Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
Avoid Trust Accounting Pitfalls through Proper Internal Controls
Many attorneys run into issues related to the improper management of trust accounts, and some firms don't have the appropriate safeguards and checks in place to help prevent issues. Implementing proper controls can help reduce the risk of trust accounting improprieties and errors.
As an attorney, you have a responsibility to act as a fiduciary over client funds, including adhering to all applicable laws and rules regarding trust accounts. The consequences of mismanaging trust accounts can be severe. Trust account violations and abuses can be damaging to your firm's reputation and can result in problems with the state bar association ' and, in some cases, have led to the ultimate demise of an entire firm.
For example, the Florida Supreme Court has disciplined hundreds of attorneys in the past year for violating Florida Bar rules, including dozens who were sanctioned for trust account violations. Recent court orders include several references to trust account improprieties, such as:
- “'misappropriating client trust funds.”
- “'failure to maintain trust account records and procedures in compliance with Bar rules.”
- “'commingling his personal assets with the trust account.”
- “'gross neglect of his trust accounts through his failure to supervise the management of the trust accounts.”
No matter in which state you practice, the mechanics of handling a trust account are basically the same, although the nuances of laws and bar rules may be different from state-to-state. You should take the necessary steps now to proactively assess your firm's policies and procedures over trust accounting and make sure your firm is in compliance with state laws and bar rules.
This premium content is locked for Entertainment Law & Finance subscribers only
ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN ENTERTAINMENT LAW.
- Stay current on the latest information, rulings, regulations, and trends
- Includes practical, must-have information on copyrights, royalties, AI, and more
- Tap into expert guidance from top entertainment lawyers and experts
Already a have an account? Sign In Now Log In Now
For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Removing Restrictive Covenants In New York
In Rockwell v. Despart, the New York Supreme Court, Third Department, recently revisited a recurring question: When may a landowner seek judicial removal of a covenant restricting use of her land?
Legal Possession: What Does It Mean?
Possession of real property is a matter of physical fact. Having the right or legal entitlement to possession is not "possession," possession is "the fact of having or holding property in one's power." That power means having physical dominion and control over the property.