Law firms face simultaneous pressure on profitability, partner compensation, working capital and tax complexity. Firm leaders are expected to sharpen financial performance, manage reporting obligations and plan for partner transitions — all while continuing to invest in talent, technology and client service. PKF O’Connor Davies provides accounting, tax and advisory services designed to help law firm leadership teams strengthen financial visibility, manage complexity and make better-informed decisions about what comes next.
Advisors to the Business of Law
Running a law firm requires more than strong legal talent. It requires a clear view of how the firm generates profit, allocates compensation, manages cash and supports long-term partner transitions. Law firms face financial and operational issues distinct from other professional services organizations: trust accounting responsibilities, alternative fee structures, multistate tax exposure, partner admissions and retirements and the demands of scaling without losing financial discipline.
Our team of seasoned specialists brings an integrated accounting, tax and advisory approach to help law firm leadership teams evaluate compensation structures, improve reporting, address compliance demands and plan for growth with greater confidence.
Comprehensive Accounting, Tax and Advisory Services for Law Firms
Accounting and Assurance
Our accounting and assurance services for law firms include:
- Financial statement audits, reviews and compilations
- Internal control assessments and process reviews
- Trust accounting considerations and related control environments
- Partner and management reporting
- Year-end close and reporting process support
Tax Planning and Compliance
Our tax professionals work with law firms on:
- Federal, state and local tax compliance
- Multistate tax planning for firms with attorneys, offices or nexus in multiple jurisdictions
- Partnership tax planning and allocation considerations
- Partner entry, retirement and exit tax planning
- Entity structure review and tax planning for firm growth or restructuring
Advisory and Consulting
Our advisory team supports law firm leaders on:
- Law firm profitability analysis
- Cash flow forecasting and working capital planning
- Budgeting and financial planning
- Partner compensation modeling
- Succession and ownership transition planning
- Merger, acquisition and lateral growth support — see also our transaction advisory services
- Decision support for pricing, realization and performance improvement
Forensic, Litigation and Valuation Support
Law firms and their clients frequently need forensic accounting, litigation support and valuation services to support disputes, transactions and legal proceedings. PKF O’Connor Davies has a dedicated forensic, litigation and valuation practice that works directly with law firms — both as a resource for matters their clients are involved in and as a referral partner for attorneys who need independent financial analysis, expert testimony or valuation work. This creates a working relationship that extends well beyond traditional accounting and tax services.
Technology, Risk and Operations
Our cybersecurity and IT risk capabilities and operational advisory services for law firms include:
- Cybersecurity and IT risk assessments
- Data analytics and benchmarking
- Finance function support and outsourced accounting / CFO-level advisory
- Process improvement and operational reporting
Helping Law Firms Strengthen Performance and Plan for What’s Next
Our team works with law firms to address the financial, tax and operational priorities that shape profitability, growth and long-term stability, including helping firms:
- Improve visibility into profitability by practice area, partner, client or matter.
- Strengthen cash flow, budgeting and forecasting across billing cycles and collections patterns.
- Navigate partnership, multistate and state and local tax requirements.
- Evaluate partner compensation, buy-in and buyout structures.
- Plan for succession, lateral expansion, combinations and long-term continuity.
- Strengthen reporting, controls and operational decision-making across the firm.
- Support employee benefit plan administration and compliance — see our employee benefit plans practice.
Practical Guidance for Law Firm Leaders
PKF O’Connor Davies takes a relationship-driven approach to law firm advisory work — understanding how your firm operates, how compensation decisions are made, where reporting may be falling short and which financial or tax issues are limiting flexibility. Our professionals work with leadership teams to frame issues clearly, identify the relevant accounting, tax and operational considerations and support decisions that fit the firm’s structure and goals.
Meet Our Professionals
David M. Sullivan, Jr.
Catherine Doe
Michelle M. Downing
Jaron Lariviere
Andrea Mattera
Kevin McGinn
Linda McLean
Nicholas P. Tamvaklis
Patrick Trask
Katherine Zech
Patrick J. Halloran
Benjamin A. Beskovic
Laurie J. Austin
Eric Bookbinder
Christopher A. Johnson
Ready to Strengthen Your Law Firm’s Financial Strategy?
PKF O’Connor Davies works with law firms that want stronger financial visibility, more disciplined planning and practical support for tax, reporting and operational decisions. Whether your firm is reviewing profitability, reevaluating partner compensation, planning for succession or addressing multistate tax complexity, contact our law firm advisory team to discuss how we can help.