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Law Firms

All evidence points to continuing change for law firms. Increasing revenue and reducing costs are top concerns. Budget-conscious clients are negotiating reduced billing rates. Generalist practices are giving way to specialization — driving up costs for talent and technical capabilities. Forward thinking firms are making moves now to protect their bottom-line and strengthen their competitive position. CohnReznick’s Law Firm Practice is the partner who will bring valuable objectivity and industry intelligence to the table, whether you are retooling operating procedures, acquiring another firm, or expanding your footprint.

With long-established experience serving the accounting, tax, and business advisory needs of law firms, we understand where the industry is now, and where it’s going in the not-too-distant future.

BROAD INDUSTRY EXPERTISE

If you’ve focused your practice in a particular industry, there’s a good chance we have direct experience in it. Our firm serves dozens of diverse global industries. In addition, we bring our integrated team of audit, tax, and consulting professionals to the table whenever you need specialized assurance and tax needs.

AN EXPANSE OF CLIENT TYPES

CohnReznick works with attorneys, law firm administrators, and CFOs to help them boost their practice profitability. Building on experience with more than 100 law firms of varying sizes and scope, we tailor our recommendations and guidance to the specifics of your situation.

THOUGHT LEADERS

We are regularly called upon to share our accounting and business insights through national and regional associations, events and industry groups, and by hosting managing partner roundtables.

  • New Jersey Association of Legal Administrators
  • New York City Association of Legal Administrators
  • Connecticut Association of Legal Administrators – Nutmeg Chapter

Your firm and its business goals are the basis for our holistic approach. We integrate audit, accounting, tax, and advisory services to address financial operations review, fee structures, compensation programs, and plans for growth and/or mergers. Our services specific to law firms include:

PRACTICE AND PARTNERSHIP PROFITABILITY ANALYSIS

Law firm profitability is generally measured through billable hours. Using competitive benchmarking and other analytical tools, we assess your overall practice and individual lawyers to identify opportunities to boost billable hours and profitability.  Since partner compensation also impacts your firm's profits,  we evaluate current compensation plans for sustainability and alignment with firm goals, recommending and implementing areas of improvement.

SPECIALIZED TAX PRACTICE

Adhering to sound tax strategies is especially critical for law firms. From comprehensive tax planning and compliance to advising on state nexus issues, we work to reduce firm tax obligations, ensure accurate state revenue reporting, and vigorously defend our clients’ tax positions — while remaining in full compliance with all laws.

LAW FIRM MERGERS AND ACQUISITIONS SUPPORT

For firms seeking growth through mergers or the acquisition of similar firms, we can identify merger and lateral candidates, conduct valuations, assist in due diligence, and negotiate contracts. We also offer related services including lateral combinations, comparative operating policies, and deal economic and pre/post-merger management consulting.

A ONE STOP SHOP FOR BUSINESS ASSETS – AND PERSONAL WEALTH

Managing personal wealth is often inextricably tied to managing your firm. We provide a wide range of private client services for owners, partners, and their families as they manage the assets and personal wealth they’ve amassed in their legal career or transition their firms at retirement.

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Rocco Marotti
CPA, Partner - Law Firms Industry Leader
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Law.com New England names CohnReznick Top 3 Forensic & Business Accounting Firm
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Industries
Consumer & Industrial
  • Hospitality
  • Manufacturing & Distribution
  • Consumer
Financial Sponsors & Financial Services
  • Broker Dealers
  • Independent Sponsors
  • Family Offices
  • Hedge Funds
  • Private Equity
  • Small Business Investment Companies (SBICs)
  • Special Purpose Acquisition Companies (SPACs) Services
  • Venture Capital
Life Sciences & Healthcare
  • Life Sciences
  • Healthcare
Public Sector
  • Government Contracting
  • Government
  • Not-for-Profit & Education
Real Estate
  • Affordable Housing
  • Commercial Real Estate
  • Construction
  • Corporate Real Estate
  • Opportunity Zones
  • Tax Credits
Renewable Energy
Technology & Media
Private Clients
  • Entertainment
  • Law Firms
  • Medical Practices
  • Private Clients
Cannabis
Services
Advisory
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  • Analytics & Data
  • CFO Advisory
  • CIO Advisory
  • Cybersecurity & Privacy
  • Emergency Management
  • Project Finance and Consulting
  • Real Estate Advisory
  • Restructuring & Dispute Resolution
  • Risk Advisory
  • Transactions
  • Valuation
Accounting & Assurance
  • Accounting Advisory
  • Accounting Services
  • Attest & Audit
  • Employee Benefit Plans
  • Lease Accounting
  • Paycheck Protection Program (PPP) Loan Forgiveness Assistance
Tax
  • Federal Tax
  • International Tax
  • Exempt Organizations Tax Services
  • Private Clients
  • SBA Disaster Loan Assistance
  • State & Local Tax
  • Tax Credits
  • Trusts & Estates
Affiliated Companies
  • Asset Management & Insurance
  • Benefits Brokerage & Consulting
  • Capital Markets Advisory
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  • Equity & Capital Placement
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“CohnReznick” refers to CohnReznick LLP or any of its subsidiaries or affiliates. Each entity is a separate legal entity and solely responsible for its own acts and/or omissions.

CohnReznick LLP is a member firm of the “Nexia International” network. Nexia International Limited does not deliver services in its own name or otherwise. Nexia International Limited and each of its member firms are separate legal entities and not part of a worldwide partnership.  Nexia International Limited does not accept any responsibility for the commission of any act, or omission to act by, or the liabilities of, any of its members.