Trust Accounting for South Carolina Lawyers: An Annotated Practice Manual Out of Stock

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Barbara M. Seymour, Esquire 

© 2021 

Preservation of the safety and integrity of client funds and other property must be a priority for lawyers. Even those who are not adept at accounting and who delegate responsibility for financial recordkeeping to others must study the rules governing trust account management.

There are three rules setting out the requirements regarding how other people’s money is to be maintained, accounted for, and distributed. This comprehensive practice guide not only explains those three rules, but it also takes you from the day you open your trust account to the day you close it, addressing any issues that might come up in between. This book sets out all of the requirements for and restrictions on processing other people’s money, including the rules, comments, and case law, in an accessible and understandable way. In addition to step-by-step instructions for monthly three-part reconciliation, the practitioner will get tips for avoiding record-keeping mistakes, deposit errors, fraud, and misappropriation. This is an essential practice manual for any sized law firm. 

What Bar members are saying about this resource:

 "I received my license in October of 2020 and have been practicing with the guidance of another attorney I worked with in law school.  I opened an IOLTA account today and the process went smoothly because of [this] manual!  The Best Practices Checklist was extremely helpful. Best $50 I've spent!"
               - Allison G. 

Summary of Contents:

• Chapter One: Opening a Trust Account
• Chapter Two: Safeguarding Funds
• Chapter Three: Receipt of Funds
• Chapter Four: Disbursing Funds
• Chapter Five: Required Financial Records
• Chapter Six: The Reconciliation Process
• Chapter Sever: Unclaimed and Abandoned Funds
• Chapter Eight: Detecting and Avoiding Misappropriation
• Chapter Nine: Closing a Trust Account
• Appendix One: Trust Account Best Practices Checklist
• Appendix Two: Rule 412, SCACR: IOLTA
• Appendix Three: Rule 1.15, RPC, Rule 407, SCACR: Safekeeping of Property
• Appendix Four: Rule 417, SCACR: Financial Recordkeeping

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The South Carolina Bar is an accredited CLE provider in South Carolina only. Attorneys are responsible for seeking their own credit in other jurisdictions.

Disclaimer: The views expressed in CLE programs and publications do not necessarily reflect the opinions of the South Carolina Bar, its sections, or committees.