Lynda ArtesaniLegal Accountant and Data Migration Specialist at The Proper Trust

What makes family law accounting different than other practice areas?

6 Feb 2024 · 1 min

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In this brief segment, the presenter explains that family law accounting follows the same trust accounting rules as other practice areas, emphasizing the need to adhere to local bar association regulations. The core compliance steps highlighted include performing a three‑way bank reconciliation to accurately track the frequent, small‑amount fund movements typical in family law cases. The speaker notes that, while the accounting principles are consistent across practice areas, family law tends to generate a higher volume of transactions, making diligent tracking especially important.

Chapters

same things that we deal with, with our regular attorneys, the same thing you're dealing with trust accounting and the rules. And you should look at what the rules are for the local bar association. That's kind of the heading, heading out over your compliance work. You should do a 3-way bank reconciliation. And so because there's a lot of movement of funds with smaller amounts, you need to track that. You need to track it in a 3-way bank reconciliation. I mean, the typical things that you would do with any law firm. Or will it apply for family law? It's just going to be a different volume. I think that it's definitely one of the higher volume ones.