Management Assistance Program

Is It Time to Review Your Trust Accounting Procedures?

By Julie Bays
Practice Management Advisor

In 2019, I wrote in an OBA article that: “Frequently, lawyers go into private practice thinking more about their representation of clients rather than the business side of the practice. As a matter of fact, it’s quite common to hear lawyers joke that they went to law school because they couldn’t do math. When it comes to trust accounts, the math is no joking matter.” It’s been a few years, so I decided to revisit this topic. Luckily besides my older article, two of our member benefits providers recently teamed up to write a helpful guide! Trustbooks, a cloud-based trust accounting service for lawyers and LawPay, an OBA endorsed payment processor wrote A Complete Guide To Managing Your Trust Account for the blog Above the Law. Yes, you will have to provide them with your email address but frankly, their emails are usually quite helpful. Anyway, check it out and download it for a good reference guide.