Tech Tip #217: Understanding Uncleared and Unclaimed Trust Funds


Handling trust accounts and managing client funds can result in several challenges. If not handled correctly, these challenges can lead to compliance issues, bookkeeping headaches, and financial implications for the law firm. Becoming more familiar with these situations, and understanding how to manage uncleared and unclaimed trust funds is incredibly important for a law firm. Learn more about managing uncleared … Read More

How Credit Card Merchant Fees Are Affecting Your Trust Account


Accepting credit cards as a payment method requires special considerations when it comes to law firms, particularly when a payment is for a trust account deposit. Trust accounts inherently come with extensive rules and requirements in order to protect client funds. To properly process these trust account deposits and stay compliant, the issue of how to handle credit card merchant … Read More

Managing Uncleared and Unclaimed Trust Funds


As part of the handling of trust accounts, lawyers are required to properly manage client funds, including making payments on their behalf and returning money as needed. But what happens when a client can’t be found or a transaction never clears? Dealing with these situations correctly is essential for ethical and compliant trust account management. Not dealing with these challenges … Read More

CosmoLex: The #1 QuickBooks Alternative for Law Firms


While no two law firms are the same, many of their needs are nearly identical regardless of size, location, type of law practiced, etc. After over a decade of working closely with solo and small practice attorneys, the experts at CosmoLex have identified key areas that each law practice must vigilantly maintain in order to be successful, and have tailored … Read More

The Basics of Client Retainer Management for Lawyers

In the complex world of legal practice, firms often view client retainers as guaranteed payment that can secure positive cash flow for their business. However, in order for client retainers to function successfully, they must be appropriately managed, as the associated operational and compliance implications have the potential to become detrimental to the firm. To most effectively meet the specific … Read More

Tech Tip #212: What to Consider When Switching Banks for Trust Accounts (Part 2)


Changing trust bank accounts is an involved process. When moving such accounts, it is important to follow specific trust accounting rules to ensure all money is accounted for and the bookkeeping is properly updated.  Protect client funds properly by considering these tips when switching banks for trust accounts. Ready to make the switch?Start a 10-day Free Trial of CosmoLexTry For … Read More

How to Prepare for Changes to Your Trust Account: Part 2


In our last post on How to Prepare for Changes to You Trust Account we introduced you how to begin the process of switching your trust funds from one bank to another while staying compliant. Today, we look at some final considerations, such as legal trust accounting software, which can have an effect on keeping your law firm compliant when … Read More

Tech Tip #208: Compliance Rules Can Make or Break Your Law Firm

Compliance Rules Can Make or Break Your Law Firm

Since states have their own compliance requirements for items like handling unclaimed funds and operating versus trust retainers, you must be aware of and follow your particular jurisdiction’s rules and regulations. Even better, your firm should find practice management solutions that take your jurisdiction’s rules and regulations into account. Learn more about the do’s and don’ts of trust accounting to remain compliant.  … Read More

10 Dos & Don’ts of Legal Trust Accounting

Since attorneys often handle client trust accounts, legal trust accounting must be fully understood and properly implemented. Unfortunately, many firms lack the expertise and tools necessary, and a large percentage of disbarments and disciplinary actions arise out of client trust fund mismanagement. While this may sound disheartening, there are steps you can take now to make sure you and your firm are … Read More

How to Prepare for Changes to Your Trust Account: Part 1


The decision to switch banks requires careful evaluation and planning for any business, but the unique requirements laws firms face makes proper preparation even more important. Trust accounts are a common part of banking for lawyers and the strict rules and regulations surrounding them require special considerations. Planning ahead ensures compliance as well as accuracy during the transition. Firms change … Read More