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The ABA Guide to Lawyer Trust Accounts
by Jay Foonberg
Lending Library Number: 1
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, acknowledgedas a master in simplifying the most complex subject, puts his skill and expertiseto work in The ABA Guide to Lawyer Trust Accounts.
Designed as a self-study course or as seminar materials, with short, stand-alonechapters that walk you through the procedures of client trust accounting, Foonbergoutlines:
- 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
This easy-to-read book is the definitive text on trust accounts.
Foonberg's "10 rules of good trust account procedures" and "10 steps to good trust account records" are intended to work with whatever local rules your state mandates. The text features numerous forms that you can adapt for your office.
Also included: a self-test, for the use of seminar instructors, law school courses in professional responsibility, and lawyers whose states award continuing legal education credits for self-study courses in legal ethics.
The license to practice law is the most valuable asset you own. Protect it by heeding the advice in this book!