s trust accounts are always in compliance. Please be aware that each state has different requirements for IOLTA accounts.

Can I manage multiple trust accounts in LeanLaw’s Trust Accounting?

Yes, you can manage multiple trust accounts and maintain records for each account in LeanLaw’s Trust Accounting feature.

Can I integrate LeanLaw’s Trust Accounting with my existing billing and accounting systems?

Yes, LeanLaw’s Trust Accounting integrates with your existing billing and accounting systems, providing a comprehensive view of your trust funds and transactions.

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