On a scale of 1-5 how well would you say your law school prepared you for the practical realities of starting, marketing & managing the BUSINESS of a law firm? (5 being the best) MOST FREQUENT ANSWER: 4.) – Not At All (58%)
On a scale of 1-5 how well would you say your State or Local Bar Association’s CLE offerings have prepared you for the practical realities of starting, marketing & managing the BUSINESS of a law firm? (5 being the best) MOST FREQUENT ANSWER: 3.) – Not Very Well (66%)
What did you like the MOST about http://www.LawyerControl.com and/or the free IOLTA Client Property Trust Account Training videos, mp3 audios, comment/discussion forums, etc?
# Response Date Response Text
1 Aug 30, 2010 9:31 PM Interesting info for a true beginner
2 Aug 30, 2010 9:36 PM comments and discussions
3 Aug 30, 2010 9:43 PM Videos in segments.
4 Aug 30, 2010 9:49 PM Where do I begin? As a new solo, I had very limited information about the ethical issues involved with a trust account. I found the information extremely helpful.
5 Aug 30, 2010 9:50 PM Web-accessible.
6 Aug 30, 2010 10:07 PM How and why made simple to understand and follow.
7 Aug 30, 2010 10:34 PM Great information in an easy to watch format.
8 Aug 30, 2010 10:45 PM I thought the fourth video with actual tips and a system for managing my accounts was the best of the series.
9 Aug 30, 2010 10:52 PM Only got to watch the first one – after that, it wouldn’t let me in. First one was good information.
10 Aug 30, 2010 10:55 PM 1) that is was free 2) that it was practical
11 Aug 30, 2010 11:22 PM straight forward information
What did you like the LEAST about http://www.LawyerControl.com and/or the free IOLTA Client Property Trust Account Training videos, mp3 audios, comment/discussion forums, etc? Note: Please don’t worry about hurting my feelings. I cannot improve my business if you don’t tell me what you really think. Constructive criticism is ALWAYS appreciated!
# Response Date Response Text
1 Aug 30, 2010 9:31 PM Not relevant to my practice at all. Texas regulates IOLTAs heavily. Pretty easy to use and account for.
2 Aug 30, 2010 9:36 PM the lengths of the videos… sometimes its just difficult to be able to watch a video from the office…
3 Aug 30, 2010 9:43 PM Glitches.
4 Aug 30, 2010 9:49 PM Email is somewhat of a passive form of communication for me. I would have digested the information better in a different format.
5 Aug 30, 2010 9:50 PM Your elocution on the recording was very, very stiff and canned sounding. I know you’re capable of better, because I’ve seen and heard it in your periodic, “off the cuff” videos.
6 Aug 30, 2010 10:07 PM Initial problems with tech – unable to fully load video; audio and video out of sync.
7 Aug 30, 2010 10:34 PM You didn’t share the ice cream! Vanilla, chocolate – sure. But I do like the half/half – and that just was tossed. I wanted it.
8 Aug 30, 2010 10:45 PM The feed rate with the constant start and stop was very frustrating.
9 Aug 30, 2010 10:52 PM Could not get in to watch any other than the setting up the account, which I had already done. Luckily, I had a bank employee that did it right. Except bank won’t send out hard copies of checks anymore.
10 Aug 30, 2010 10:55 PM the intros were unnecessary fluff – prefer just the meat and potatoes – you already had me hooked by the title and the fact i knew i knew little to nothing. Surprised the spreadsheet for the accounting was so bear bones.
11 Aug 31, 2010 1:54 AM I watched the first long video where you did nothing but talk about yourself and never watched another video because I thought you would do nothing but talk about yourself. Don’t get ma wrong, I think you are probably a great guy, but I signed on to see a training video, not a video about you.
1. Does my quickbooks software take the place of keeping the master office journal for the IOLTA account? Or should I just add the master journal as a backup.
2. When we make deposits in the bank that have both trust $$ and fee $$ the bank allows us to deposit as a “split transaction”. In other words the deposits are put in the operating and trust account in the amount shown on the deposit slips for each account. Do I still have to deposit it all in the trust account write a bill for my services and then write a check to take it out?
Two great questions. The short answer to the first is “no”. Let me explain.
Lawyers have been entrusted with the safekeeping of our clients’ physical property and money for hundreds of years. The most reliable method for accounting for property & money belonging to multiple parties held in one account is a double-entry bookkeeping system where the Firm has one entry (the Journal) and each client has a corresponding entry on their own individual ledger card (Client Ledger).
All that Quickbooks is doing for you (or any other law firm IOLTA client property trust accounting software for that matter) is making our hundreds-of-years, tried & true book keeping/client property accounting process easier.
Think of it like the difference between a stick-shift car vs. automatic. The automatic makes life easier but either way you still have to obey the rules of the road.
Sam, your second question is: “When we make deposits in the bank that have both trust $$ and fee $$ the bank allows us to deposit as a “split transaction”. In other words the deposits are put in the operating and trust account in the amount shown on the deposit slips for each account. Do I still have to deposit it all in the trust account write a bill for my services and then write a check to take it out?
Sam, every State’s Bar Rules are a little different so double check with yours. I’m pretty sure the technical answer to your question is going to be “no, you don’t have to do that”. HOWEVER “best practice” will tell you “yes”, when the client gives you one check and part of the proceeds are for trust and the other are for operating for services rendered or earned upon receipt, that’s exactly what you should do (Deposit all to trust, issue an invoice & pay yourself out of trust being certain to reference invoice # and/or retainer agreement on the disbursement check, journal & client ledger card)
Why? #1 Because this creates an audit trail that will protect you. #2 Because this will keep your cash flow management systems intact. #3 Because handling trust account deposits & disbursements the same way, every-time is the best way to avoid making a mistake when you’re in a hurry. Sort of like my “pre-launch routine” whenever I go out on the boat. Even though I’ve done it a thousand times I still do it the same way every time to avoid mistakes.
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Some of the responses so far:
On a scale of 1-5 how well would you say your law school prepared you for the practical realities of starting, marketing & managing the BUSINESS of a law firm? (5 being the best) MOST FREQUENT ANSWER: 4.) – Not At All (58%)
On a scale of 1-5 how well would you say your State or Local Bar Association’s CLE offerings have prepared you for the practical realities of starting, marketing & managing the BUSINESS of a law firm? (5 being the best) MOST FREQUENT ANSWER: 3.) – Not Very Well (66%)
What did you like the MOST about http://www.LawyerControl.com and/or the free IOLTA Client Property Trust Account Training videos, mp3 audios, comment/discussion forums, etc?
# Response Date Response Text
1 Aug 30, 2010 9:31 PM Interesting info for a true beginner
2 Aug 30, 2010 9:36 PM comments and discussions
3 Aug 30, 2010 9:43 PM Videos in segments.
4 Aug 30, 2010 9:49 PM Where do I begin? As a new solo, I had very limited information about the ethical issues involved with a trust account. I found the information extremely helpful.
5 Aug 30, 2010 9:50 PM Web-accessible.
6 Aug 30, 2010 10:07 PM How and why made simple to understand and follow.
7 Aug 30, 2010 10:34 PM Great information in an easy to watch format.
8 Aug 30, 2010 10:45 PM I thought the fourth video with actual tips and a system for managing my accounts was the best of the series.
9 Aug 30, 2010 10:52 PM Only got to watch the first one – after that, it wouldn’t let me in. First one was good information.
10 Aug 30, 2010 10:55 PM 1) that is was free 2) that it was practical
11 Aug 30, 2010 11:22 PM straight forward information
What did you like the LEAST about http://www.LawyerControl.com and/or the free IOLTA Client Property Trust Account Training videos, mp3 audios, comment/discussion forums, etc? Note: Please don’t worry about hurting my feelings. I cannot improve my business if you don’t tell me what you really think. Constructive criticism is ALWAYS appreciated!
# Response Date Response Text
1 Aug 30, 2010 9:31 PM Not relevant to my practice at all. Texas regulates IOLTAs heavily. Pretty easy to use and account for.
2 Aug 30, 2010 9:36 PM the lengths of the videos… sometimes its just difficult to be able to watch a video from the office…
3 Aug 30, 2010 9:43 PM Glitches.
4 Aug 30, 2010 9:49 PM Email is somewhat of a passive form of communication for me. I would have digested the information better in a different format.
5 Aug 30, 2010 9:50 PM Your elocution on the recording was very, very stiff and canned sounding. I know you’re capable of better, because I’ve seen and heard it in your periodic, “off the cuff” videos.
6 Aug 30, 2010 10:07 PM Initial problems with tech – unable to fully load video; audio and video out of sync.
7 Aug 30, 2010 10:34 PM You didn’t share the ice cream! Vanilla, chocolate – sure. But I do like the half/half – and that just was tossed. I wanted it.
8 Aug 30, 2010 10:45 PM The feed rate with the constant start and stop was very frustrating.
9 Aug 30, 2010 10:52 PM Could not get in to watch any other than the setting up the account, which I had already done. Luckily, I had a bank employee that did it right. Except bank won’t send out hard copies of checks anymore.
10 Aug 30, 2010 10:55 PM the intros were unnecessary fluff – prefer just the meat and potatoes – you already had me hooked by the title and the fact i knew i knew little to nothing. Surprised the spreadsheet for the accounting was so bear bones.
11 Aug 31, 2010 1:54 AM I watched the first long video where you did nothing but talk about yourself and never watched another video because I thought you would do nothing but talk about yourself. Don’t get ma wrong, I think you are probably a great guy, but I signed on to see a training video, not a video about you.
1. Does my quickbooks software take the place of keeping the master office journal for the IOLTA account? Or should I just add the master journal as a backup.
2. When we make deposits in the bank that have both trust $$ and fee $$ the bank allows us to deposit as a “split transaction”. In other words the deposits are put in the operating and trust account in the amount shown on the deposit slips for each account. Do I still have to deposit it all in the trust account write a bill for my services and then write a check to take it out?
Hi Sam,
Two great questions. The short answer to the first is “no”. Let me explain.
Lawyers have been entrusted with the safekeeping of our clients’ physical property and money for hundreds of years. The most reliable method for accounting for property & money belonging to multiple parties held in one account is a double-entry bookkeeping system where the Firm has one entry (the Journal) and each client has a corresponding entry on their own individual ledger card (Client Ledger).
All that Quickbooks is doing for you (or any other law firm IOLTA client property trust accounting software for that matter) is making our hundreds-of-years, tried & true book keeping/client property accounting process easier.
Think of it like the difference between a stick-shift car vs. automatic. The automatic makes life easier but either way you still have to obey the rules of the road.
Sam, your second question is: “When we make deposits in the bank that have both trust $$ and fee $$ the bank allows us to deposit as a “split transaction”. In other words the deposits are put in the operating and trust account in the amount shown on the deposit slips for each account. Do I still have to deposit it all in the trust account write a bill for my services and then write a check to take it out?
Sam, every State’s Bar Rules are a little different so double check with yours. I’m pretty sure the technical answer to your question is going to be “no, you don’t have to do that”. HOWEVER “best practice” will tell you “yes”, when the client gives you one check and part of the proceeds are for trust and the other are for operating for services rendered or earned upon receipt, that’s exactly what you should do (Deposit all to trust, issue an invoice & pay yourself out of trust being certain to reference invoice # and/or retainer agreement on the disbursement check, journal & client ledger card)
Why? #1 Because this creates an audit trail that will protect you. #2 Because this will keep your cash flow management systems intact. #3 Because handling trust account deposits & disbursements the same way, every-time is the best way to avoid making a mistake when you’re in a hurry. Sort of like my “pre-launch routine” whenever I go out on the boat. Even though I’ve done it a thousand times I still do it the same way every time to avoid mistakes.