--- title: "Best Trust Accounting Software - 2026 Reviews & Pricing" description: "Find the best Trust Accounting Software for your organization. Compare top Trust Accounting Software systems with customer reviews, pricing, and free demos." source_url: "https://www.softwareadvice.com/legal/trust-accounting-comparison/" page_type: "subcategory" language: "en" --- [Home](https://www.softwareadvice.com/) / Trust Accounting Software Software Advice offers objective insights based on verified user reviews and independent product and market research. When our advisors match you to a software provider, we may earn a referral fee. # Best Trust Accounting Software of 2026 Updated October 26, 2026 ## Trust Accounting FAQs Software Advice advisors had 18 conversations with buyers about Trust Accounting software between February 2025 and July 2026. These are the questions that came up most. - How do I choose the right Trust Accounting software for my business? Choosing the right trust accounting software comes down to matching specific needs for managing client funds, billing, and time tracking while avoiding manual spreadsheets, based on what buyers we've talked to consistently prioritize. Buyers frequently mention looking for systems that offer integrated bookkeeping, invoicing, and staff time management in one place, with a focus on ease of use and straightforward cloud access. Pricing is a key factor, as most options use per-user monthly subscriptions, so teams often compare costs by the number of users they need. Many buyers also stress the importance of clear setup processes and the ability to fully replace manual or error-prone workflows. - What is the best Trust Accounting software for a small to mid-size business? The best fit for small to mid-size businesses, based on advisor calls, is software that manages client trust accounting, billing, and time tracking in one place. Buyers frequently mention wanting to move away from manual spreadsheets, so software that automates bookkeeping for trust accounts and includes invoicing and paid time off (PTO) tracking meets the most common needs in this group. Answer based on 13 advisor calls - What should businesses watch out for when choosing Trust Accounting software? Businesses should check if trust accounting tools fully replace manual tracking and spreadsheets, since buyers our advisors talk to often want to move away from these. Most buyers asking about this software work in the Legal industry and run small businesses, so ease of use and setup come up as key requirements. Cloud or Software-as-a-Service (SaaS) deployment is the main option buyers mention, so teams should ask about remote access and ongoing updates. Buyers frequently mention the need for integrated billing, invoicing, and time tracking features to avoid juggling multiple tools. Answer based on 15 advisor calls - What are common complaints about Trust Accounting software? When speaking with our advisors, buyers most often complain about relying on manual processes or spreadsheets for trust accounting. This challenge comes up across firms of all sizes, with users describing their current tools as time consuming, error prone, and not well suited to managing trust balances or compliance needs. Answer based on 7 advisor calls - What is the difference between Trust Accounting software and general accounting software? Trust Accounting software is designed to manage client trust accounts, while general accounting software focuses on tracking an organization’s overall financial activity. Buyers frequently tell our advisors that trust accounting options include specific tools for handling client funds separately, tracking time, and managing billing within trust rules, features not typically found in standard accounting software. In contrast, general accounting software centers on functions like general ledger, accounts payable and receivable, expense tracking, and financial reporting. Many buyers mention that moving away from manual spreadsheets is a key driver for seeking trust accounting solutions, since their needs around client fund management are not addressed by typical accounting platforms. Answer based on 15 advisor calls - How much does Trust Accounting software cost? Most trust accounting tools are sold as a per-user monthly subscription, with a median price of $50 per user per month and a typical range from $45 to $70. A common theme in these conversations is that teams want clear upfront pricing and often compare options based on the number of users they need. Answer based on 7 advisor calls - What features should Trust Accounting software include? The core features buyers ask for in advisor calls are tools to manage client trust account bookkeeping, billing and invoicing, and time tracking for hours and paid time off (PTO). Buyers frequently mention the need to handle all trust fund records accurately, generate and send invoices, and keep up with staff time to ensure compliance and proper payment. Answer based on 15 advisor calls - What is Trust Accounting software and what does it do? Trust Accounting software helps organizations manage client trust accounts, estates, and investment portfolios while meeting legal and regulatory requirements. According to our advisors, buyers use these systems to handle bookkeeping for trust accounts, generate and manage invoices, and track billable hours or paid time off. Typical users include bank trust departments, accountants, law firms, non-profits, and independent trust companies. Answer based on 15 advisor calls On this page 1. FrontRunners 2. Popular Comparisons 3. Buyers Guide 4. Frequently Asked Questions 5. Related Software Filter products 59 results ### Compare Products Showing 1 - 25 of 59 products #### Company Size - Self-Employed - 2-10 - 11-50 - 51-200 - 201-500 - 501-1000 - 1000+ #### Pricing Options - $$$$$ - $$$$$ - $$$$$ - $$$$$ - $$$$$ ### Compare Products Sort by **Recommendations**: Sorts listings by the number of recommendations our advisors have made over the past 30 days. Our advisors assess buyers’ needs for free and only recommend products that meet buyers’ needs. Vendors pay Software Advice for these referrals. **Reviews**: Sorts listings by the number of user reviews we have published, greatest to least. **Average Rating**: Sorts listings by overall star rating based on user reviews, highest to lowest. **Alphabetically (A-Z)**: Sorts listings by product name from A to Z. ### [PracticePanther Legal Software](/legal/paypanther-profile/) - Overall rating: 4.7/5 - Reviews: 529 - Starting price: $49.00/month - Best for: Small businesses - Free trial: Available - Free demo: Not available #### Overview PracticePanther is the highest-rated, easiest-to-use, all-in-one legal practice management software, built specifically for solo, small, and mid-sized law firms. Trusted by tens of [Read more](/legal/paypanther-profile/) ##### What users love - Responsive and helpful support team - Intuitive and user-friendly interface - Streamlined invoicing and payments ##### To take in mind - Billing limitations and frustrations #### Features ##### Best rated features - Document Templates: 5/5 - Receipt Management: 5/5 - Calendar/Reminder System: 5/5 - Microsoft Outlook Integration: 5/5 ##### Worst rated features - Document Automation: 1/5 - Lead Management: 1/5 - Portfolio Management: 3/5 [See all features](/legal/paypanther-profile/#key-features) #### Pricing ##### Solo - Price: $49.00/month ##### Essential - Price: $69.00/month ##### Business - Price: $89.00/month - Our Most Popular Plan [See full pricing details](/legal/paypanther-profile/#pricing-and-plans) --- ### [Clio](/legal/clio-legal-profile/) - Overall rating: 4.7/5 - Reviews: 1,751 - Starting price: $49.00/month - Best for: Customer support - Free trial: Available - Free demo: Not available #### Overview Ranked #1 and with the most 5-star reviews on Gartner, G2 & Capterra, Clio is the only intelligent legal work platform with context-aware AI and trusted legal research. [Read more](/legal/clio-legal-profile/) ##### What users love - Intuitive and user-friendly interface - Responsive and helpful support team - Comprehensive law practice oversight ##### To take in mind - Payment processing and fee frustrations - Clunky and inefficient document handling - Cumbersome and limited invoicing tools #### Features ##### Best rated features - Timer: 5/5 - Archiving & Retention: 5/5 - Multi-Location: 5/5 - Version Control: 5/5 [See all features](/legal/clio-legal-profile/#key-features) #### Pricing ##### Clio Pricing - Price: $49.00/month - The pricing plans offered by Clio range from an entry-level plan called EasyStart at $49 per user [See full pricing details](/legal/clio-legal-profile/#pricing-and-plans) --- ### [8am MyCase](/legal/mycase-profile/) - Overall rating: 4.6/5 - Reviews: 807 - Starting price: $50.00/month - Best for: Ease of use - Free trial: Available - Free demo: Not available #### Overview 8am MyCase is a cloud-based law practice management solution that helps small and midsize law firms streamline client communication and daily business operations in a unified [Read more](/legal/mycase-profile/) ##### What users love - Intuitive and organized interface - Responsive and helpful support team - Streamlined client communication tools ##### To take in mind - Cumbersome document handling processes - Inflexible and confusing billing system - Frequent and unpredictable price increases #### Features ##### Best rated features - Customer Database: 5/5 - Calendar/Reminder System: 5/5 - Archiving & Retention: 5/5 - Billable & Non-Billable Hours: 5/5 ##### Worst rated features - Case Law Research: 1/5 - Automatic Billing: 2/5 - Document Automation: 2.5/5 [See all features](/legal/mycase-profile/#key-features) #### Pricing ##### Basic - Price: $50.00/month ##### Pro - Price: $100.00/month ##### Advanced - Price: $130.00/month [See full pricing details](/legal/mycase-profile/#pricing-and-plans) --- ### [TimeSolv Legal Billing](/product/423485-TimeSolv-Legal-Billing/) - Overall rating: 4.7/5 - Reviews: 647 - Starting price: $42.74/month - Best for: Value for money - Free trial: Available - Free demo: Not available #### Overview TimeSolv is a cloud-based legal time tracking and billing solution that caters to law firms, accountants, consultants, architects, and freelancers, helping them manage daily [Read more](/product/423485-TimeSolv-Legal-Billing/) ##### What users love - Intuitive and user-friendly interface - Responsive and hands-on support - Flexible and efficient billing tools ##### To take in mind - Invoice customization and clarity issues #### Features ##### Best rated features - Document Capture: 5/5 - Third-Party Integrations: 5/5 - Fee Calculation & Posting: 5/5 - Archiving & Retention: 5/5 ##### Worst rated features - Reporting/Analytics: 3/5 - Collaboration Tools: 3/5 - Activity Dashboard: 3.3/5 [See all features](/product/423485-TimeSolv-Legal-Billing/#key-features) #### Pricing ##### TimeSolv Legal (1-4 Users) - Price: $47.50/month - The plan can be billed on a monthly or annual subscription. Volume discounts apply. ##### TimeSolv Legal (5-14 Users) - Price: $45.12/month - The plan is billed on a monthly subscription. ##### TimeSolv Legal (15+ Users) - Price: $42.74/month - The plan is billed on a monthly subscription. [See full pricing details](/product/423485-TimeSolv-Legal-Billing/#pricing-and-plans) --- ### [CosmoLex](/legal/cosmolex-profile/) - Overall rating: 4.6/5 - Reviews: 349 - Starting price: $49.00/month - Best for: Small businesses - Free trial: Available - Free demo: Not available #### Overview CosmoLex is a cloud-based legal management solution that offers features including time tracking, billing, trust accounting, task and document management. The solution connects all [Read more](/legal/cosmolex-profile/) ##### What users love - Responsive and helpful support team - Integrated legal accounting features - User-friendly and intuitive design ##### To take in mind - Billing limitations and complexity #### Features ##### Best rated features - Task Scheduling: 5/5 - Project Management: 5/5 - Client Portal: 5/5 - Customer Database: 5/5 ##### Worst rated features - Customizable Templates: 1/5 - Document Templates: 1/5 [See all features](/legal/cosmolex-profile/#key-features) #### Pricing ##### Launch - Price: $49.00/month - Essential billing, time tracking, and trust accounting with fast time-to-value. •Track time and ##### CosmoLex Core - Price: $99.00/month - Our Standard end-to-end solution for legal practice management. CosmoLex combines legal accounting, ##### CosmoLex Pro - Price: $129.00/month - CosmoLex Elite includes everything in Standard, plus advanced matter workflows, templates, and [See full pricing details](/legal/cosmolex-profile/#pricing-and-plans) --- ### [Curo365](/legal/cuero365-profile/) - Overall rating: 4.5/5 - Reviews: 16 - Starting price: $40.00/month - Free trial: Not available - Free demo: Not available #### Overview Built on the most powerful cloud-based solution, Curo365 resides on the Microsoft Dynamics 365 platform built specifically for law firms and integrates with your existing Microsoft [Read more](/legal/cuero365-profile/) #### Features ##### Best rated features - Document Management: 5/5 - CRM: 5/5 - Calendar Management: 5/5 - Client Management: 5/5 ##### Worst rated features - Contact Management: 1/5 - Legal Case Management: 2/5 - Access Controls/Permissions: 2/5 - Billing & Invoicing: 3/5 [See all features](/legal/cuero365-profile/#key-features) --- ### [LEAP](/product/20175-LEAP/) - Overall rating: 4.3/5 - Reviews: 550 - Best for: Popular - Free trial: Not available - Free demo: Not available #### Overview LEAP is a cloud-based legal tool designed to support law firms in managing various aspects of their practice. It combines practice management, document automation, accounting and [Read more](/product/20175-LEAP/) ##### What users love - Intuitive navigation and setup - Responsive and helpful support team - Centralized and automated document handling ##### To take in mind - Cumbersome and inflexible billing process - Clunky and unintuitive interface design - Frequent lag and slowdowns #### Features ##### Best rated features - Automatic Time Capture: 5/5 - Project Time Tracking: 5/5 - Multi-Location: 5/5 - API: 5/5 ##### Worst rated features - File Sharing: 1/5 - Time & Expense Tracking: 1/5 - Payment Processing: 1/5 [See all features](/product/20175-LEAP/#key-features) --- ### [Striven](/project-management/striven-profile/) - Overall rating: 4.8/5 - Reviews: 130 - Starting price: $35.00/month - Best for: Features - Free trial: Available - Free demo: Not available #### Overview Striven is a cloud-based, all-in-one business management ERP platform built for small and midsize companies tired of duct-taping popular accounting tools, a CRM, a project tool, [Read more](/project-management/striven-profile/) #### Features ##### Best rated features - Routing: 5/5 - Document Storage: 5/5 - Milestone Tracking: 5/5 - Percent-Complete Tracking: 5/5 ##### Worst rated features - API: 1/5 [See all features](/project-management/striven-profile/#key-features) #### Pricing ##### Standard - Price: $35.00/month - The plan is based on the number of users. ##### Enterprise - Price: $70.00/month - The per-user price decreases as the number of users increases. [See full pricing details](/project-management/striven-profile/#pricing-and-plans) --- ### [CARET Legal](/product/87569-CARET-Legal/) - Overall rating: 4.4/5 - Reviews: 160 - Best for: Value for money - Free trial: Not available - Free demo: Not available #### Overview CARET Legal is a legal practice management solution designed to support law firms in managing operations such as client intake, case tracking, billing and accounting. It is [Read more](/product/87569-CARET-Legal/) #### Features ##### Best rated features - Access Controls/Permissions: 5/5 - Budgeting/Forecasting: 5/5 - Task Progress Tracking: 5/5 - Financial Reporting: 5/5 [See all features](/product/87569-CARET-Legal/#key-features) --- ### [Tabs3](/legal/tabs3-profile/) - Overall rating: 4.6/5 - Reviews: 197 - Starting price: $69.00/month - Best for: Ease of use - Free trial: Available - Free demo: Not available #### Overview Tabs3 is legal practice management software designed to optimize operations for law firms and legal professionals. The Tabs3 suite of products includes Tabs3 Billing, Tabs3 [Read more](/legal/tabs3-profile/) #### Features ##### Best rated features - Tax Management: 5/5 - Reporting & Statistics: 5/5 - General Ledger: 5/5 - Alerts/Notifications: 5/5 ##### Worst rated features - Third-Party Integrations: 2.5/5 - Activity Dashboard: 3/5 [See all features](/legal/tabs3-profile/#key-features) #### Pricing ##### Tabs3 Cloud Subscription - Price: $89.00/month ##### Tabs3 OnSite Subscription - Price: $69.00/month - Requires a server ##### Tabs3 Pay - Price: Custom - Pricing available upon request [See full pricing details](/legal/tabs3-profile/#pricing-and-plans) --- ### [Centerbase](/legal/centerbase-profile/) - Overall rating: 4.4/5 - Reviews: 61 - Free trial: Not available - Free demo: Not available #### Overview Centerbase is a cloud-based legal practice management software designed to support law firms in managing billing, client information, and firm operations. It provides tools for [Read more](/legal/centerbase-profile/) #### Features ##### Best rated features - Alerts/Notifications: 5/5 - Customizable Reports: 5/5 - Document Templates: 5/5 - Retail Banking: 5/5 ##### Worst rated features - Mobile Access: 2/5 - For Legal Professionals: 2.7/5 - Document Management: 3/5 - Lead Management: 3/5 [See all features](/legal/centerbase-profile/#key-features) --- ### [Smokeball](/legal/smokeball-profile/) - Overall rating: 4.8/5 - Reviews: 360 - Starting price: $49.00/month - Best for: Small businesses - Free trial: Available - Free demo: Not available #### Overview Smokeball is powering people-law. Our legal practice management software lightens the administrative burden, so legal professionals have more time to serve the people who need them [Read more](/legal/smokeball-profile/) ##### What users love - Responsive and knowledgeable support team - Efficient file and document organization - Intuitive interface and easy learning ##### To take in mind - Limited and complex billing features - Occasional slowness and lag issues #### Features ##### Best rated features - Billable & Non-Billable Hours: 5/5 - Timer: 5/5 - Document Automation: 5/5 - Electronic Payments: 5/5 ##### Worst rated features - Customizable Fields: 1/5 - File Sharing: 3.7/5 - Mobile App: 3.9/5 [See all features](/legal/smokeball-profile/#key-features) #### Pricing ##### Bill - Price: $49.00/month ##### Boost - Price: $89.00/month ##### Grow - Price: Custom - Pricing available upon request [See full pricing details](/legal/smokeball-profile/#pricing-and-plans) --- ### [Amberlo](/legal/amberlo-profile/) - Overall rating: 4.7/5 - Reviews: 110 - Starting price: $56.00/month - Best for: Features - Free trial: Available - Free demo: Not available #### Overview Amberlo is a cloud-based law practice management software that enables small to large law firms to manage clients, records, timesheets, documents, bills, and more. It helps create [Read more](/legal/amberlo-profile/) #### Features ##### Best rated features - Contact Management: 5/5 - Version Control: 5/5 - Two-Factor Authentication: 5/5 - Real-Time Data: 5/5 [See all features](/legal/amberlo-profile/#key-features) #### Pricing ##### Grow - Price: $56.00/month - The plan is suitable for small teams that are pushing for expansion. Pay $56 per user per month on ##### Premium - Price: $91.00/month - The plan is suitable for grown-up teams that are looking for robust business process automation and ##### Enterprise - Price: Custom - Pricing available upon request - The plan is suitable for demanding teams that are looking for business process automation and custom [See full pricing details](/legal/amberlo-profile/#pricing-and-plans) --- ### [BQE CORE Suite](/accounting/bqe-core-accounting-profile/) - Overall rating: 4.5/5 - Reviews: 796 - Best for: Customer support - Free trial: Available - Free demo: Not available #### Overview BQE CORE is a cloud-based accounting and invoicing software designed for architecture, engineering, and consulting firms. The platform enables users to streamline operations and [Read more](/accounting/bqe-core-accounting-profile/) ##### What users love - Responsive and knowledgeable support team - Intuitive and adaptable interface design - Flexible and efficient invoicing tools ##### To take in mind - Limited and confusing reporting options - Challenging migration and workflow issues - Frequent lag and slow loading times #### Features ##### Best rated features - Budgeting/Forecasting: 5/5 - Percent-Complete Tracking: 5/5 - Real-Time Data: 5/5 - Client Management: 5/5 ##### Worst rated features - Gantt/Timeline View: 1/5 - Cost Estimating: 2/5 - Forecasting: 2/5 [See all features](/accounting/bqe-core-accounting-profile/#key-features) #### Pricing ##### Foundations - Price: Custom - Pricing available upon request [See full pricing details](/accounting/bqe-core-accounting-profile/#pricing-and-plans) --- ### [LeanLaw](/legal/leanlaw-profile/) - Overall rating: 4.7/5 - Reviews: 92 - Starting price: $45.00/month - Free trial: Available - Free demo: Not available #### Overview LeanLaw is a cloud-based timekeeping and billing solution for small to midsize legal practices. Key features include time tracking, billing and invoicing, financial reporting and [Read more](/legal/leanlaw-profile/) #### Features ##### Best rated features - Online Invoicing: 5/5 - Invoice Creation: 5/5 - Invoice History: 5/5 - Time & Expense Tracking: 5/5 [See all features](/legal/leanlaw-profile/#key-features) #### Pricing ##### LeanLaw Core - Price: $45.00/month ##### LeanLaw Pro - Price: $60.00/month ##### LeanLaw Elite - Price: Custom - Pricing available upon request [See full pricing details](/legal/leanlaw-profile/#pricing-and-plans) --- ### [Lawcus](/legal/lawcus-profile/) - Overall rating: 4.8/5 - Reviews: 63 - Starting price: $49.00/month - Free trial: Available - Free demo: Available #### Overview Lawcus is a legal practice management solution that can be used by legal teams of any size. It is designed to streamline workflows and eliminate the need for outdated processes. [Read more](/legal/lawcus-profile/) #### Features ##### Best rated features - Workflow Management: 5/5 - Electronic Signature: 5/5 - For Legal Professionals: 5/5 - Alerts/Notifications: 5/5 ##### Worst rated features - Contract/License Management: 3/5 - Contact Management: 3/5 - Resource Allocation & Planning: 3/5 [See all features](/legal/lawcus-profile/#key-features) #### Pricing ##### Essential - Price: $49.00/month - Solo attorneys & very small firms who need core case management. ##### Growth - Price: $69.00/month - Small firms looking for more collaboration & organization. ##### Elite - Price: $89.00/month - Firms ready to scale operations & automate workflows. [See full pricing details](/legal/lawcus-profile/#pricing-and-plans) --- ### [uLawPractice](/legal/ulawpractice-profile/) - Overall rating: 4.6/5 - Reviews: 87 - Starting price: CA$44.00/month - Free trial: Available - Free demo: Not available #### Overview uLawPractice is a practice management and legal accounting solution for sole practitioners, paralegals, and small law firms. With the aim of assisting law professionals with [Read more](/legal/ulawpractice-profile/) #### Features ##### Best rated features - Fixed Asset Management: 5/5 - Time & Expense Tracking: 5/5 - Docket Management: 5/5 - Workflow Management: 5/5 [See all features](/legal/ulawpractice-profile/#key-features) #### Pricing ##### New Entrepreneur - Price: CA$44.00/month - Pricing is available at $44/month (Billed Monthly) ##### Student Subscription - Price: CA$44.00/month - Designed for students, the plan is billed monthly at $44. ##### Yearly Subscription - Price: CA$49.00/month - Pricing is billed annually at $49/month [See full pricing details](/legal/ulawpractice-profile/#pricing-and-plans) --- ### [Case Master Pro](/legal/case-master-pro-profile/) - Overall rating: 5/5 - Reviews: 19 - Starting price: $50.00/month - Free trial: Not available - Free demo: Available #### Overview Case Master Pro is a legal case management solution that helps law firms and debt collectors manage case files and accounting operations. It enables lawyers to store critical [Read more](/legal/case-master-pro-profile/) #### Features ##### Best rated features - Calendar Management: 5/5 - Partial Payments: 5/5 - Financial Management: 5/5 - Historical Reporting: 5/5 ##### Worst rated features - Search/Filter: 3/5 [See all features](/legal/case-master-pro-profile/#key-features) #### Pricing ##### Basic - Price: $50.00/month [See full pricing details](/legal/case-master-pro-profile/#pricing-and-plans) --- ### [CaseFleet](/legal/casefleet-profile/) - Overall rating: 4.7/5 - Reviews: 41 - Starting price: $40.00/month - Free trial: Available - Free demo: Not available #### Overview CaseFleet is cloud-based, legal case management software that helps users organize case facts, track deadlines and manage litigation and investigations. CaseFleet allows users to [Read more](/legal/casefleet-profile/) #### Features ##### Best rated features - Document Classification: 5/5 - Data Management: 5/5 - Full Text Extraction: 5/5 - Archiving & Retention: 5/5 [See all features](/legal/casefleet-profile/#key-features) #### Pricing ##### Starter - Price: $40.00/month - Annual and monthly billings. ##### Standard - Price: $100.00/month - Annual and monthly billings. ##### Enterprise - Price: Custom - Pricing available upon request - Contact the team for 20 or more users. [See full pricing details](/legal/casefleet-profile/#pricing-and-plans) --- ### [Actionstep Legal Accounting](/accounting/soluno-profile/) - Overall rating: 4.5/5 - Reviews: 104 - Starting price: $99.00/month - Best for: Time Tracking - Free trial: Not available - Free demo: Not available #### Overview Actionstep Legal Accounting is a cloud-based legal accounting and financial management solution designed specifically for midsize law firms. The platform brings together legal [Read more](/accounting/soluno-profile/) #### Features ##### Best rated features - Contact Management: 5/5 - Compliance Management: 5/5 - Access Controls/Permissions: 5/5 - SSL Security: 5/5 [See all features](/accounting/soluno-profile/#key-features) --- ### [BHL Insight](/legal/bhl-insight-profile/) - Overall rating: 4/5 - Reviews: 1 - Free trial: Not available - Free demo: Not available #### Overview BHL Insight is a cloud-based and on-premise legal management solution that helps law firms manage workflows, accounting operations and marketing activities. It enables users to [Read more](/legal/bhl-insight-profile/) --- ### [LawMaster](/legal/lawmaster-profile/) - Overall rating: 4.1/5 - Reviews: 12 - Starting price: A$220.00/month - Free trial: Not available - Free demo: Not available #### Overview LawMaster is a cloud-based solution that helps law firms of all sizes manage litigation cases, documents and more. It provides a matter management module, which enables lawyers to [Read more](/legal/lawmaster-profile/) #### Features ##### Best rated features - For Legal Professionals: 5/5 - Alerts/Notifications: 5/5 - Accounting: 5/5 - Access Controls/Permissions: 5/5 ##### Worst rated features - Task Management: 3/5 - Version Control: 3/5 [See all features](/legal/lawmaster-profile/#key-features) --- ### [Rocket Matter](/legal/rocket-matter-profile/) - Overall rating: 4.4/5 - Reviews: 211 - Starting price: $49.00/month - Best for: Customer support - Free trial: Available - Free demo: Not available #### Overview Rocket Matter is a cloud-based legal practice management solution designed to assist law firms in organizing their operations. It supports various practice areas such as family [Read more](/legal/rocket-matter-profile/) #### Features ##### Best rated features - Compliance Management: 5/5 - Activity Tracking: 5/5 - Billable & Non-Billable Hours: 5/5 - Deadline Management: 5/5 ##### Worst rated features - Automatic Billing: 1/5 - Case Management: 1/5 - Accounting: 3/5 - Access Controls/Permissions: 3/5 [See all features](/legal/rocket-matter-profile/#key-features) #### Pricing ##### Essentials - Price: $49.00/month ##### Pro - Price: $79.00/month ##### Premier - Price: $99.00/month [See full pricing details](/legal/rocket-matter-profile/#pricing-and-plans) --- ### [Xero](/accounting/xero-profile/) - Overall rating: 4.4/5 - Reviews: 3,335 - Starting price: $25.00/month - Best for: Mid-size businesses - Free trial: Available - Free demo: Not available #### Overview Xero is a cloud-based accounting platform designed to assist small and midsize businesses with financial operations management, financial visibility and business performance [Read more](/accounting/xero-profile/) ##### What users love - Streamlined accounting for businesses - Automated and flexible invoicing - Intuitive and user-friendly design ##### To take in mind - Slow and limited customer assistance - Expensive for growing businesses - Limited and basic reporting options #### Features ##### Best rated features - Cross Ledger Posting: 5/5 - Status Tracking: 5/5 - Order Tracking: 5/5 - Credit Card Processing: 5/5 ##### Worst rated features - Construction Breakdowns: 1/5 - Discount Management: 1/5 - Overpayment Processing: 1/5 [See all features](/accounting/xero-profile/#key-features) #### Pricing ##### Starter - Price: $25.00/month - An easy financial foundation - track cash flow with the essentials. ##### Standard - Price: $55.00/month - Go beyond the basics - automate tasks and access performance dashboards. ##### Premium - Price: $90.00/month - Future proof your scaling business - with advanced tools and analytics. [See full pricing details](/accounting/xero-profile/#pricing-and-plans) --- ### [Actionstep](/accounting/actionstep-profile/) - Overall rating: 4.2/5 - Reviews: 135 - Free trial: Not available - Free demo: Available #### Overview Actionstep is a cloud-based law firm management platform designed for midsize law firms that want to streamline operations, standardize legal workflows, and create a more connected [Read more](/accounting/actionstep-profile/) #### Features ##### Best rated features - Contract/License Management: 5/5 - Conflict Management: 5/5 - Document Automation: 5/5 - Customizable Fields: 5/5 ##### Worst rated features - Recurring/Subscription Billing: 2/5 - Customizable Templates: 2.5/5 - Email Management: 2.5/5 - Online Invoicing: 2.5/5 [See all features](/accounting/actionstep-profile/#key-features) #### Pricing ##### Practice Management - Price: Custom - Pricing available upon request - An adaptable practice management platform to manage all the business, administration and legal work [See full pricing details](/accounting/actionstep-profile/#pricing-and-plans) --- 1 [2](https://www.softwareadvice.com/legal/trust-accounting-comparison/?__ai_markdown=true&page=2)[3](https://www.softwareadvice.com/legal/trust-accounting-comparison/?__ai_markdown=true&page=3) ## Popular Comparisons [ Xero vs QuickBooks Online ](https://www.softwareadvice.com/compare/2976-xero/vs/393202-QuickBooks-Online/)[ 8am MyCase vs Clio ](https://www.softwareadvice.com/legal/clio-legal-profile/vs/mycase/)[ LEAP vs TimeSolv Legal Billing ](https://www.softwareadvice.com/compare/20175-LEAP/vs/423485-TimeSolv-Legal-Billing/)[ Smokeball vs PracticePanther Legal Software ](https://www.softwareadvice.com/legal/paypanther-profile/vs/smokeball/)[ CARET Legal vs AbacusLaw ](https://www.softwareadvice.com/compare/21758-abacuslaw/vs/87569-CARET-Legal/)[ Rocket Matter vs CosmoLex ](https://www.softwareadvice.com/legal/cosmolex-profile/vs/rocket-matter/)[ Sage Intacct vs MYOB Business ](https://www.softwareadvice.com/accounting/intacct-accounting-profile/vs/myob-essentials/) ## Your Guide to Top Trust Accounting Software, September 2022 Software Advice uses reviews from real software users to highlight the top-rated Trust Accounting products in North America. [Learn how products are chosen](https://www.softwareadvice.com/legal-page/frontrunners-methodology/) #### Explore FrontRunners - [TrustBooks](https://www.softwareadvice.com/accounting/trustbooks-profile/) - [MyCase](https://www.softwareadvice.com/legal/mycase-profile/) - [Bill4Time](https://www.softwareadvice.com/legal/bill4time-profile/) - [BQE CORE Suite](https://www.softwareadvice.com/accounting/bqe-core-accounting-profile/) - [TimeSolv Legal Billing](https://www.softwareadvice.com/product/423485-TimeSolv-Legal-Billing/) - [Lawcus](https://www.softwareadvice.com/legal/lawcus-profile/) - [LeanLaw](https://www.softwareadvice.com/legal/leanlaw-profile/) - [CARET Legal](https://www.softwareadvice.com/legal/zola-suite-profile/) - [uLawPractice](https://www.softwareadvice.com/legal/ulawpractice-profile/) - [Rocket Matter](https://www.softwareadvice.com/legal/rocket-matter-profile/) - [Soluno](https://www.softwareadvice.com/accounting/soluno-profile/) - [Tabs3](https://www.softwareadvice.com/legal/tabs3-profile/) - [CosmoLex](https://www.softwareadvice.com/legal/cosmolex-profile/) - [CaseFox](https://www.softwareadvice.com/legal/casefox-profile/) - [PracticePanther Legal Software](https://www.softwareadvice.com/legal/paypanther-profile/) - [Zoho Books](https://www.softwareadvice.com/accounting/zoho-books-profile/) - [Clio](https://www.softwareadvice.com/legal/clio-legal-profile/) - [Xero](https://www.softwareadvice.com/accounting/xero-profile/) - [AbacusLaw](https://www.softwareadvice.com/legal/abacuslaw-profile/) - [QuickBooks Online](https://www.softwareadvice.com/product/393202-QuickBooks-Online/) “Usability” includes user ratings for Functionality and Ease of Use. “Customer Satisfaction” includes user ratings for Customer Support, Likelihood to Recommend and Value for Money. Reviews analysis period: The reviews analysis period spans two years and ends the 15th of the month prior to publication. ## Send me a copy of this list to my inbox ### Get a copy of this list with pricing info sent to your inbox so you can pick up where you left off when convenient to you. Trust accounting is a complex, niche field that spans the financial and legal industries. Dedicated software can make trust accounting easier to handle, but successful implementation requires an understanding of specifically how that software can help lawyers, accountants and other parties manage trust funds and the assets that those funds produce. This buyer’s guide will not only serve as a primer on what trust accounting _is_, but also explain what specific things software buyers should look out for if they’re in the market for a trust accounting system. Here’s what we’ll cover: [What Is Trust Accounting Software?](#WhatIsTrustAccountingSoftware) [What Is Legal Trust Accounting?](#WhatIsLegalTrustAccounting) [Common Features of Trust Accounting Software](#CommonFeaturesofTrustAccountingSoftware) [What Type of Buyer Are You?](#WhatTypeofBuyerAreYou) [Benefits and Potential Issues](#BenefitsandPotentialIssues) [Market Trends to Understand](#MarketTrendstoUnderstand) ## What Is Trust Accounting? In its largest sense, the term "trust accounting" refers to the financial management of trust accounts—accounts in which a trustee holds funds for some specific purpose. When talking about general trust accounting, though, we are more specifically referring to accounts created as a part of estate planning (the dispersal and management of a person's assets after their death). Adding to the confusion is the fact that this form of trust accounting, or "fiduciary accounting," has a counterpoint in the legal profession. Although legal firms are frequently involved in trust accounting for estate planning and other purposes, "legal trust accounting" refers to a different, separate practice. ## What Is Legal Trust Accounting? Lawyers create legal trust accounts for a few reasons, including: - They have been given advance fees (such as retainers) by clients - They are holding funds for clients in connection with payment of a settlement - They are holding client funds as a fiduciary for that client By law, these accounts must be separate from the lawyer's own personal or business account, making legal trust accounting an essential part of legal practice and ethics. In many cases, these trusts are eligible for the [IOLTA](http://www.iolta.org/what-is-iolta) (Interest on Lawyers Trust Accounts) program, which takes the interest from lawyers' trust accounts and uses it to provide legal aid on civil matters to low-income families and individuals. All 50 states currently have an IOLTA program. According to the program's website, "A lawyer who receives funds that belong to a client must place those funds in a trust account separate from the lawyer's own money. Client funds are deposited in an IOLTA account when the funds cannot otherwise earn enough income for the client to be more than the cost of securing that income. The client—and not the IOLTA program—receives the interest if the funds are large enough or will be held for a long enough period of time to generate net interest that is sufficient to allocate directly to the client." **One of the main features of legal trust accounting software is automated management and accounting of those IOLTA funds, making lawyers the primary customers of trust accounting software vendors.** The products we'll be discussing in this guide are specifically geared toward legal trust accounting, though we will be referring to it as "trust accounting" for simplicity's sake. ## Common Features of Trust Accounting Software Different trust accounting systems will have different features, depending in part on how integrated they are with a more robust suite of legal and/or accounting software. The most typical features are explained in the following chart. | Feature | Description | | --- | --- | | Financial reporting | Create financial statements tracking funds across multiple trust accounts. Lawyers must be able to produce a report showing how funds in a trust account are used. This also allows you to reconcile trust accounts every month and be audit-ready should the need arise. | | Billing and timekeeping | Almost all trust accounting software integrates with (or comes in a suite with) more generalized legal billing/timekeeping software that allows for easy creation of invoices and payment collection, while squaring those exchanges with trust accounts. | | Accounting integration | Some trust accounting software integrates with general legal accounting software, so all financial records are housed in the same database and trust accounts match up with overall financials. | | Client ledgers | Track the ledgers of multiple accounts for multiple clients, avoiding the mistake of commingling accounts. Organize by legal matter or client to customize according to your preference. | | IOLTA accounting | For accounts that qualify, track the interest accrued, make automatic payments into the program and make sure you are abiding by the IOLTA rules of your state. | | Trust account automation | Some systems will apply trust monies directly through automatic billing, keeping the accounts balanced without the need for manual transactions. | | Compliance | Many states have laws that regulate how attorneys can maintain lawyers' trust accounts. Software can help you make sure you follow all relevant local and national legislation. | | Accountant/bookkeeper access | Some trust accounting systems provide free account access for an external financial advisor, so that you can have your chosen expert double-check your compliance. | --- ## What Type of Buyer Are You? Although lawyers and law firms are the primary buyers of this type of software, they are not the only parties interested in legal trust accounting. Other buyers might include: bank trust departments, independent trust companies, accountants/CPAs, family offices, guardians, foundations and nonprofit organizations. However, most buyers will be lawyers and law firms, falling into one of the following three categories: - **Solo law practice.** These are practices with only one attorney, who may or may not also have an outside bookkeeper. More frequently, however, these attorneys will keep their own records, and thus, trust accounting software will be crucial to monitor any trust accounts and abide by all state and federal regulations. These buyers will most likely have a need for other [legal software](https://www.softwareadvice.com/legal/) functions, with trust accounting as part of a larger system. - **Small or midsize law firm.** These are practices with multiple lawyers, and most likely have an on-staff or outsourced accountant. [Legal billing software](https://www.softwareadvice.com/legal/billing-comparison/) will be of crucial importance for that accountant (or to the individual attorneys if there is no bookkeeper), and trust accounting software should be considered a vital component of that software suite. - **Large law firm.** These are firms with many partners and associates, and a full accounting team. They will require a robust software system that includes [billing](https://www.softwareadvice.com/legal/billing-comparison/), [case management](https://www.softwareadvice.com/legal/case-management-comparison/) and [legal document management](https://www.softwareadvice.com/category/722-document-management/). Trust accounting software, as one component of that system, will be extremely important, to make sure that the multiple trust accounts of various attorneys in the firm are maintained ethically, legally and accurately. ## Benefits and Potential Issues of Trust Accounting Software A trust accounting software system allows for easier, more automated management of attorneys' trust accounts. Though just a small part of running a law practice, trust accounts are nevertheless extremely important, and need to be properly handled. Trust accounting software can make this easier. Some benefits of using this software include: **Ethical and legal compliance.** Trust accounting software can help you make sure you follow all the rules of ethics and law surrounding trust accounts in your state. This will increase your accountability to your clients, to yourself and to the state bar. **Separation of accounts.** Software will let you keep track of multiple accounts so you don't run the risk of accidentally commingling client funds with your own accounts. **Increase client/audit readiness.** If your client asks for reports about their account, or if you should be audited, trust accounting software ensures that you have proper, thorough records of all transactions, including deposits, payments, interest etc. _An example of_ [CosmoLex](https://www.softwareadvice.com/legal/cosmolex-profile/) _trust accounting preventing an error_ However, an overreliance on software is always a danger. In the case of the legal profession, making a mistake with your software will not save you from potential ethics violations or legal repercussions. Be sure you aren't just blindly following the software, and that you are well-informed about local and federal regulations regarding legal trust accounting. The software will aid you in managing those trusts, but it does not replace your own required due diligence. ## Market Trends to Understand Here are some market trends you should consider as you select a product: **Cloud-Based Software.** Cloud-based systems are increasingly popular. They require less hardware than on-premises software as well as less IT knowledge, have lower upfront costs, and are more quickly implemented, making them a good choice for smaller firms/businesses, in particular. **Mobile functionality.** As with most software at the moment, trust accounting systems are beginning to add mobile functionality, allowing you to access your software from a phone or tablet. This is particularly beneficial to solo firms where you can't be constantly bound to the office. ### Related Trust Accounting Software - [Accounting Software](https://www.softwareadvice.com/accounting/) - [Accounting Practice Management Software](https://www.softwareadvice.com/accounting-practice-management/) - [Fund Accounting Software](https://www.softwareadvice.com/accounting/fund-accounting-software-comparison/) - [Investment Management Software](https://www.softwareadvice.com/investment-management/) - [Law Practice Management Software](https://www.softwareadvice.com/legal/law-practice-management-comparison/)