24 05
For many small law firms and law firms just starting out, limited resources are a major hurdle that needs to be cleared. Most often, carrying out administrative tasks is the most affected area of a practice. Think about it, most small and new firms have the legal expertise in place to be successful, that’s why […]
23 05
Most lawyers manage funds from multiple clients at any given time. It’s great to have retainers and funds on hand for work you have yet to complete, but managing these funds can be challenging. It is extremely important that your firm always makes sure that one client’s funds do not mix with that of another. […]
18 05
In most contingency cases (and in many non-contingency cases), throughout the duration of a case you will accumulate lien claims. It is important that your firm track these claims to make it easy on yourself once it comes time to create settlement or disbursement statements. As your client’s fiduciary, it is your responsibility to address […]
16 05
It’s no secret that there are many laws and regulations associated with how your firm manages trust accounts. Depending on your jurisdiction you may be required to perform a 3-way reconciliation every 30, 60, or 90 days. But is that really enough? The truth is your firm should be reconciling all accounts daily to ensure […]
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 […]
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