If you’re depositing retainers and other fiduciary funds into an escrow account, our last post provided some helpful rules of thumb for flawless trust fund accounting – in accordance with your state requirements. >
While you weigh the advantages of an integrated Attorney billing and trust accounting software , consider this. As a bookkeeping concept, trust accounting is fundamentally different from other types of accounting. It’s way more detailed. It must be capable of:
Supporting monthly bank reconciliations.
Producing three-way – not just two-way – reconciliation statements.
Furnishing details about general ledger balances, i.e. whether funds have cleared the bank.
Preventing common trust accounting mistakes, such as ledger card overdrafts, co-mingling with other ledger cards, duplicate check numbers, etc.
Printing checks, deposit slips etc.
Easy Time Bill closes the loop. Our legal billing software provides the following information at a glance:
Unbilled Balances: The legal billing software totals recorded but unbilled time and expenses.
Unpaid Balances: The billing software totals billed but unpaid time and expenses.
Operating Retainer Balance: The billing software displays each client’s current retainer balance-as it sits in your firm’s operating account.
Trust Retainer Balance: The billing software displays each client’s current retainer balance-as it sits in your firm’s trust account, or escrow account.
Viewing these four balances for each matter at a glance increases your accuracy-and puts you in control of your responsibilities, your accounts, and your cash flow. Specifically:
If the Unbilled Balance exceeds your comfort zone, you can invoice immediately-rather than waiting
until a scheduled billing date.
If the Unpaid Balances are rising, you can start sending payment reminder letters-along with overdue invoices.
If your invoices are unpaid, Retainer Balances are available, and your client engagement letter allows
you to do so, you can apply the balances to your unpaid invoices immediately.
When you have both software systems, your accounting suddenly works like magic.
Easy, right? That’s why it’s called Easy Soft.
Easy Soft specializes in helping law firms automate their processes, streamlining repetitive tasks and work flow with law practice management software. Practice management software such as law office billing systems and legal time tracking software.
In the current business world, using the online market for global sourcing, Internet sourcing, and multinational purchasing for China export product offers a fabulous business opportunity for every business globally. China export product offers great low prices, and global sourcing can help your business find the best price. Using multinational purchasing means convenience and simplicity in buying China export product from suppliers online doing business in the online market. But are China export products legal in the home country of your business? This is an important question, otherwise the great business opportunity may cost your company big in the long run.
Obviously, buying China export products from suppliers online is legal in China, but the online market has no physical location, so knowing the law where your business is located is important. Global sourcing and multinational purchasing wholesale products from China can greatly increase the profits of your business if you operate within the law. Businesses considering the multinational purchasing of wholesale products from China from suppliers online should be aware of the specific law concerning each specific wholesale product from China, to ensure it is legal where your business operates. Almost all wholesale products from China that are bought from suppliers online using a b2b market or the online market are legal in almost every country, but it is always wise to check after global sourcing on the online market, before multinational purchasing, to save possible trouble later on.
China export products offer many benefits and represent a terrific business opportunity for every business, but it is important that global sourcing and multinational purchasing to save on costs does not end up costing your business a big fine because of legal issues. The business opportunity offered by wholesale products from China purchased using global sourcing and multinational purchasing offers tremendous benefits, so exploring this option makes sense for any business, but caution should be used to ensure compliance with all laws, both domestic and international.
Every human being is capable of error: house painters, schoolteachers, doctors and lawyers. When those mistakes are made in the course of ones professional work, however, there needs to be accountability. A painter may be asked to redo a job, and a teacher may be reprimanded. When doctors neglect to meet a standard of care they can be sued for malpractice.
Lawyers, too, can be sued for failing to meet the professional standards expected of them on behalf of their clients. Though so-called legal malpractice attorneys pursue these cases, legal malpractice falls under personal injury law. Therefore, any legal malpractice attorney is, by definition, a personal injury lawyer but not every personal injury lawyer specializes in legal malpractice.
An attorneys mistakes can have huge consequences in both criminal and civil cases. Those mistakes generally fall under attorney negligence or unethical behavior, and include the following:
Failure to comply with the rules of civil litigation or the criminal court.
Failure to present evidence that is known to exist and which can have a material effect on the outcome of a case.
Failing to represent the client in a manner that is prudent, competent and scrupulous.
Failure to meet a statute of limitations.
Fraudulent or unethical representation, such as when there is a conflict of interest.
But just as most legal infractions have a statute of limitations, so too does legal malpractice. In California, you must file your case within one year of the malpractice incident.
To be clear, pursuit of legal malpractice effectively means that the case itself is retried. Your legal malpractice attorney will need to show that lawyer negligence adversely affected the outcome of the original case. Only when that initial, negative outcome is clearly tied to a breach of fiduciary duty can your attorney be successful.
If you need a legal malpractice attorney
If you believe you have suffered damages due to legal malpractice by your attorney, you must hire a personal injury attorney with experience in the area of legal malpractice. Legal malpractice cases rarely settle out of court, so as you perform your due diligence in search for a lawyer to try your case, make sure that the lawyer you hire has trial experience in the courtroom.
R. Klettke is a freelance writer. He writes about personal injury and medical malpractice law and other matters of jurisprudence.
Important Advisory: This article is not intended to provide legal advice upon which you or anyone else should rely in making any decisions regarding the instituting or prosecuting of a legal claim. Laws and rules relating to the bringing of a claim vary widely from state to state. You should always contact a personal injury attorney to obtain information as to the rules and the laws pertaining to any claim you might have.
James Tenney is a lawyer based in Atlanta and his general practice areas include asset protection, business planning, estate planning, international taxation and more. James Tenney also offers legal advice that covers a wide spectrum of the legal field. A student of University of Michigan and University of Tennessee, Mr. James Fredrick Tenney received his undergraduate degree in Finance and his law degree from these universities. He also received his Master of Laws in Taxation (LL. M) from Emory University.
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