Ethical Grounds

The Unofficial Blog of Vermont's Bar Counsel

Menu

Skip to content
  • Home
  • 50 Resolutions
  • CLE: The Garage Videos
  • Family & Friends
  • HELP: Wellness & Well-Being Resources
  • Rules of Professional Conduct
  • Stories from a Bar
  • The #fiveforfriday Quizzes
  • The Professional Responsibility Program
  • This Week’s Posts
  • Trust Accounting & Fees
  • Was That Wrong?
  • Well-Being Week in Law

Trust Accounting Tips

September 24, 2019September 24, 2019Michael

My drumbeat continues!  In my defense, it’s been 15 whole days.  Plus, back then, most of you probably still had too much summer on your mind to click on a trust accounting blog.  So, here we go again.

Over the years, more than one lawyer has told me the trust accounting rules are “too complicated.” Hence, my first post of 2018: Don’t Overcomplicate Trust Accounting.

A few moments ago, I came across a post on the Attorney at Work blog: Avoiding Common Trust Accounting Errors for Well-Intentioned Lawyers.  The post does a nice job uncomplicating trust accounting with five simple tips:

  • reconcile monthly
  • keep clients informed
  • set up appropriate credit card processing system
  • be the only signatory
  • reduce personal funds in trust

Great tips.  With the respect to the final, remember, under Vermont’s rules, a lawyer may keep the lawyer’s own money in a client trust account, “for the sole purpose of paying service charges or fees on that account [and] only in an amount necessary for that purpose.”  V.R.Pr.C. 1.15(b).   As I blogged here:

  • “Don’t guess.  Figure out what the normal charges and fees are or are likely to be and deposit that amount.  Randomly tossing in $500 or $1000 could lead to discipline.”

Anyhow, it’s never a bad idea for a quick refresher on the trust accounting rules.  The Attorney at Work post above is a good start.  Also, last spring, I embarked upon a Trust Account Tuesday quest in which I posted tips on trust accounting every – you guessed it – Tuesday.  I hoped the posts would serve as a companion to the Professional Responsibility Program’s Guide to Managing Client Trust Accounts.  The entries:

  • Don’t Commingle
  • Basic Requirements
  • Don’t Disburse Absent Collected Funds
  • Teddy KGB on Prompt Notification & Delivery
  • Third-Party Interests in Funds Held on Behalf of a Client
  • Nonrefundable Fees
  • Misappropriation:  Don’t
  • With Trust Accounts, Verify
  • Third-Party Claims against Client Funds (an update)

And, some posts that weren’t part of last spring’s Trust Account Tuesday trope:

  • T.I., Jack Torrance & Trust Accounting
  • An Improper Contingent Fee
  • The 6th “C”: Commingling
  • Trust Accounts & ACH Transfers
  • Matters of Trust: do you trust your trust accounting system

Finally, my posts on scams:

  • Trust Account Scams Continue
  • Learn to Identify Trust Account Scams
  • Change in wire instructions? CAUTION
  • The latest scam
  • Scams continue: beware ANY change in wire instructions
  • Protect client funds, and your law license, by learning to identify trust account scams
  • Trust Account Scams: disciplinary prosecutions possible?

Maybe the rules are complicated.  But the general notion isn’t:

  • know whose money you have;
  • how much; and,
  • keep it separate from yours.

 

Dollar Sign

Share this:

  • Twitter
  • Facebook
  • LinkedIn
  • Email
  • Print
  • Reddit
  • Pinterest
  • Tumblr
  • Pocket

Like this:

Like Loading...
UncategorizedClient Funds, IOLTA, Trust Account Management, Trust Account Reconciliation, trust account scams, Trust Accounting

Post navigation

← Monday Morning Answers #176
Client alleges you did wrong? Still, don’t talk too much. →
Follow Ethical Grounds on WordPress.com

Follow me on Twitter

My Tweets

Enter your email address to follow this blog and receive notifications of new posts by email.

Join 1,067 other followers

Categories

  • Access to Legal Services
  • Addiction
  • Advertising
  • Alternative Business Structures
  • Bar Assistance Program
  • Candor
  • Civility
  • client communication
  • Client Confidences
  • Client Funds
  • Client Property
  • Client Protection
  • COLAP
  • Commingling
  • Communicating with a Represented Person
  • Communication
  • Competence
  • Conflicts
  • Conflicts of Interest
  • Cryptocurrency
  • Decorum toa Tribunal
  • Diligence
  • Disciplinary Process
  • Duties of a Prosecutor
  • Fairness to Opposing Party & Counsel
  • Fee Agreements
  • Fees
  • File Delivery
  • FIve for Friday
  • Flat Fees
  • Frivolous Claims
  • Guest Pass
  • Inadvertent Receipt & Production
  • Lawyer Advertising
  • Lawyer Mindfulness
  • Lawyer Well Being
  • Lawyer Wellness
  • Lawyers Assistance Program
  • Lawyers Concerned for Lawyers
  • Leaving a Law Firm
  • Legal Ethics
  • Legal Ethics & Access to Justice
  • License Renewal
  • Mandatory Malpractice Insurance
  • Marijuana
  • Mental Health
  • Monday Morning Answers
  • nonlawyer ownership
  • Online Reputation Management
  • Pro Bono
  • Redesigning Legal
  • Reregulation
  • Safeguarding Client Data
  • scams
  • social media
  • Stories from a Bar
  • Substance Abuse
  • Succession Planning
  • Tech Competence
  • Tech Ethics
  • Trial Publicity
  • Trust Account Management
  • Trust Accounting
  • Trust Acounting
  • Truthfulness in Statements to Others
  • Unauthorized Practice of Law
  • Uncategorized
  • Vermont Courts Coronavirus
  • Vermont Judiciary COVID-19
  • Wait…what?
  • Was That Wrong
  • Well-Being Week In Law
  • Wellness Wednesday
  • Withdrawal
  • WSYW

Tags

#fiveforfriday #LawyerWellBeingWeek ABA Commission on the Future of Legal Services ABA Journal Above The Law ABS Arrested Development Attorney Well-Being Attorney Wellness Barry Zuckerkorn Better Call Saul Bob Loblaw Boston Red Sox Breaking Bad Candor to Tribunal Civility client communication client confidences competence Conflicts Conflicts of Interest Contingent Fees Crowdfunding Fees Fee Sharing File Delivery FIve for Friday fiveforfriday Former Client Conflicts Game of Thrones George Costanza Judicial Ethics Kenny Chesney Kramer Larry Bird Lawyers Assistance Program Lawyer Well-Being Lawyer Well Being Lawyer Wellness Legal Ethics legal technology Michael Scott Monday Morning Answers Monday Morning Honors My Cousin Vinny Negative Online Reviews North Carolina State Bar No Shoes Nation Prince prmadness Pro Bono Referral Fees Robert Ambrogi Rule 1.6 Rule 1.9 Rule 4.2 scams Seinfeld social media Suits Taylor Swift Tech Competence Thaddeus Stevens The Kentucky Derby Trust Accounting Trust Account Management trust account scams Uniform Bar Exam Vanilla Ice Vermont Bar Association Vermont Bar Exam Vermont City Marathon Watergate Well-Being Week In Law Wellness Wednesday

Recent Posts

  • Cybersecurity, data protection, and a lawyer’s duty of competence.
  • Some basics related to the duties that apply when a lawyer or law firm handles cryptocurrency.
  • Timely Reconciliation Continues To Protect Vermont Law Firms Against Trust Account Fraud
  • Monday Morning Honors #258
  • Five for Friday #258

Archives

  • August 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • April 2015
  • March 2015

Recent Comments

Monday Morning Honor… on Five for Friday #258
Geoffrey Ransom on Virginia Lawyer Reprimanded fo…
Virginia Lawyer Repr… on A quick recap of the 7 Cs of L…
rgrunds on Monday Morning Honors #25…
Monday Morning Honor… on Breaking News Alert!! In fact…

Meta

  • Register
  • Log in
  • Entries feed
  • Comments feed
  • WordPress.com

Bar Counsel

32 Cherry Street, Suite 213
Burlington, VT 05401
1-802-859-3004

Recent Posts

  • Cybersecurity, data protection, and a lawyer’s duty of competence.
  • Some basics related to the duties that apply when a lawyer or law firm handles cryptocurrency.
  • Timely Reconciliation Continues To Protect Vermont Law Firms Against Trust Account Fraud
  • Monday Morning Honors #258
  • Five for Friday #258

Recent Comments

Monday Morning Honor… on Five for Friday #258
Geoffrey Ransom on Virginia Lawyer Reprimanded fo…
Virginia Lawyer Repr… on A quick recap of the 7 Cs of L…
rgrunds on Monday Morning Honors #25…
Monday Morning Honor… on Breaking News Alert!! In fact…

Archives

  • August 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • April 2015
  • March 2015

Categories

  • Access to Legal Services
  • Addiction
  • Advertising
  • Alternative Business Structures
  • Bar Assistance Program
  • Candor
  • Civility
  • client communication
  • Client Confidences
  • Client Funds
  • Client Property
  • Client Protection
  • COLAP
  • Commingling
  • Communicating with a Represented Person
  • Communication
  • Competence
  • Conflicts
  • Conflicts of Interest
  • Cryptocurrency
  • Decorum toa Tribunal
  • Diligence
  • Disciplinary Process
  • Duties of a Prosecutor
  • Fairness to Opposing Party & Counsel
  • Fee Agreements
  • Fees
  • File Delivery
  • FIve for Friday
  • Flat Fees
  • Frivolous Claims
  • Guest Pass
  • Inadvertent Receipt & Production
  • Lawyer Advertising
  • Lawyer Mindfulness
  • Lawyer Well Being
  • Lawyer Wellness
  • Lawyers Assistance Program
  • Lawyers Concerned for Lawyers
  • Leaving a Law Firm
  • Legal Ethics
  • Legal Ethics & Access to Justice
  • License Renewal
  • Mandatory Malpractice Insurance
  • Marijuana
  • Mental Health
  • Monday Morning Answers
  • nonlawyer ownership
  • Online Reputation Management
  • Pro Bono
  • Redesigning Legal
  • Reregulation
  • Safeguarding Client Data
  • scams
  • social media
  • Stories from a Bar
  • Substance Abuse
  • Succession Planning
  • Tech Competence
  • Tech Ethics
  • Trial Publicity
  • Trust Account Management
  • Trust Accounting
  • Trust Acounting
  • Truthfulness in Statements to Others
  • Unauthorized Practice of Law
  • Uncategorized
  • Vermont Courts Coronavirus
  • Vermont Judiciary COVID-19
  • Wait…what?
  • Was That Wrong
  • Well-Being Week In Law
  • Wellness Wednesday
  • Withdrawal
  • WSYW

Meta

  • Register
  • Log in
  • Entries feed
  • Comments feed
  • WordPress.com
Create a free website or blog at WordPress.com.
  • Follow Following
    • Ethical Grounds
    • Join 1,067 other followers
    • Already have a WordPress.com account? Log in now.
    • Ethical Grounds
    • Customize
    • Follow Following
    • Sign up
    • Log in
    • Copy shortlink
    • Report this content
    • View post in Reader
    • Manage subscriptions
    • Collapse this bar
 

Loading Comments...
 

    %d bloggers like this: