Trust account regulations may vary from state to state, but they all have one thing on common: get it wrong and you could lose your practice. In fact trust account violations are one of the leading sources of attorney ethics charges and disbarment proceedings.
Despite the danger, too many law firms depend on clumsy manual methods or generic spreadsheet or general use accounting software. Use of such methods for trust accounting is inefficient, time consuming and dangerous as these are prone to human error. Most trust violations are not deliberate fraud, but rather simple bookkeeping mistakes that could be avoided with the right software. Finally these inefficient methods make it difficult to generate three-way reconciliations and other reports required by state trust regulations.
Virtually all legal practice areas include trust management, some fields more than others. Whether your firm handles family law, personal injury, estate planning, bankruptcy, collection or any other field, you need specialized time and billing software for lawyers that includes the tools you need for trust management regulatory compliance.
CosmoLex legal trust accounting software is the legal practice management software your practice needs. It not only streamlines your billing and operations, but provides essential trust management features so you can rest easy without worrying about audits or inadvertent bookkeeping errors.