A patent lawyer can appropriately track and categorize income from different cases or patents through a robust bookkeeping system. This system can be designed to account for every case individually, making it easier to track income, expenses, and profitability.

When it comes to income from different patents, bookkeeping can be even more crucial. Patent lawyers often deal with various streams of income, including royalties, licensing fees, and other forms of revenue generation from their patents. Different patents might generate income at different rates and at different times, making tracking and categorization even more complex.

Bench Accounting provides a seamless bookkeeping solution for patent lawyers that integrates with their current systems and tracks income on a per-case or per-patent basis. With our help, tracking and categorizing your income doesn't have to be a time-consuming and tedious process.

Typical tax deductions for patent lawyers may include:

• Office expenses: Rent, utilities, and office supplies used in a home office or external location.
• Professional expenses: Membership dues, licensing fees, and continuing education costs.
• Travel expenses: If travel is required for client meetings, court appearances, or other work-related activities.
• Insurance: Professional liability insurance premiums can often be deducted.
• Legal research tools: Costs for legal databases and research tools can be deductible.
• Client entertainment: Money spent on client meals and entertainment may be partially deductible, subject to IRS limits and regulations.

Exact deductions will vary depending on individual circumstances, and it's always recommended to consult with a tax professional for personalized advice.

Bench Accounting provides comprehensive services when it comes to managing IOLTA (Interest on Lawyers' Trust Accounts) and other client funds. Our skilled bookkeepers are trained in legal accounting standards, providing precise tracking, recording, and reconciling of transactions related to client funds. We ensure strict adherence to law firm accounting regulations to maintain trust and transparency. In addition to regular accounting services, we also provide insightful financial reports that can assist law firms in their decision-making process and remain compliant with regulations. This way, Bench Accounting significantly reduces the administrative burden and risk of mismanagement associated with IOLTA and client funds, giving lawyers more time to focus on their legal practice.

Nope! All bookkeeping is completed in-house.

Your bookkeeper will be your main point of contact, but at times you might hear from another member of your team. This is usually when your bookkeeper goes on vacation, is sick, or otherwise unavailable.

We handle the bookkeeping for you but sometimes we’ll need your input, especially at year-end. On average, expect to spend 15 minutes each month answering questions for your bookkeeper, or uploading supporting docs.