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Built-in legal accounting software

CARET Legal comes with built-in accounting software that helps align financial processes and workflows to raise intra-firm standards, protect your books, and save time. Native accounting features include legal invoice automation with pre-billing, bulk and batch billing, legal trust accounting, contingency billing, and even integrated time-keeping and payment processing.

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Billing and payments GIF
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“The full-featured accounting, which allowed us to ditch Quickbooks, is why our firm chose CARET Legal. We handle a lot of criminal defense with clients on payments plans, so having integrated accounting allows us to see our updated trust account balances in real time, which is a godsend when handling those types of cases.”

Matthew Terry
Miller and Terry, Attorneys at Law

Native & custom legal accounting reports

Quickly gain accurate insight into different billing cycles, and easily prepare end-of-year statements. CARET Legal offers robust financial reporting with nine different native reports:

  1. General Ledger: A complete record of transactions, grouped by accounts.
  2. Profit & Loss: Also known as an Income Statement. Shows your total income and expenses over a period of time.
  3. Profit & Loss by Location: Profit & Loss statement view segmented by location.
  4. Balance Sheet: A statement of the assets, liabilities, and capital at a particular point in time.
  5. Trial Balance: A listing of the last balances for each account as of a particular date.
  6. Chart of Accounts: A listing of all accounts used in the general ledger.
  7. Account Reconciliation: A report listing all reconciliations.
  8. Write-Off: A report listing all write-offs.
  9. Firm Budgeting: A listing of current and previous budget amounts.

Certain tiered users with full accounting access will be able to create additional custom reports/cards, like Effective Rate and Accounts Receivables, via the advanced CARET Analytics Overview.

CARET Legal invoices and payments

Enforce legal billing and accounting best practices

Using purposely-designed legal accounting software gives you access to powerful capabilities missing from generic solutions. Automatically improve compliance with features and permissions that safeguard against retroactive changes to closed accounting periods. Quickly gain accurate insight into different billing cycles, and easily prepare end-of-year statements. Align firm accounting processes and workflows to raise intra-firm standards and protect your books while saving time.

Manage Retainer and Trust Account Funds

Generic accounting software for law firms doesn’t make it easy to manage both retainer and trust account reporting. With CARET Legal, you can easily keep books accurate with specific capabilities like: 

  • 3-way reconciliation reporting on trust accounts
  • the ability to batch apply trust funds
  • the ability to draw checks from trust accounts vs. operating accounts
  • better visibility into matter-based ledger balances for risk mitigation
  • the ability to report on retainers based on specific matters
  • the ability to easily generate retainer replenishment invoices
  • automatic notifications when retainers drop below balance thresholds
CARET Legal evergreen retainers

Security and compliance matters

Access and User Controls
  • Group accounting feature access based on permission levels
  • Set different access controls on a user by user basis
  • Different reports for different team roles
  • Customized access controls for bank accounts

Trust Account Compliance

  • Draw checks only from the trust account that prohibits selecting the operating account
  • Only matters with a positive balance are displayed
  • No overdrawing on a matter’s ledger balance

Improve efficiency with legal accounting software

Are you regularly reviewing and adjusting your billing rates?

Employing different billing models can accommodate your clients’ needs and optimize revenue generation.

Learn more →

Are you taking advantage of embedded finance?

Get details on how to free up your lawyers and staff from doing mundane finance tasks.

Learn more →

Further reading

Ready to take your firm further with a modern, cloud-based platform with 24/7 support?

Get started with a free trial, or schedule a demo to see how our legal practice management software helps you work smarter and maximize revenue.

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