Trust Accounting in One Hour for Lawyers

by M. Blackford

Overview

One of the top reasons lawyers are disciplined or even disbarred is trust accounting done badly or ignored. Don't become part of that statistic!

Trust accounting is one area that no one can afford to overlook, but busy lawyers don't have time or resources to waste. Lawyers who are leaving their law firms to establish their own solo practice or small firm need this simple primer to fulfill their ethical and fiduciary responsibilities to safeguard the money belonging to their clients. Trust Accounting in One Hour for Lawyers is a practical how-to book that will guide you quickly from opening your lawyer trust account to properly using it and providing accurate, timely accountings to your clients. In this book, author Sheila M. Blackford, an experienced practice management advisor, shares common sense advice to help busy lawyers and their staff safely and sanely adopt best practices and avoid ethical violations.

Product Details

ISBN-13:	9781634257398
Publisher:	American Bar Association
Publication date:	11/07/2017
Pages:	112
Product dimensions:	6.90(w) x 8.50(h) x 0.40(d)

About the Author

Sheila Blackford is an attorney offering Oregon attorneys support in resolving conflicts with another attorney or their law firm by providing facilitation, mediation, and arbitration services through her business Oregon Wise Counsel. Previously she was a practice management attorney (PMA) for the Oregon State Bar Professional Liability Fund since 2005, providing confidential practice management assistance to Oregon attorneys to reduce their risk of malpractice claims and ethics complaints. She is the former Editor-in-Chief of Law Practice, published by the ABA Law Practice Division and is the author of Trust Accounting for Lawyers in One Hour, co-author of Paperless in One Hour For Lawyers and a contributing author to the Flying Solo, 5th Edition both published by the ABA Law Practice Management Division and is a contributing author to the Fee Agreement Compendium published by the Oregon State Bar.

Table of Contents

About the Author v

Acknowledgments vii

Introduction: Getting Started ix

The Lessons

Lesson 1 Ethical Obligations 1

Lesson 2 Safeguarding Property 15

Lesson 3 Selecting Your Trust Account 27

Lesson 4 Understanding the IOLTA Program 37

Lesson 5 Accounting Basics 43

Lesson 6 Technology for Trust Accounting 55

Lesson 7 Managing Your Trust Account 67

Lesson 8 Balancing Your Trust Account 91

Lesson 9 Providing Reports to Clients and Third Parties 99

Lesson 10 Closing Your Trust Account 107

Beyond the Lessons Guiding Rules and Concepts 111

Conclusion 129

Resources 131

Appendices

Appendix A ABA Model Rules for Professional Conduct 133

Appendix B Federation Model Code of Professional Conduct 137

Appendix C ABA Model Rules for Client Trust Account Records 141

Appendix D Sample Chart of Accounts for Law Firms 147

Appendix E Sample Client Ledger or Transaction Report 153

Appendix F Sample Reconciliation Statement Form 155

Appendix G Sample Trust Account journal or Transaction Register 157

Index 159