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Tech Tip #161: Put Client Funds Where They Belong

Managing Client Funds

As an attorney, you’re in possession of many different types of funds. You are also often possessing the fiduciary responsibility associated with those different types of funds, even when they technically are not yours. Make sure you understand and work inside a legal accounting system that ensures settlement funds, unearned income, and advances are all […]

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The Do’s and Don’ts of Handling Client Funds

Handling Client Funds

Like any valuable asset entrusted to your care, handling client funds demands a great deal of responsibility and attention to detail. Before establishing a system to adequately manage such funds, however, your firm must first fully understand legal accounting, an element that many practices often neglect. While some attorneys may consider accounting outside their realm […]

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Tech Tip #156: Be Aware of Your Jurisdiction’s Compliance Guidelines

Jurisdiction Compliance Challenges

Depending on what state you are practicing law, your practice will be subject to different rules, regulations, and audit programs. Many CPAs and bookkeepers are unfamiliar with some of the specific accounting rules and regulations that affect attorneys. It’s up to you to make sure that your firm utilizes legal accounting solutions that take your […]

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Top 10 Compliance Challenges For Law Firms

Compliance Challenges Regulations

While the need for a law firm to remain compliant may sound like a no-brainer, any attorney can tell you that the actual processes and protocols involved are a bit more complicated. And when it comes to Trust Accounting (also known as Escrow Accounting or IOLTA Accounting), individual state requirements and compliance are of the […]

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Tech Tip #148: Lawyers Need To Understand Which Funds Belong Where

Tech Tips Know Your Funds

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 […]

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