Legal Trust Account Care and Feeding with Dan Mills of the D.C. Bar

Trust Account Care and Feeding

Daniel M. Mills, Esq.Manager, Practice Management Advisory Service

District of Columbia [email protected]

Sponsored by Rocket Matter, LLCApril 22, 2010

The basics.Keeping records.FAQ’s.Your questions.How Rocket Matter handles Trust Accounting.

TOPICS

It starts with the fee agreement and Model Rule

1.5(b)

Is based in Model Rule 1.15 & Safe

Keeping of Property

Basic concept: Keep our property separate from the

property of the client or third party

Operating Trust

Funds must be kept in a separate

account

Client provides advanced fees which are deposited into trust until work is performed

billed in adherence to fee agreement

Advanced Fees

Every jurisdiction has its rule about maintaining the lawyer’s trust

account

Every jurisdiction has a variation of

IOLTA Interest on Lawyer

Trust Account

Complete records of the trust account must be

maintained and

preserved.

Be able to show the history of the trust account with records from three views: client

third partyoverall account

What goes into the trust account?

Trust

?

What comes out of the trust account?

Trust

?

When can we put our own money into the trust

account?

Can we ever withdraw cash from the trust

account?

The settlement check just arrived.

What do I do?

My clients are arguing over the proceeds of the

sale. What do I do?

My client disputes part of my

statement but not all of it.

What should I do?

Can a client waive having funds go

into the trust account?

DEMO

For more information:Dan can be reached at the DC Bar

[email protected]