NYC Bar Report Urges Random Trust-Account Audits in New York The New York City Bar Association’s Professional Discipline Committee released a policy paper on July 8, 2025 titled Evaluating Trust Account Oversight Mechanisms. The report focuses on whether New York should implement a proactive compliance tool that is used in a number of other jurisdictions: […]
In Matter of Grant, the First Department disciplined an attorney based upon escrow-related misconduct. Respondent’s conviction arose from his participation in a scheme whereby victims paid advance fees for fraudulent standby letters of credit (SBLCs) issued by fake banks. Between 2014 and 2019, respondent acted as escrow agent in these transactions and accepted advance fees […]
In Matter of Thomas, the Second Department accepted the resignation of an attorney due to two investigations by the Grievance Committee for the Ninth Judicial District. These investigations involved allegations of the willful misappropriation of client funds in the amount of $50,000 held on behalf of one client and $188,000 held on behalf of another […]
The attorney in Matter of Castro faced 11 charges of professional misconduct. These charges include neglect of a legal matter, misappropriation of client funds, commingling personal funds with client funds, using client funds for personal expenses without permission, failing to obey a court judgment, recording a court proceeding without seeking court approval, and entering into […]
In the legal industry, the decision to classify legal professionals as employees or independent contractors can have significant implications for both law firms and the lawyers themselves. This classification affects various aspects, including tax liabilities, benefits, and legal protections. In this post, we will explore the key differences between employees and independent contractors in the […]
Tax planning is an essential aspect of managing your law firm’s finances. By understanding and taking advantage of available tax deductions, you can minimize your tax liability and maximize your firm’s financial health. In this blog post, we’ll explore key tax deductions relevant to law firms and provide guidance on how to leverage these opportunities […]
Managing cash flow is critical for the success and growth of any business, and law firms are no exception. Ensuring steady revenue streams and maintaining financial stability allows your firm to meet its obligations, invest in growth opportunities, and weather unforeseen challenges. In this post, we’ll explore essential cash flow management strategies tailored for law […]
Expert Solutions for Navigating the Challenges of Escrow Account Discrepancies At Law Ledgers, we understand the unique financial challenges that legal professionals face, particularly when managing client funds in escrow accounts. One such challenge is the reconciliation of multi-year escrow accounts when the balance is off. In this post, we will explore the complications associated […]
The legal community is not immune to the ever-present threat of fraud, and lawyers must remain vigilant in identifying and avoiding transactions that may involve counterfeit checks. This is the key message of the 2021 Formal Ethics Opinion 2 from the North Carolina State Bar, which discussed a lawyer’s professional responsibility to safeguard entrusted funds. […]