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Private law practice: Getting the numbers and dollars in the right place.

By Marks & Katz, LLC

When I was sworn to practice before the United States District Court in Maryland, one of the judges present wished the admittees a wealthy client with plenty of legal problems. I liked more the pro bono service emphasis at my Maryland Court of Appeals  swearing-in several months before.  In any event, coming with the territory of private practice is following governing rules to a T about when funds may be considered as earned and, therefore, moved to an attorney?s operating account from the escrow/trust account. Just recently, D.C. Bar ethics opinion No. 355 (which matches the route number of a major road running through my county) dealt at length with this very issue.  Beyond escrow-operating matters, it is critical for every law firm ?- and every business, for that matter ?- to create and maintain meticulously accurate financial records and systems, and to pay all bills and taxes timely...continue to full post

Full post as published by Underdog on July 09, 2010 (boomark / email).