Financially Legal

Episode 3: Why do trust accounts even exist? And why should we care?

Posted by Dan Lear on March 25, 2020
Dan Lear

We get nerdy this episode talking accounting, trust accounting, and regulatory jazz with Lainie Hammond.  Lainie runs a law firm in Washington State helping lawyers with issues related to IOLTA trust account compliance.

Seriously, though, we dig in on the what and why of both trust and IOLTA accounts, how lawyers get into trouble trying to manage their finances, and how they can keep out of that trouble. We even talked about practice management! C’mon, you know you want to get in on this!

Show Highlights:

  • Why lawyers are required to use trust accounts.
  • A brief history of IOLTA accounts.
  • Lainie shares her message to help lawyers use trust accounts and IOLTA accounts to ensure that they get paid.
  • Common mistakes and violations that people are making, and the best practices to avoid these.
  • Highlights/Takeaways

Links and resources: 

Lainie's website - https://lainiehammond.com/

Topics: Firm Financials, Financially Legal Episodes, IOLTA

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Decoding the Finance of Law

Financially Legal is a twice-monthly podcast on the finance and economics of entrepreneurial law firms and lawyering. Host, Dan Lear, talks with law firm leaders, academics, business professionals (both in and outside of law) and thought leaders to provide compelling and provocative content at the intersection of finance, economics, and law.

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