4 Common Trust Accounting Errors and How to Avoid Them

CosmoLex Team

Trust Accounting Errors

Trust accounts allow lawyers to charge retainer fees, giving them peace of mind that clients can pay their bills—and as such, most lawyers will use trust accounts at some point in their careers. Yet even though trust accounts are commonly used, adhering to all the proper bookkeeping protocols is a complex process, rife with compliance pitfalls. Moreover, errors in trust … Read More

As a lawyer, what should I do if I make a trust accounting mistake?

CosmoLex Team

Making a trust accounting mistake can lead to serious repercussions for lawyers, but proper handling is critical in order to avoid sanctions. If there has been a small error, correct the issue as soon as it is noticed. Delays in fixing known errors can be interpreted as failure to properly manage the trust account. For larger concerns, you can reach … Read More