Frequently Asked Questions
What is the purpose of a client trust account in a law firm?
A client trust account is used to hold funds that belong to clients, such as retainers, settlement funds, or other client money. These funds must be kept separate from the law firm's operating funds to ensure proper handling and compliance with legal and ethical obligations.
What are the key requirements for managing a client trust account?
Managing a client trust account requires adherence to strict legal and ethical guidelines. Key requirements include maintaining accurate records, ensuring funds are used only for their intended purpose, performing regular reconciliations, and providing transparency to clients regarding their account balance and transactions. Law firms must also comply with state bar rules and regulations governing trust account management.
7 Steps to Easier, More Efficient Law Firm Billing
Read this guide to implement smarter billing workflows that help you get paid faster with less effort.
Check out Clio's latest blog articles.
Get the latest articles on how to run a more efficient, profitable law firm.
Loading ...
