Legal Trust Account Management

Reconcile, track, and report legal trust accounting. PageLightPrime multi-currency law firm software records all trust transactions in compliance to legal regulations across different jurisdictions.

Manage law firm trust accounting

Track trust ledgers on client and matter level. Generate trial balance for trust accounts separate from office accounts required for trust accounting compliance. View all transactions against matter which are labelled as required by law firm regulations.

Law firm trust account management
Trust accounting analytics for law firms

Trust accounting analytics

Generate reports on deposits and withdrawals, customized to different jurisdictions on client, matter, and practice area level. Store the reports in the client folders available in the law firm document management software.

Transparency in trust accounting

Generate invoices and design approval workflow to request fund withdrawals from the trust account. Notify clients by email when money is deducted from their account. Transfer amount to operating account when getting paid for Invoices. Evergreen feature replenishes the account when balance falls below the threshold.

Transparency in trust accounting
IOLTA Trust Accounting for Lawyers

Built in IOLTA Accounting Software – Always current, compliant, current and Audit Ready

PageLightPrime will identify and separate firm’s operating funds from client funds. Some of the IOLTA features available includes

  • Journal entries for individual client ledgers
  • Manage client funds with error validation and automatic book keeping
  • Request and Receive payments for Trust funds online and in office
  • Pay client invoices from client trust accounts
  • Handle disbursements
  • Reconcile with bank statements and regenerate standard reports to Accountants and Clients

Reconcile Trust Account Ledgers with Bank Transactions

Three-way trust account reconciliation. Pull your Bank account feeds automatically or import transactions, to reconcile every day or whenever your business demands – Never fear an audit

Bank Account Reconciliation

Frequently Asked Questions

Law firm accounting software to help comply with governance and regulatory compliance requirements when managing funds on behalf of the clients. It allows attorneys to serve clients without the need to worry about handling client funds inappropriately.

Law firms must implement processes that must satisfy the compliance requirements.

  • Separate different bank accounts for office and trust accounts.
  • Workflow to implement approvals for deposits and withdrawals from the client trust account.
  • Notify clients when funds are withdrawn from their account.

PageLightPrime legal accounting software offers trust accounting and management features that are easy to operate. Integration with the practice management solution makes it easier to deposit funds into trust accounts while labeling all transactions for audit purposes.

Trust accounts can be created for clients and matter in any currency. Monitor all the deposits, withdrawals and interest accumulated. Report the interest collected as per the bar association requirements.

Bank account reconciliation will help the finance team to identify any office expenses and check the accuracy of trust ledgers. Trust account trial balance and other reports can be used by the lawyers to conduct internal audits.