New Jersey Trust Account Resources


Outline of Record Keeping Requirements under RPC 1.15 and R.1:21-6

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Forecast Cash and Revenue - Contingency Based Law Firm - Pipeline Report


Our process for using a pipeline report to forecast revenue and cash for contingency-based law firms.

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Right Number in the Right Box - Employee Evaluations


If they get the right number in the wrong box, that is a training issue. They know what the number should be but don't know the system or software.

If they get the wrong number in the right box, that is sloppy. They know the system but don't care enough to be accurate. This is an issue which determines continued employment - or not.

If they get the wrong number in the wrong box, that is a hiring issue. You never should have hired that person.

If they get the right number in the right box but do so slowly, that is a compensation issue. As long as you can correlate compensation to production, they are a valuable team member.

If they get the right number in the right box and do so quickly, you do everything you can to keep them. You can build an enterprise with them.

From Steve Parker, CPA

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Prepaid Flat Fees - Tracking individual timekeeper collections and balance of outstanding work

Firms with flat fee matters often ask two difficult questions:
1) How much work do we owe to clients? We have collected significant prepaid flat fees over time, how much services do we still owe to clients?
2) How can I measure individual timekeeper cash collections?
This video walks through processes and reports that answer both questions.
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How To MANAGE a Small Law Firm - Bookkeeping Dashboard

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Practice Management Systems for Personal Injury Firms

Plaintiff personal injury firms have processes and workflows that are not well suited to the practice systems designed for hourly time and billing firms. 

We are working with or watching the below practice management systems dedicated to personal injury firms.

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Colorado IOLTA Trust Account Resources

Colorado IOLTA account requirements are detailed in Rule 1.15 of The Colorado Rules of Professional Conduct.

Colorado Lawyer Trust Account Foundation COLFAT


Administrative or firm funds are allowed in Colorado IOLTA accounts.

  • Colorado Rules of Professional Conduct 1.15 Safekeeping Property (g) “A lawyer may deposit funds reasonably sufficient to pay anticipated service charges or other fees for maintenance or operation of such account into trust accounts. Such funds shall be clearly identified in the lawyer’s records of the account.”
  • As a starting point, we suggest keeping at least $100 of firm funds even in low volume IOLTA accounts to cover bounced check fees.
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California IOLTA Trust Account Resources

We use the below resources when managing California IOLTA accounts.

California IOLTA account requirements are regulated by Rule 4-100 of the California Rules of Professional Conduct.

We also use the Handbook on Client Trust Accounting for California Attorneys.

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Arizona IOLTA Trust Account Resources

We use the below resources when managing Arizona IOLTA accounts.


Arizona State Bar – Law Office Management Assistance (LOMAP)


State Bar of Arizona – Client Trust Accounting for Arizona Attorneys Manual

Under Arizona Supreme Court Rule 43 – Guidance on IOLTA Trust Accounting – PDF

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Keeping Firm Funds in IOLTA for Account Maintenance


There’s an exception to the rule prohibiting law firms from depositing firm funds into the IOLTA trust account.

Example Scenario
-Client gives law firm $10,000 of advance funds.
-Check is deposited to IOLTA account.
-Two days later, firm receives notice the $10,000 check bounced. The bank deducts the $10,000 check from the IOLTA account along with a $20 service fee.

Who funds the $20 service fee? The client’s balance history is the $10,000 deposit less the $10,000 returned item for an ending balance of $0.

Options are:
1) Client’s IOLTA balance is negative. Clients cannot have negative IOLTA balances.
2) The $20 was taken from another client’s IOLTA funds…

The solution is to keep enough firm funds in the IOLTA account to cover bank charges. We suggest keeping at least $100 of firm funds in the IOLTA account and replenishing as needed.


A Lawyer’s Guide to Client Trust Accounts – State Bar of Texas – April 15, 2014...

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