Paradigm Announces Acquisition of Legal Accounting Software TrustBooks
Press Releases — Feb 17, 2022
Partnering with Founders
NEW YORK, NY – Paradigm, a market-leading provider of legal practice management and payments software, today announced its acquisition of TrustBooks, a cloud-based accounting software built specifically for law firms. Trustbooks is the latest addition to Paradigm’s suite of software solutions which include the legal practice management platforms PracticePanther, Bill4Time, and MerusCase as well as Paradigm’s native payment solution, powered by Headnote. TrustBooks Co-founders, Tom Boyle and Chad Todd join Paradigm as the Co-General Managers of TrustBooks.
“We are overjoyed to be adding a full accounting solution to our suite of products with the acquisition of TrustBooks,” said Soumya Nettimi, CEO of Paradigm. “As more law firms turn towards technology to power their practices, the ability to take control of billing, and now accounting, in-house with simple and intuitive software is a massive time and money-saver for our customers.”
Launched in 2015, TrustBooks was created to simplify the legal trust accounting process for non-accountants and empower attorneys to handle their books while staying compliant with their State Bar through three-way reconciliation. TrustBooks’ easy-to-use platform provides users the ability to do all of their accounting, including operating and trust, in one place.
“When you take away the fear and time commitment out of trust accounting, attorneys build confidence that lets them feel like they can worry less, and spend more time being billable,” said Tom Boyle. “This is what sets TrustBooks apart, and we could not be more excited about the opportunity to scale our accounting solution to the legal community through our partnership with Paradigm.”
The TrustBooks acquisition enables Paradigm to further serve the legal industry by providing law firms with an attorney-friendly solution that tracks all activity related to clients’ trust accounts and automatically maintains their ledgers for instant visibility. Its built-in controls help users maintain compliance and limit mistakes.
“We set out to create a solution that not only addressed major points facing law firms today, but also contained intuitive workflows and used terminology that lawyers could actually understand,” said Chad Todd. “What we have here is truly one-of-a-kind. With Paradigm, we look forward to showing a new wave of lawyers just how easy trust accounting can really be.”
This acquisition comes at a time of major momentum for Paradigm which recently announced the expansion of its leadership team as well as a strategic growth investment from leading global investment firm, Francisco Partners.
Paradigm offers a suite of legal software solutions to help lawyers manage, automate and grow their firms. With three world-class legal practice management platforms — PracticePanther, Bill4Time, and MerusCase – in addition to payments and accounting solutions powered by Headnote and TrustBooks, Paradigm empowers lawyers across the spectrum of practice area, geography, and business needs. At Paradigm, we are fast-paced, ambitious and unified by a common vision to build the best legal technology products in the world.