I'm Jayden Doye and I'm delighted that you've joined me for the Law & Quarter Podcast. I'm known as the Traveling CPA, and I've dedicated my professional life to helping law firm owners reach new heights and catch more flights. I believe that you don't have to be tied to a desk seven days a week to have a profitable firm. That's why I'm here bringing ideas and information that can help you create a first-class firm that pays you the salary you deserve and provides you with the lifestyle you desire.
During this podcast, you will learn my Six-Step Profit Method that helps law firm owners shift from six figure revenues to six figure profits without burnout. And we will talk about how to organize your law firm so that it can work for you versus you slaving and working in this business. This podcast is specifically for those law firm owners who have reached a certain level of success, but you're not living the lifestyle that you thought you would be living when you first started your firm. If you take less than eight vacations a year and you own your own law firm, this podcast is specifically for you. Once again, thanks for joining me and welcome to Law & Quarter. For more episodes and a free Law Firm Owner Profit Toolkit, head over to LawAndQuarter.com.
All content for Law and Quarter is the property of Jayden Doye and is served directly from their servers
with no modification, redirects, or rehosting. The podcast is not affiliated with or endorsed by Podjoint in any way.
I'm Jayden Doye and I'm delighted that you've joined me for the Law & Quarter Podcast. I'm known as the Traveling CPA, and I've dedicated my professional life to helping law firm owners reach new heights and catch more flights. I believe that you don't have to be tied to a desk seven days a week to have a profitable firm. That's why I'm here bringing ideas and information that can help you create a first-class firm that pays you the salary you deserve and provides you with the lifestyle you desire.
During this podcast, you will learn my Six-Step Profit Method that helps law firm owners shift from six figure revenues to six figure profits without burnout. And we will talk about how to organize your law firm so that it can work for you versus you slaving and working in this business. This podcast is specifically for those law firm owners who have reached a certain level of success, but you're not living the lifestyle that you thought you would be living when you first started your firm. If you take less than eight vacations a year and you own your own law firm, this podcast is specifically for you. Once again, thanks for joining me and welcome to Law & Quarter. For more episodes and a free Law Firm Owner Profit Toolkit, head over to LawAndQuarter.com.
IOLTA Accounts are trust accounts that collect interest and are used to provide free or low-cost civil legal services. Operating accounts and trust accounts are the main difference between a law practice and other businesses. Retainers must go into the trust account, fees come out of the operating account, and money is transferred from the trust account to the operating account when it is earned. Proper record keeping is necessary and a three-way reconciliation report is usually required. Funds should not be used to pay operating expenses and all unclear transactions should be handled according to state guidelines. The book balance, bank balance, and balance by matter should all match up.
"If you follow these rules, this will minimize the risk of commingling funds and you're losing your license."
In this episode, you will learn the following:
1. What are the general rules that apply to an IOLTA account and how can law firm owners understand this concept without difficulty?
2. How should law firms handle retainers properly and what are the record-keeping requirements for IOLTA accounts?
3. How can law firms use CosmoLex to track IOLTA account funds and prevent commingling of funds?
For more episodes and a free Law Firm Owner Profit Toolkit, go to https://lawandprofit.com
Law and Quarter
I'm Jayden Doye and I'm delighted that you've joined me for the Law & Quarter Podcast. I'm known as the Traveling CPA, and I've dedicated my professional life to helping law firm owners reach new heights and catch more flights. I believe that you don't have to be tied to a desk seven days a week to have a profitable firm. That's why I'm here bringing ideas and information that can help you create a first-class firm that pays you the salary you deserve and provides you with the lifestyle you desire.
During this podcast, you will learn my Six-Step Profit Method that helps law firm owners shift from six figure revenues to six figure profits without burnout. And we will talk about how to organize your law firm so that it can work for you versus you slaving and working in this business. This podcast is specifically for those law firm owners who have reached a certain level of success, but you're not living the lifestyle that you thought you would be living when you first started your firm. If you take less than eight vacations a year and you own your own law firm, this podcast is specifically for you. Once again, thanks for joining me and welcome to Law & Quarter. For more episodes and a free Law Firm Owner Profit Toolkit, head over to LawAndQuarter.com.
