New Jersey Trust and Business Accounting

This course led by Tim Jakubowski, a seasoned banking professional, focuses on the fundamentals of managing IOLTA (Interest on Lawyers Trust Accounts) for New Jersey attorneys. Participants will gain a thorough understanding of trust accounts and client fund management, exploring the structure and purpose of IOLTA accounts, as well as essential best practices. The course will address common pitfalls in handling these accounts and provide practical tools and strategies to avoid them. Key regulatory requirements including ABA Rules and New Jersey-specific recordkeeping and compliance standards will also be discussed to ensure attendees can uphold the highest standards of financial responsibility. 

This course is designed for legal professionals at all levels of practice who handle client funds and are looking to enhance their skills in trust account management, ensuring compliance and promoting excellence in their financial practices.

Learning Objectives:

1. Gain a solid understanding of the operational aspects of IOLTA accounts and their significance in legal practice
2. Review the specifics of ABA Rule 1.15, ABA Rule 1.5, and NJ Rule 1:21-6 concerning recordkeeping, fee sharing, and examination of records
3. Discuss the most frequent errors attorneys make in managing their IOLTA accounts and learn strategies to avoid these pitfalls
4. Equip yourself with best practices and tools to enhance the management of trust accounts and safeguard client funds effectively