What is the right process for taking money out of a trust account?

CosmoLex Team

Trust accounts are client money held in trust by a lawyer or law firm. Even though the money isn’t being held in a bank account that the client has access to, it’s still the client’s money—and must be treated that way. Types of trust accounts The money in a trust account belongs to the client, including the interest. But in … Read More

How can I close my retainer cases faster?

CosmoLex Team

While it’s easy to think that closing retainer cases faster will result in earning more, ask yourself what the next step is—bringing in new cases, right? But you don’t need to hustle current cases to a close to bring in new clients. So instead of focusing your energy on wrapping things up as quickly as possible, work to build a … Read More

Top 5 Tips for Trust Accounting Success (9:26)

CosmoLex Team

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Trust Compliance Sample Reports

CosmoLex Team

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How can we prevent fraud with our trust accounting?

CosmoLex Team

It’s easy to think fraud won’t happen to you – until it does. Fraud occurs in a variety of ways, but it boils down to someone using deception to illegally take someone else’s assets. Trust account fraud is especially concerning for lawyers. Not only are attorneys personally liable for any money that goes missing from a trust account, but they … Read More

What trust accounting records should my law firm be keeping?

CosmoLex Team

Trust account record requirements vary by State Bar, but all records help keep you compliant. Why? Because the funds in a trust account don’t belong to you, but you’re responsible for keeping track of every cent, including interest.[1] Bank Ledger and Records Like a highly detailed bank account statement, this ledger notes the when, how much, and why of all … Read More