11 05
If your firm is managing a client trust fund and it has $4,567.78 in it, by the time you finish the relationship with the client you better have paid out $4,567.78 from that trust. When it comes to client trust funds it is imperative that nothing be left behind. Failure to pay out all funds […]
9 05
Lien claims are a common part of many legal settlements. It is also common for third-party lien holders to negotiate the cost of these claims down. As an attorney, when you receive these lien claims over the duration of a case, it is important to record both the original and negotiated amount of the claim. […]
4 05
A lot goes into client trust fund accounting. Unfortunately, for lawyers, there are few attorneys out there who understand what that is. From maintaining a positive balance, when to claim funds as the firms, what fees can be deposited, and the commingling of client funds, there is a lot to understand. It ultimately falls on […]
3 05
There aren’t too many attorneys out there who enjoy trust accounting. Come to think of it, outside of accountants you’d be hard pressed to find anyone who genuinely enjoys any type of accounting. Most attorneys certainly are not accountants, so they naturally aren’t trust accounting experts. Unfortunately, many accountants aren’t aware of the legal-specific regulations […]
2 05
Attorneys will stare down murderers and criminals in a courtroom without fear, but if a client wants to pay their bill with a credit card you might see them start to sweat. Credit card payments are widely accepted across most of the world, but the legal specific requirements related to accounting can scare attorneys away […]
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