Legal General Financial Statement

A legal general financial statement can be defined as a report of financial accounts pertaining to a legal firm. This financial statement can be put to various uses like comparing profit and loss over a period of certain years, evaluating earnings for various sectors of an industry or just to make a stand-alone record of the accounts of a financial year. Based on the purpose, the layout of the statement can vary a bit. Irrespective of the layout, these statements, being very useful official documents, must always be constructed by professionals. The figures should be accurately put so as to derive meaningful conclusions.

Sample Legal General Financial Statement

The below is the General Financial Statement for XYZ Legal Consultancy firm for the year ending on 31st March, 2012

Income Statement 

Category of Income – General advisory fee (Individual client – domestic cases)

Name of the client Short description of case Consulting lawyer Hours of consultancy

 

Rate per hour

 

Charge

 

Samuel George Mutation of ancestral property Mr. Brian Charles 10

 

$10

 

$100

 

Fredrick Andrew Divorce with wife

 

Miss Julie D’Souza 15 $15

 

$225

 

Susan Hope Dispute with tenant Miss Julie D’Souza 12

 

$15

 

$180

 

Category of Income – General advisory fee (Individual client – criminal cases)

Name of the client Short description of case Consulting lawyer Hours of consultancy

 

Rate per hour

 

Charge

 

Lois Philip Homicide Mr. John Stewart 50

 

$50

 

$2500

 

Genelia Agnes Road accident Mr. Alex Hughes 60 $75

 

$4500

 

 

Category of Income – General advisory fee (Commercial client – business cases)

Name of the client Short description of case Consulting lawyer Hours of consultancy

 

Rate per hour

 

Charge

 

ABC Paper Industries Ltd. Imitation of brand logo by a competing brand Mr. Brian Charles 10

 

$100

 

$100

 

Expense Statement

Type of Expense

 

Unit Cost

(per annum)

No. of Unit

 

Total Amount

 

Lawyer – Category 1 $500 5 $2500
Lawyer – Category 2 $600 3 $1800
Equipments – CD $5 50 $250
Equipments – Laser Print $2 500 $1000
Travel $200 5 $1000