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The trust account is a properly designated IOLTA, titled correctly, fully separate from operating funds.
No earned fees or firm/personal funds sit in trust (beyond a permitted bank-fee cushion).
A separate ledger exists for every client and matter with funds in trust.
Each ledger shows every deposit, disbursement, payee, date, and running balance.
No individual client ledger has ever gone negative, even for a day.
A three-way reconciliation (bank, book, client ledgers) is performed every month.
The three balances match to the penny, and reports are saved with preparer and date.
Outstanding checks and deposits in transit are identified and aged monthly.
No disbursements are made against uncleared deposits.
Signed settlement disbursement statements exist for every settlement.
Lien reductions are documented in writing and reflected in the ledger.
Earned fees move to operating promptly — never early, never parked.
A second person (or documented review control) is involved in trust disbursements.
Trust check stock and wire authority are restricted and secured.
Bank statements are reviewed by someone other than the check writer, where staffing allows.
Trust records are retained for your state bar's full required period.
Unclaimed funds are handled per state escheatment/bar procedures.
Settlement-related 1099 reporting is handled correctly each January.
A trust accounting professional has reviewed the account in the last 12 months.
You could hand a bar auditor your last 3 months of reconciliations today, unprepared.
This tool is educational and not legal advice. Trust accounting rules vary by state bar.