The Attorney and Certified Public accountant (CPA) dual licensing is a rare combinationand creates a unique advantage because of the additional training and education. Attorneys that are dually licensed provide unparalleled benefits with their services because they are uniquely capable of providing perspectives on matters that require a diverse arsenal of professional training. The fields of law and accounting/business overlap extensively, including transactional tax matters, estate planning and other areas of law in which complex legal and financial principles interlink. The financial concepts can be highly complex and can be difficult to explain to those who are not familiar with the intricacies of the accounting profession. While some lawyers have taken courses on tax or estate law, their education is generally not deep enough to have a full understanding of finance or accounting. A CPA that obtains a law degree and practices law has a distinct advantage over the majority of attorneys whenever accounting issues arise.
Furthermore, Attorneys and CPAs each approach problems from unique perspectives. A dual-licensed professional is able to combine those distinct analytical approaches to ensure they understand all aspects of a matter and avoid blind spots while problem-solving legal issues. Attorney-CPAs also may be able to pinpoint potential legal risks that result from accounting positions or, vice versa, accounting/financial risks that may arise from legal positions.
Clients often need an accountant and lawyer present during business or estate planning meetings which can potentially create conflict between the two professionals. A dual licensed Attorney has the ability to understand the numbers as well as the legalities associated with estate planning to help clients and avoid conflict. This helps streamline the planning process and eases the burden on clients who know that they will have all their bases covered.
Lastly, Continuing education demands for each license sets Attorney-CPAs apart from other professionals in their industry because they are most likely to be on top of recent developments in their industries. Attorney-CPAs have an understanding of accounting, business and law; therefore, clients do not have to spend needless time explaining financials or accounting concepts. As a result, you can save time and money by hiring a dually-licensed Attorney-CPA who can handle multiple issues simultaneously, such as estate planning, tax law, tax planning, tax or accounting issues and legal analysis of business decisions.At Leeson & Leeson, the managing attorney, Joseph F. Leeson, III, is one of the few Attorney-CPAs in the Lehigh Valley. Contact our firm at (610) 691-3320 or by email to set up a consultation to get a dual perspective analysis of your legal matters.