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Tech Tip #133: Never Mix Client Funds

Trust Accounting

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. This is called commingling and it is strictly prohibited.This is a common mistake when funds from clients are kept in a single account without adequate records. CosmoLex has a simple solution to keeping your trust (IOLTA) accounts current and compliant

Notebook

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CosmoLex is cloud-based law practice management software that integrates trust & business accounting, time tracking, billing, email & document management, and tasks & calendaring, in a single application.
+1 866-878-6798
1100 Cornwall Road, Suite 215, Monmouth Junction, NJ 08852

CosmoLex is part of ProfitSolv, a collection of best-in-class software solutions for professional services firms, allowing the freedom for growth and innovation. Using a product-centric and customer-first approach, ProfitSolv collaborates with firms to offer better client services.

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