Category: Trust Accounting

Managing client funds accurately and in compliance with professional conduct rules is one of the most consequential operational responsibilities a law firm carries. Get it right and it runs quietly in the background, a process that supports the practice without drama. Get it wrong and the consequences range from regulatory investigation to financial penalties to  … Read more

Trust accounting is one among the basic ethical and monetary responsibilities in every law firm; it simply means a management of clients’ funds owned by them but on trust held to the law firm: usually retainers, settlements, or other types of fiduciary relationships. Proper trust accounting is important from both a relationship-building perspective, in terms  … Read more