Trust accounting is a crucial aspect of financial management for law firms, yet many attorneys struggle with compliance due to insufficient training in business and accounting. During a MyCase webinar, attorney Audrey Ehrhardt discussed the perils of trust accounting missteps, which can lead to disciplinary actions such as bar complaints or license suspension. She emphasized the necessity of a structured management system and shared that trust accounts should be treated as client funds, not personal or business assets. The session outlined essential best practices for effective trust account management in law firms.
One of the most important things to remember about a trust account is that it's your clients' money. Ehrhardt likened a trust account to her grandmother's jar of quarters with a wax seal preventing access.
Ehrhardt emphasized the importance of having a clear, structured trust account management system to ensure compliance, financial stability, and long-term success.
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