There’s a lot to lose sleep over as a lawyer. Staying in compliance with the latest rule changes can easily top the list. An angry client is one thing. Losing your license is dramatically different.
Several states, including California and Illinois, have recently heightened or amended rules regarding monthly trust account reconciliation requirements. Smokeball user Ken Burgi shared how Smokeball removes the admin part so he can focus on being a lawyer instead of a bookkeeper.
Ken practices in California where he’s required to have, in real time, exactly what's being expended on each client's account and keep them informed as to their available funds. Additionally, he’s required to do a monthly trust account reconciliation.
Ken uses Smokeball to manage this process in just a few minutes each month. Here’s how:
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Write checks directly from Smokeball. No juggling data from one program to another.
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Once a month, pull the Account Balances Report from Smokeball. This breaks down each payment in his account to each person for each purpose. He and his staff take a few moments to ensure their bank statement matches this report and the balance in Smokeball. If there’s ever a discrepancy, "you can track it down immediately.”
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Use Smokeball invoices to show client’s trust account funds. Every client invoice has a subsection showing what was paid from their trust account so the obligation to keep clients informed is taken care of right on their billing statement.
Similarly, the Illinois Supreme Court amended the rules related to fee agreements and trust accounting earlier in 2023 to go into effect starting in July 2023. Changes include requiring the attorney to keep a copy of every trust accounting and invoice given to clients, as well as preparing and maintaining three-way reconciliation reports of all client trust account on at least a quarterly basis. Illinois attorneys are prepared for these changes since Smokeball already has three-way reconciliation that produces reports and receipts for all trust transactions.
These are just a few of the ways Smokeball helps ensure your law license is safe and you’re never missing a beat. Have questions about billing reports or reconciliation in Smokeball Billing? Book a training session and one of our super-star trainers will help you out.