uLawPractice Blog

Lawyers: accounting lingo shouldn't be feared!

Posted by uLaw Editorial Team on Nov 29, 2017 7:09:00 AM

Lawyers and paralegals have spent years of their lives learning a highly specialized body of knowledge, a whole different language, used to deal with complicated abstract topics few people outside of the profession could ever even begin to understand.

But despite having spent all this time mastering legalese, our team has noticed many lawyers and paralegals have developed an aversion to words found within the vocabulary of accountants--even basic words.

This doesn't make any sense. Lawyers, legal assistants and paralegals succeed because of their ability to comprehend words and work with them on a daily and hourly basis: at the end of the day, it's all LINGO.

Accounting is not a thing that must be feared. And while it's true a lawyer can get disbarred if their accounting isn't done properly, it doesn't mean the concepts are too difficult to grasp! In this video we look at two basic components of accounting, debit and credit, and we break them down into Withdrawals and Deposits.

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Topics: lingo, debit, credit, accounting