Seminar Preview: Everything You Need to Know About Trust Accounting

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Mary Andreoni is the Ethics Education Counsel at the Illinois Attorney Registration and Disciplinary Commission. In anticipation of her upcoming CLE seminar at the CBA, “Everything You Need to Know About Trust Accounting,” Ms. Andreoni decided to share some key points for us. The seminar will take place on Tuesday, March 12th, so be sure to register now for this invaluable session. Ms. Andreoni will also be joined by David Holtermann, Associate Director and General Counsel at the Lawyers Trust Fund. Don’t miss out!

“Let’s be honest, most lawyers cringe at the thought of client trust accounting. Most of us don’t have an accounting background, there was no math on the bar exam, and, frankly, who has time when you’ re busy practicing law? However, a lawyer who holds the funds or property of a client or third party in trust, even if for a brief time or intermittently, is required as a fiduciary to protect those assets from loss or even the risk of loss. The ethical duties a lawyer must fulfill in protecting the property of clients or third parties are set forth in Rule 1.15 of the Illinois Rules of Professional Conduct. Knowing the requirements of Rule 1.15 is critical. Implementing the trust accounting records that must be maintained will help you fulfill your duties.

Good trust account records should show at all times:

  1. When funds were deposited in the trust account
  2. How much was deposited;
  3. Who the trust funds belong to;
  4. When trust funds were disbursed and to whom; and
  5. What is the current balance.

Understanding your duties under Rule 1.15, putting good practices in place, and regularly reconciling your trust account, will ensure that you’ll avoid most problems and fulfill your ethical obligations.” – Mary Andreoni

Register here to attend the seminar in-person.

Register here to attend the seminar via webcast.

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