Professional Services
Joint Engagement — Revenue Sharing Between Firms
Recording the firm's share of revenue on a joint mandate where two firms collaborate and split fees.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Accounts Receivable (Joint Engagement Share) | Asset (+) | 30,000.00 | - |
| Payable to Co-Firm (Their Share) | Liability (+) | - | 15,000.00 |
| Professional Fee Revenue (Own Share) | Revenue (+) | - | 15,000.00 |
💡 Accountant's Note
Where two firms handle a mandate jointly (e.g., legal co-counsel), the lead firm invoices the client for the full amount and remits the other firm's share. Only the lead firm's own revenue share is recognized as income — the co-firm's share is a liability.
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