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Trust accounting mistakes strike fear in the hearts of well-intentioned lawyers. If a client deposits $3,000 into your trust account, they need to have a $3,000 credit in your trust account. Instead, the $3,000 should be deposited in your trust account, and any processing fee should be deducted from your operating account.
Some of these mentor relationships lasted only for a single 30-minute “pick-your-brain” session, while others have been as needed over the trajectory of the lawyers’ careers. If you’re a young lawyer and want to have a meaningful relationship with your mentor, here are a few tips on how to be a great mentee. Related Resources.
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State Bar Rules dictate how law firms should manage client funds, and when lawyers inadvertently or purposely mix client funds with personal or business ones, it is known as commingling. Lawyers possess fiduciary responsibilities in the best interest of clients. By commingling funds, lawyers and firms directly violate this duty.
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