Trust & Client Account Management
- Accurate client trust accounting: Track retainer balances, client deposits, and disbursements with full compliance.
- Automated allocation of funds: Ensure all billable hours, expenses, and retainers are properly applied.
- Audit-ready client ledgers: Maintain clear records for ABA, state bar, and regulatory audits.
Time & Billing
Automation
- Streamlined time tracking: Capture billable hours for attorneys, paralegals, and staff automatically.
- Invoice generation & customization: Create client invoices with detailed line items, taxes, and expense allocations.
- Automated reminders & collections: Reduce overdue payments with smart follow-ups and recurring billing.
Accounts Receivable & Payables Management
- Comprehensive AR tracking: Monitor client payments, pending invoices, and outstanding balances in real-time.
- Vendor & expense management: Track bills, reimbursements, and office operational expenses seamlessly.
- Cash flow visibility: Maintain clear inflow and outflow reports for strategic financial decisions.
Financial Reporting & Profitability Analysis
Practice-area financial insights: Profitability tracking for clients, cases, or departments.
Detailed P&L & balance sheets: Accurate reporting for partners, management, and stakeholders.
KPI dashboards: Track realization rates, billable hours, expenses, and revenue per lawyer or case type.
Compliance & Regulatory Accounting
- State bar & legal compliance: Ensure trust accounting, billing, and tax reporting meet regulatory standards.
- Tax preparation & planning: Corporate, partnership, or individual tax filings, deductions, and credits.
- Internal controls & audits: Implement workflows to prevent errors, fraud, and regulatory penalties.
CFO & Strategic Financial Advisory
- Budgeting & forecasting: Plan revenue, expenses, and growth across practice areas.
- Strategic cash flow management: Optimize collections, retainers, and operating funds for stable operations.
- Growth & expansion insights: Evaluate mergers, acquisitions, or scaling strategies with financial clarity.
Why Do Law Firms & Professional Services Choose Otterz?
Real-Time Tracking of Client Trust & IOLTA Accounts
Otterz keeps your trust accounts accurate, compliant, and audit-ready by automatically monitoring deposits, disbursements, retainers, and client ledger balances with zero margin for error.
Precise Time & Billing Reconciliation
Nyra organizes billable hours, matter-based expenses, retainers, and reimbursements — ensuring every minute is captured and every invoice is accurate, reducing revenue leakage.
AI-Powered Legal & Professional Services Dashboard
Access real-time insights on matter profitability, utilization rates, partner performance, revenue per attorney, and outstanding AR — all in one centralized financial dashboard.
Effortless Compliance with State Bar & Regulatory Standards
Otterz keeps your books aligned with State Bar, IOLTA, and professional compliance rules — lowering audit risk and ensuring flawless financial documentation across all matters.
Streamlined Payroll for Attorneys, Staff & Contractors
Whether you’re managing partners, associates, paralegals, consultants, or contracted specialists, Otterz ensures timely, accurate payroll that meets legal industry requirements.
24/7 Support for Fast-Moving Case Schedules
Legal work doesn’t follow a 9–5 schedule — and neither does Otterz. Nyra is available around the clock to provide financial insights, answer questions, and support your team anytime.
See what Otterz can do for you
Compliant Trust/IOLTA Bookkeeping
Faster Matter-Based Billing Reconciliation
Increase in Revenue by Reducing Billing Errors
How Otterz Transformed Lexis Legal’s Finances
A growing law firm in New York turned complex billing, trust accounting, and compliance headaches into clarity — improving cash flow by 50% and reducing accounting time by 65%. Discover how Otterz helped Lexis Legal automate invoicing, track billable hours, and gain full financial control.
The Otterz
Onboarding Process
Your journey starts with a short consultation
where we:
- Understand your business model, challenges, and financial workflows
- Review your current bookkeeping, taxes, or systems setup
- Identify key goals — accuracy, compliance, cash flow, growth, automation
- Recommend the best Otterz plan tailored to your industry
Next, we prepare a precise and transparent plan outlining:
- What services you’ll receive (bookkeeping, tax, CFO, controller, etc.)
- The full scope of work and deliverables
- Your dedicated accountant + support team
- Timeline for onboarding and go-live
- Clear, fixed pricing with no surprises
Once you approve, your account is activated immediately, and onboarding begins.
This is where we get everything ready for a smooth start:
- Setting up your secure Otterz account
- Requesting all required documents (financials, statements, prior returns, payroll reports, etc.)
- Getting access to your bank, credit card, POS, payroll, and other financial software
- Ensuring all integrations sync correctly with our platform
- Verifying data accuracy before moving forward
You provide the access — we handle the rest.
We walk you through your new Otterz setup, introduce your dedicated accountant, and get your reports, dashboards, and AI assistant Nyra running.
From here:
- Your books run in real time
- Your taxes stay compliant
- You get ongoing insights for smarter decisions
You’re officially powered by Otterz.
A seamless financial journey for your law firm
From legal trust accounting to expense management and tax compliance services, Otterz provides comprehensive solutions to ensure compliance, track billable hours, minimize tax liabilities, and generate tailored financial reports for law firms.
Seamless Integration Through our Platform
FAQs for Law Firms & Professional Services
How can Otterz help law firms manage trust accounts and client funds?
Otterz ensures accurate management of IOLTA and client trust accounts, automating reconciliations, tracking transactions, and maintaining compliance with state bar regulations to prevent errors or violations.
Can Otterz handle billing and revenue recognition for professional services?
Yes. Otterz automates time tracking, invoicing, retainers, milestone billing, and revenue recognition, giving firms clear visibility into cash flow and profitability by client or matter.
What financial tasks can Otterz automate for law firms and consultants?
We automate accounts payable and receivable, payroll, vendor payments, bank reconciliations, financial reporting, and tax preparation — reducing manual work and ensuring accurate, up-to-date books.
Does Otterz integrate with law practice management software like Clio or MyCase?
Absolutely. Otterz integrates with Clio, MyCase, CosmoLex, and other practice management systems to sync client billing, time tracking, and financial data seamlessly.
How does Otterz help firms stay compliant with taxes and professional regulations?
Otterz manages federal, state, local, and payroll taxes, plus regulatory filings, ensuring your firm meets all deadlines while maintaining accurate and audit-ready records.
Can Otterz provide insights into firm profitability and client performance?
Yes. Otterz generates real-time reports on matter profitability, client revenue trends, and operational expenses — empowering partners to make data-driven business decisions.