How to Avoid Mistakes and to Comply with Your Ethical Obligations When Overseeing Your Trust Account

This program will benefit experienced and newly admitted practitioners alike. The presenters will direct lawyers to the applicable rules regarding trust accounting. Solo practitioners or small firm practitioners need to know these trust accounting rules as they are responsible for how their office accounting system is run, which includes the correct accounting and handling of money they hold in trust. It is also appropriate for practitioners in larger firms to know the trust accounting rules because, as managing partners, they may oversee the books of the firm. Unfortunately, even larger firms, where accounting responsibilities are delegated to bookkeeping departments, can be exposed to ethical breaches when the trust accounting rules aren't followed.

The presenters will also discuss how to respond appropriately to a random audit of your trust account. Additionally, during the discussion, the presenters will point out common ethical pitfalls for practitioners concerning trust account practices.    

Learning Objectives:

1. Explain the NJ Court Rules that Relate to Trust Accounts
2. Discuss best practices for responding to random trust account audits
3. Identify common ethical pitfalls relating to attorney trust accounts