Things to consider

 – Consult with CPA 

  • Set up accounting procedures (Chart of accounts / Profit and loss statements / Balance sheets / Cash Flow Statement)
  • Quarterly and annual tax returns
  • Payroll services
  • Bank and trust accounting systems/reconciliation procedures
  • Software compatible with accountant

– Trust account (separate account)

Note: All lawyers must successfully complete the NSBS Trust Accounting exam prior to opening a trust account.

– Business operating account for expenses/payroll

– Short term savings

– Safety deposit box

– Firm credit card (note likely need for guarantor; consider using separate personal card or good records)

– Investments (Self-education v. Professional v. Fees-for-service)

– Cheques, deposit slips, endorsement stamp

– Set up account to accept credit cards

– Retirement plan


Law Society of Upper Canada “Bank accounts, accounting and other financial issues” 

Nova Scotia Barristers’ Society “Trust accounts

Nova Scotia Barristers’ Society “FAQs: Trust Account Regulations

Nova Scotia Barristers’ Society “Regulations under the Legal Profession Act” [Part 10 – Trust Accounts]

Law Society of British Columbia “Practice Resource Sample Checklist for Internal Controls: Trust reports

Law Society of Upper Canada “How to Open and Operate a Trust Account

Joining forces: Considerations when accepting a partner(s)