The fundamental aspects of a lawyer’s duty when it comes to handling client funds include:
Identification: Depositing funds into an account specifically labeled as a trust account.
Segregation: Keeping client funds on deposit separate from a lawyer’s operating or personal funds.
Accounting: Lawyers must create and maintain appropriate records of funds belonging to their clients.
These are some of the basics of trust accounting compliance, but some U.S states also have additional rules if you’re handling client funds.
One of the advantages of using Clio’s legal-specific trust accounting software is that it is built to provide trust accounting functions that are easy to manage and maintain.