Tech Tip #95-Irrespective of Where You Keep Your Client Funds, Keep Them Separate
It’s not secret that lawyers utilize retainers to maintain positive cash flow for their firm. In most jurisdictions, all client funds must be kept in trust accounts, but in few jurisdictions, such as NJ, NY, client advances may be kept in operating accounts. Regardless of whether your firm keeps client funds in an operating or trust account, you must make sure one client’s funds do not mingle with another’s. Learn more.