A capital account per partner, profit shared at case level, pools and distributions, advances and withdrawals through approval, and meetings and resolutions with their votes.
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The hardest conversation in any law firm is the one about money between partners. In most practices it is settled with a spreadsheet one person maintains, a set of figures nobody else can reproduce, and a meeting where everyone is asked to trust the arithmetic.
LexPro keeps the partnership’s accounts the way they deserve to be kept: capital accounts per partner, profit pools that are allocated and distributed on record, advances and withdrawals that pass through approval, and meetings and resolutions with their votes written down. Every figure can be traced back to the entry that produced it.
Each partner has a real account, not a line in a sheet: ownership percentage, capital contributed, partnership type, management role, joining date and effective date. Against it sits the capital balance, total equity value and lifetime earnings.
The balance is broken down the way a partner actually thinks about it — what is available, what is reserved, what has been withdrawn and what is pending — and the capital ledger behind it shows every movement that got there.
Profit sharing is recorded per case, so a matter brought by one partner and worked by another is split as the firm agreed, on the matter itself. Nobody has to reconstruct who was entitled to what at the end of the year.
Profit moves through a sequence that can be audited at each step: it enters a profit pool, is allocated between partners, and is then distributed. Adjustments and reservations are recorded as their own entries rather than quietly changing a number, and firms with more than one office can account for branch profit separately.
A partner advance is recorded with its repayments tracked against it. A withdrawal is a request that passes through a configured approval chain, and every step of that chain is logged — who approved, who declined, and when. The answer to “who authorised this payment?” is in the system, not in anyone’s recollection.
Partner meetings carry their agenda items, their minutes and the votes taken on each. What was decided, by what majority, is recorded at the time rather than reconstructed afterwards from memory or a group chat.
Formal resolutions are put to the partners and voted on in the system, with each partner’s vote recorded against the resolution. Partners can also be asked to acknowledge a matter formally, and the acknowledgement is kept.
Each partner can be given a statement of their account and a profit statement, exportable for their own records or their accountant. The firm has a distribution report showing what went where, and reports covering reserved funds and branch profit.
Partners have their own portal, so a partner can see their capital account, their earnings and their distributions without asking the finance team to produce a figure.
Partnership movements are kept as journal entries with their lines, which is to say the accounts balance in the way an auditor expects. A partner audit log records the changes made, so a historical figure can always be explained — including how ownership percentages have changed over time.
Every module works with the rest of the system: data is entered once and appears wherever you need it, with no duplication.
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