Trust accounting: it’s not fun, but accurately and ethically maintaining trust accounts is a necessity for lawyers. And like many of the other topics we cover in our ebook, The Pocket Guide To Launching Your Law Firm, it’s not something you’re typically taught in law school.
Sure you learn about ethics and the importance of keeping unearned fees separate from earned fees, but the practicalities of accomplishing that task are rarely discussed in depth. Instead, you’re left to your own devices and have to try to figure things out on your own once you hang your shingle.
It can be a daunting task. After all, if you make a mistake, you could be facing an ethics violation. So it’s important to understand how to ethically maintain your law firm’s trust accounts and which procedures to implement in order to keep your firm in compliance with ethics regulations.
That’s where the latest ebook chapter, Trust Accounting Basics, comes in. In it, you’ll learn everything you need to know from law practice management expert Peggy Gruenke about managing your law firm’s trust accounts. This chapter covers a vast array of necessary information–from how avoid commingling funds and safeguarding unearned funds to common mistakes lawyers make with trust accounts.