Settlement Accountant at Herman Law in Deerfield Beach, Florida

Settlement Accountant

The Settlement Accountant is responsible for managing the financial aspects of legal settlements across the Firm's multi-jurisdictional practice, ensuring accurate trust accounting, timely disbursement of settlement funds, and compliance with Firm policies, state bar rules, and internal controls. This role works closely with legal teams, the settlement department, the Director of Legal Funding, and the Financial Operations Manager to process deposits, generate invoices, prepare distribution packages, and facilitate the end-to-end settlement disbursement cycle. The Settlement Accountant does not reconcile trust bank accounts; that function is performed by the Financial Reporting & Analytics Manager as a required segregation of duties control.

Settlement Deposit Processing

• Receive settlement checks forwarded by general office personnel on the same business day of receipt. General office personnel log all incoming checks; the Settlement Accountant is responsible for all subsequent processing
• Scan the check and all accompanying documentation; forward the scanned package to the responsible attorney for deposit approval before processing
• Upon receipt of attorney deposit approval, deposit checks in the appropriate IOLTA trust account via remote capture device. The Firm maintains eight trust accounts: Florida (two accounts), New Jersey, California, New York, Massachusetts, and a combined Maryland/Pennsylvania IOLTA account. The appropriate account is determined by the jurisdiction of the matter
• Post all deposits in the QuickBooks Trust database on the date of deposit. Maintain detailed digital and physical records of all settlement deposits including matter number, payor, amount, account, and date

Client Cost Statements & Fee Invoicing

• Prepare detailed client cost listings and cost statements as requested by legal teams
• Create fee invoices based on settlement data received from the Settlements Department. Each fee invoice must be cross-referenced to (i) the executed settlement agreement confirming the total settlement amount, and (ii) the client's Contingent Fee Retainer Agreement confirming the applicable fee percentage. Fee invoices are submitted to the CFO for review and approval before delivery
• Ensure all invoices are accurate, complete, and issued in a timely manner

Distribution Statement Preparation & Disbursement

• Prepare Distribution Statements in coordination with the Settlements Department and legal team. Distribution Statements must include the client's and attorney's signatures before any disbursement may be processed
• No check may be pulled, printed, signed, or released until a fully executed Distribution Statement is in the possession of the Accounting Department. The disbursement date must not precede the date of the fully executed Distribution Statement
• The total settlement amount must be expressly stated in the executed release agreement; amounts referenced only in email or informal correspondence are not accepted as sufficient documentation
• Upon receipt of CFO financial authorization and the fully executed Distribution Statement, provide the client trust ledger to the Director of Legal Funding to initiate the check pull and logging process
• Coordinate delivery of Distribution Statements to clients and all required parties via DocuSign
• Ensure adherence to all legal and Firm policies throughout the disbursement process

Post-Disbursement Recordkeeping

• Upon completion of the full disbursement cycle, scan the entire physical package - including the Settlement Preparation Worksheet, Distribution Statement, fee invoice, all supporting documentation, and check copies - and save the complete digital package to the matter record in Neos
• Maintain accurate and complete records of all settlement activity in accordance with Firm policy and applicable state bar rules. Trust account records are retained for a minimum of seven years or per applicable bar rules, whichever is longer

Monitoring & Liaison

• Track and monitor the status of all ongoing legal settlements across all active jurisdictions
• Act as the Accounting Department liaison with legal teams and the Settlements Department to ensure the distribution process is accurate, timely, and compliant
• Coordinate with the Director of Legal Funding to obtain lien clearance confirmation prior to initiating holdback releases; coordinate with the Settlement & Insurance Assistant Manager on file closure status

Holdback Monitoring & File Closure

• Track all open holdback periods by jurisdiction: Florida, New York, Massachusetts, Maryland, and Pennsylvania files carry a 90-day cost retention period from receipt of funds; California files carry a 45-day cost retention period; New Jersey files carry no holdback
• Upon expiration of the applicable holdback period, obtain lien clearance confirmation from the Director of Legal Funding and notify the Settlement & Insurance Assistant Manager that the holdback release is ready for processing. Initiate the release of retained funds through the standard disbursement approval process once all obligations are confirmed satisfied
• Maintain records of holdback status and final disbursement completion for each matter; update the matter record in Neos accordingly upon final file closure

General Accounting Support

• Process and generate new settlement invoices as directed by the Financial Operations Manager
• Perform other accounting duties as requested by the Financial Operations Manager or CFO

Qualifications & Education

• Bachelor's degree in accounting, Finance, or a related field required. Minimum of two years of progressive accounting experience; law firm experience strongly preferred. Familiarity with IOLTA trust accounting practices and multi-jurisdictional settlement disbursement processes a significant plus.

Skills and Abilities

• Proficiency with accounting software and Microsoft Office Suite; QuickBooks Online experience preferred. Strong analytical and organizational skills with a high degree of accuracy. Excellent communication and interpersonal skills; ability to work effectively with legal and administrative teams. Ability to handle confidential client and financial information with discretion. Detail-oriented and able to manage multiple tasks within established deadlines across multiple jurisdictions.