Sunday, October 30, 2016

Strict Rules Apply To Attorneys Handling Clients' Cash With Serious Hot Water Accruing To Those With Sloppy Trust Account Recordkeeping Habits

From a recent article in the South Florida Daily Business Review:
  • Every month, several lawyers find themselves in trouble with the Florida Bar for mismanaging client trust accounts.

    Sometimes it's intentional—but often it's not, said Miami accountant Steven Klein, who oversees law firm audits as the head of the corporate practice at Gerson Preston.

    "You can get into hot water from purely ministerial inadequacies," Klein said. "When you're handling clients' funds, in the eyes of the bar, you are acting as a professional fiduciary. That's a very high standard."

    Klein spoke with the Daily Business Review about how law firms can make sure they're abiding by Florida Bar rules regulating trust accounts.

    What are some of the most common problems when it comes to managing client funds? ...

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