PDCflow’s Post

𝐈𝐬 𝐲𝐨𝐮𝐫 𝐥𝐚𝐰 𝐟𝐢𝐫𝐦 𝐩𝐫𝐨𝐩𝐞𝐫𝐥𝐲 𝐦𝐚𝐧𝐚𝐠𝐢𝐧𝐠 𝐜𝐥𝐢𝐞𝐧𝐭 𝐫𝐞𝐭𝐚𝐢𝐧𝐞𝐫𝐬? 📝 Managing client retainers is essential for trust accounting. Here’s what to remember: 𝗗𝗼𝘀: ✔️ Use written agreements. ✔️ Maintain separate trust accounts. ✔️ Provide detailed invoices and updates. ✔️ Refund unused balances quickly. 𝗗𝗼𝗻’𝘁𝘀: ❌ Mix client funds. ❌ Withdraw without consent. ❌ Use trust funds for expenses. ❌ Overcharge clients. ❌ Skip account reconciliation. Proper management builds trust and ensures compliance. 🛡️ Transparency is key! P.S. Need more tips on 𝐭𝐫𝐮𝐬𝐭 𝐚𝐜𝐜𝐨𝐮𝐧𝐭𝐢𝐧𝐠? Feel free to reach out for a consultation! 📞

𝗜𝘀 𝘆𝗼𝘂𝗿 𝗹𝗮𝘄 𝗳𝗶𝗿𝗺 𝗺𝗮𝗻𝗮𝗴𝗶𝗻𝗴 𝗰𝗹𝗶𝗲𝗻𝘁 𝗿𝗲𝘁𝗮𝗶𝗻𝗲𝗿𝘀 𝗰𝗼𝗿𝗿𝗲𝗰𝘁𝗹𝘆? 📝 Managing client retainers is crucial for trust accounting. Here's what you need to know: 𝗗𝗼𝘀: ✔️ Keep written agreements. ✔️ Maintain separate trust accounts. ✔️ Provide detailed invoices and updates. ✔️ Promptly refund unused balances. 𝗗𝗼𝗻’𝘁𝘀: ❌ Commingle funds. ❌ Make unauthorized withdrawals. ❌ Use trust funds for operating expenses. ❌ Overbill clients. ❌ Neglect reconciliation. Get it right, build trust, and ensure compliance. 🛡️ Transparency is key! P.S. What's your biggest challenge with trust account management? DM me "𝗧𝗿𝘂𝘀𝘁" for help!

Family law attorneys, here’s a truth: Managing trust accounts and inconsistent payments doesn’t have to be overwhelming. Common financial pain points you face: ➜ Managing trust accounts for retainers and client funds. ➜ Late payments leading to cash flow problems. ➜ Lack of visibility into profitability for different case types. Smart solutions to these challenges: ✔️ Use trust account compliance automation to minimize errors. ✔️ Implement cash flow forecasting tools for better predictability. ✔️ Leverage automated invoicing systems to streamline payments. Financial clarity empowers you to focus on what matters most: supporting your clients. Ready to address these challenges? Let’s talk.

𝗪𝗵𝘆 𝗱𝗼 𝗹𝗮𝘄 𝗳𝗶𝗿𝗺𝘀 𝗻𝗲𝗲𝗱 3-𝘄𝗮𝘆 𝗿𝗲𝗰𝗼𝗻𝗰𝗶𝗹𝗶𝗮𝘁𝗶𝗼𝗻? 🤔💼 𝗧𝗵𝗶𝗻𝗸 𝗼𝗳 𝗶𝘁 𝗮𝘀 𝗮 𝘁𝗿𝗶𝗽𝗹𝗲-𝗰𝗵𝗲𝗰𝗸 𝗳𝗼𝗿 𝘆𝗼𝘂𝗿 𝗳𝗶𝗻𝗮𝗻𝗰𝗲𝘀: 🏦 It aligns with your bank statements. 📒 Matches client ledgers. 🛡 Ensures compliance with trust accounts. For law firms, it's not just good practice—it's a necessity. 𝗦𝗸𝗶𝗽𝗽𝗶𝗻𝗴 𝘁𝗵𝗶𝘀 𝗰𝗮𝗻 𝗹𝗲𝗮𝗱 𝘁𝗼: 🚫 Compliance issues. 💸 Financial discrepancies. ⚖️ Potential legal challenges. Always stay ahead. Always reconcile. P.S. When was the last time your law firm's 3-way reconciliation was done? DM “𝗥𝗲𝗰” if you need help with balancing trust ledgers.

https://lnkd.in/dgQNXxiv In this section, we will describe, step by step, the framework of the legal actions carried out by the lawyers – from the stage of finalizing the reception of the cases to the final stage: “closing” the case by collecting and/or cancelling the case by the organization and/or making a credit to the client against the debt and/or registering the debt as a debt Lost. Updating the client’s card and status with the lawyer Every action that the lawyer performs for the organization, procedures, conversations, sending letters, financial accounting updates from the organization, receiving funds from the client, objections, compromises, arrangements, writing off debts, foreclosures, expenses paid for the organization by the lawyer and the reimbursement of expenses for them, etc., will be recorded in the lawyer’s office management systems. The law firm must allow the organization direct access to the management systems or an auditor on its behalf at any point in time and with complete transparency. Often, the law firm provides a Client portal where the organization can access the information in the management system and run reports. Types of legal processes performed by the lawyer. There is a separation here between several stages of the legal process and two types of collection which are essentially different: Phase A – Pre-claim collection done by the lawyer – without filing a claim. Phase B – The lawsuit/legal process phase. Phase C – Collections following a legal proceeding against the debtor. #debtcollections #debtrecovery #legalcollections #CreditAndCollectionsProfessionalsGroup

https://lnkd.in/dgQNXxiv In this section, we will describe, step by step, the framework of the legal actions carried out by the lawyers – from the stage of finalizing the reception of the cases to the final stage: “closing” the case by collecting and/or cancelling the case by the organization and/or making a credit to the client against the debt and/or registering the debt as a debt Lost. Updating the client’s card and status with the lawyer Every action that the lawyer performs for the organization, procedures, conversations, sending letters, financial accounting updates from the organization, receiving funds from the client, objections, compromises, arrangements, writing off debts, foreclosures, expenses paid for the organization by the lawyer and the reimbursement of expenses for them, etc., will be recorded in the lawyer’s office management systems. The law firm must allow the organization direct access to the management systems or an auditor on its behalf at any point in time and with complete transparency. Often, the law firm provides a Client portal where the organization can access the information in the management system and run reports. Types of legal processes performed by the lawyer. There is a separation here between several stages of the legal process and two types of collection which are essentially different: Phase A – Pre-claim collection done by the lawyer – without filing a claim. Phase B – The lawsuit/legal process phase. Phase C – Collections following a legal proceeding against the debtor. #debtcollections #debtrecovery #legalcollections #CreditAndCollectionsProfessionalsGroup

https://lnkd.in/dgQNXxiv In this section, we will describe, step by step, the framework of the legal actions carried out by the lawyers – from the stage of finalizing the reception of the cases to the final stage: “closing” the case by collecting and/or cancelling the case by the organization and/or making a credit to the client against the debt and/or registering the debt as a debt Lost. Updating the client’s card and status with the lawyer Every action that the lawyer performs for the organization, procedures, conversations, sending letters, financial accounting updates from the organization, receiving funds from the client, objections, compromises, arrangements, writing off debts, foreclosures, expenses paid for the organization by the lawyer and the reimbursement of expenses for them, etc., will be recorded in the lawyer’s office management systems. The law firm must allow the organization direct access to the management systems or an auditor on its behalf at any point in time and with complete transparency. Often, the law firm provides a Client portal where the organization can access the information in the management system and run reports. Types of legal processes performed by the lawyer. There is a separation here between several stages of the legal process and two types of collection which are essentially different: Phase A – Pre-claim collection done by the lawyer – without filing a claim. Phase B – The lawsuit/legal process phase. Phase C – Collections following a legal proceeding against the debtor. #debtcollections #debtrecovery #legalcollections #CreditAndCollectionsProfessionalsGroup

https://lnkd.in/dgQNXxiv In this section, we will describe, step by step, the framework of the legal actions carried out by the lawyers – from the stage of finalizing the reception of the cases to the final stage: “closing” the case by collecting and/or cancelling the case by the organization and/or making a credit to the client against the debt and/or registering the debt as a debt Lost. Updating the client’s card and status with the lawyer Every action that the lawyer performs for the organization, procedures, conversations, sending letters, financial accounting updates from the organization, receiving funds from the client, objections, compromises, arrangements, writing off debts, foreclosures, expenses paid for the organization by the lawyer and the reimbursement of expenses for them, etc., will be recorded in the lawyer’s office management systems. The law firm must allow the organization direct access to the management systems or an auditor on its behalf at any point in time and with complete transparency. Often, the law firm provides a Client portal where the organization can access the information in the management system and run reports. Types of legal processes performed by the lawyer. There is a separation here between several stages of the legal process and two types of collection which are essentially different: Phase A – Pre-claim collection done by the lawyer – without filing a claim. Phase B – The lawsuit/legal process phase. Phase C – Collections following a legal proceeding against the debtor. #debtcollections #debtrecovery #legalcollections #CreditAndCollectionsProfessionalsGroup

https://lnkd.in/dgQNXxiv In this section, we will describe, step by step, the framework of the legal actions carried out by the lawyers – from the stage of finalizing the reception of the cases to the final stage: “closing” the case by collecting and/or cancelling the case by the organization and/or making a credit to the client against the debt and/or registering the debt as a debt Lost. Updating the client’s card and status with the lawyer Every action that the lawyer performs for the organization, procedures, conversations, sending letters, financial accounting updates from the organization, receiving funds from the client, objections, compromises, arrangements, writing off debts, foreclosures, expenses paid for the organization by the lawyer and the reimbursement of expenses for them, etc., will be recorded in the lawyer’s office management systems. The law firm must allow the organization direct access to the management systems or an auditor on its behalf at any point in time and with complete transparency. Often, the law firm provides a Client portal where the organization can access the information in the management system and run reports. Types of legal processes performed by the lawyer. There is a separation here between several stages of the legal process and two types of collection which are essentially different: Phase A – Pre-claim collection done by the lawyer – without filing a claim. Phase B – The lawsuit/legal process phase. Phase C – Collections following a legal proceeding against the debtor. #debtcollections #debtrecovery #legalcollections #CreditAndCollectionsProfessionalsGroup

https://lnkd.in/dgQNXxiv In this section, we will describe, step by step, the framework of the legal actions carried out by the lawyers – from the stage of finalizing the reception of the cases to the final stage: “closing” the case by collecting and/or cancelling the case by the organization and/or making a credit to the client against the debt and/or registering the debt as a debt Lost. Updating the client’s card and status with the lawyer Every action that the lawyer performs for the organization, procedures, conversations, sending letters, financial accounting updates from the organization, receiving funds from the client, objections, compromises, arrangements, writing off debts, foreclosures, expenses paid for the organization by the lawyer and the reimbursement of expenses for them, etc., will be recorded in the lawyer’s office management systems. The law firm must allow the organization direct access to the management systems or an auditor on its behalf at any point in time and with complete transparency. Often, the law firm provides a Client portal where the organization can access the information in the management system and run reports. Types of legal processes performed by the lawyer. There is a separation here between several stages of the legal process and two types of collection which are essentially different: Phase A – Pre-claim collection done by the lawyer – without filing a claim. Phase B – The lawsuit/legal process phase. Phase C – Collections following a legal proceeding against the debtor. #debtcollections #debtrecovery #legalcollections #CreditAndCollectionsProfessionalsGroup