Do you trust yourself with trust accounting?
When you graduate from law school, your primary focus is usually on passing the bar and, if successful, practicing law. Bill collecting doesn’t usually factor into this equation, and maintaining a trust account is also not likely to be at the forefront of your plans for the future.
However, properly maintaining a trust account is integral to your practice, and could affect your law license! If you’re accepting advance payments from your clients, or receiving money on their behalf, you will need to maintain a trust account. What’s more, you will need to maintain a compliant trust account.
State bars are not shy about enforcing their rules concerning trust account violations; it’s not difficult to find examples in your state of attorneys who have been formally disciplined or even disbarred due to such violations. If one of your goals is to keep your name away from your bar’s sanctions list (I would hope so), it is imperative that you properly manage your trust account in compliance with your local state bar.
All of this might sound a little scary, but don’t panic—there are tools available to help you and to ease you into trust accounting. Practicing attorneys and soon-to-be-attorneys alike might have some concept of what a trust account is, and that they need one, but how the heck do you actually go about setting one up? This e-book, A Complete Guide to Trust Accounts, from TrustBooks and LawPay, provides you with a complete step-by-step outline of what you need to do to open and operate your own trust account, from choosing a bank to developing proper trust account management procedures.
Whether it’s questions on trust account recordkeeping or deposits and payment, this e-book has you covered. You can do this!