The ABA Guide to Lawyer Trust Accounts

Most lawyers learn in law school ethics class that the quickest route to disbarment is to "commingle" their funds with client trust funds. Unfortunately, many law schools don't define commingling or give practical guidance. But most trust account problems can be avoided by following some simple rules. There is no need for lawyers or law firms to risk their licenses and livelihoods for trust account rules violations. Lawyers must learn the stringent ethics rules that apply to setting up client trust accounts, keeping appropriate records for those accounts, and properly reporting the disbursement of the funds to their clients. A complete guide to policies and procedures that lawyers must follow Jay G Foonberg has demystified the subject of trust accounts. Foonberg, acknowledged as a master in simplifying the most complex subject, puts his skill and expertise to work in The ABA Guide to Lawyer Trust Accounts. Designed as a self-study course or as seminar materials, with short, stand-alone chapters that walk you through the procedures of client trust accounting, Foonberg outlines: The history of the applicable ethics rules How you could inadvertently be violating those rules and exposing yourself to discipline even where no one is harmed The pitfalls of the Interest on Lawyers' Trust Account (IOLTA) requirements Ways to work with your banker and accountant to set up the office systems you need to avoid trust account problems