How Law Firms Should
Manage Client Retainers


When it comes to legal accounting it is important to understand that not all funds are the same. Attorneys deal with two major types of bank accounts: operating accounts and trust accounts.

In most situations operating accounts contain funds that belong to the firm. This means all of the funds in this operating account have been earned by the firm in some fashion, and recognized as income after all other liabilities have been paid and accounted for.

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