Where Law meets money
https://hermanledge.com/post/6-trust-account-red-flags-that-could-trigger-a-bar-audit
Worried your trust account isn’t audit-ready? Learn the 6 red flags that can trigger bar scrutiny — from missed reconciliations to negative balances and software oversight gaps — plus simple prevention strategies to stay compliant.
Trust Accounting vs. Operating Accounting: What Law Firms Need to Know
Trust accounting and operating accounting serve very different purposes inside a law firm — but they must work together seamlessly. In this post, we break down the key differences between trust and operating accounts, explain when income is truly earned, and outline how proper tracking protects your firm’s compliance and profitability.
Trust Account Reconciliations: What Law Firms Must Do Every Month to Stay Compliant
Trust account reconciliations are one of the most critical — and commonly misunderstood — compliance responsibilities for law firms. In this post, we break down what monthly trust reconciliations should include, how to properly reconcile across your bank, accounting software, and client-level records, and what documentation you must retain to remain audit-ready. Whether you manage your trust accounting in-house or with support, this guide will help ensure your firm stays compliant and protected.
The 5 Most Common IOLTA Account Mistakes Small Law Firms Make (and How to Avoid Them)
Managing an IOLTA account correctly is critical for law firm compliance — yet many small firms unknowingly make mistakes that can put them at risk with their Bar Association. In this post, we break down the five most common IOLTA account mistakes we see, including missed reconciliations, commingling of funds, incomplete client-level tracking, and relying on software without proper oversight. Learn how to identify these issues, correct them, and put the right systems in place to keep your firm compliant and audit-ready.
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