Trust Accounting Fundamentals

You'll get 3 PDF, 1 M4A and 1 MP4

SKU: OLPM20180926

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Live Program Date September 26, 2018
Accredited through September 25, 2021
MCLE Credits: 1.5 Ethics

OSB Program No.: 6724*12

Includes program materials, live polling questions, MCLE Form 6 for self-reporting of MCLE credits, and audio/video files of the CLE.

From managing bank charges and avoiding impermissible cushions to reporting overdrafts and addressing client fee disputes - this program will provide a fundamental understanding of how to operate your lawyer trust account. Topics include:

The duty to protect property and funds

  • Segregating the property of clients or third persons
  • Holding funds in a lawyer trust account
  • Distribution of IOLTA interest

Establishing an IOLTA Account

  • Selecting a financial institution and choosing a jurisdiction
  • Naming the IOLTA account
  • Understanding bank service charges
  • Avoiding impermissible cushions
  • Opening pooled and separate lawyer trust accounts

IOLTA participation, Confidentiality, and Reporting

  • Informing clients of your participation in IOLTA
  • Protecting confidentiality of IOLTA information
  • Complying with annual reporting requirements

Fundamental Concepts

  • Receiving and disbursing funds
  • Taking earned fees
  • Paying and refunding client costs
  • Best practices for paying yourself
  • Using fixed fees and calculating refunds
  • Delegating to staff
  • Reporting overdrafts
  • Addressing client fee disputes

Ethical Recordkeeping

  • Keeping a running total and
  • Tracking individual funds
  • Reconciling the trust account
  • Reviewing software options
  • Recordkeeping rules