Each year, the State Bar of California’ Office of Chief Trial Counsel, the bar’s prosecution unit, receives over 2,000 reports of bounced checks from banks holding law firm trust accounts. Some of these may be innocent error, but the public is also reading high profile articles about trust account abuse. To add to the complexity, some law firms experience the opposite problem, having too much money in their trust accounts.
A lawyer’s responsibility to hold client funds separate from their own seems simple in principle, but with strict rules surrounding trust accounts, many lawyers run into challenges with maintaining their accounts correctly. From documenting deposits and disbursements to handling varied payment methods by clients, trust accounting remains a compliance minefield that can be difficult to navigate for law firms.
Is your law firm at risk of committing trust account errors? In Better Trust Accounting, you will learn how to avoid trust accounting mistakes while simultaneously improving your firm’s billing process.
- The rules for managing trust accounts
- Differences between general bookkeeping & legal accounting
- How to reconcile trust accounts
- How technology can help automate ethical trust account record keeping
Please note: this is a non CLE session.
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