Tech Tip #148: Lawyers Need To Understand Which Funds Belong Where
An attorney managing their own law firm deal with many different funds. It’s important to differentiate between funds that belong in trust-like retainers and settlements, versus funds that don’t, like funds used to pay operating expenses and any realized income. Failing to differentiate between these different funds and place them in the appropriate accounts can result in ethics violations and harsh penalties. Learn more about the Do’s and Dont’s of Legal Trust Accounting.