Accountants at Law Ledgers.
In the dynamic world of law practice, managing finances effectively is just as crucial as mastering the intricacies of the legal system. Cash flow serves as the lifeblood of any business, including law firms. As a lawyer managing your own practice, understanding and achieving cash flow clarity is paramount for maintaining financial stability, making informed […]
On February 15, 2023, the Appellate Division for the Second Department decided the most recent case concerning escrow account mismanagement. The Court imposed a three-year suspension on an attorney who failed to safeguard funds held in escrow and failed to supervise two non-lawyer employees who improperly transferred funds from that account to their own accounts. […]
The attorney in Matter of Castro faced 11 charges of professional misconduct stemming from his conversion of client funds. The Attorney Grievance Committee’s charges included 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 […]
In a case addressing an attorney’s tax misconduct, Matter of Seedorf, the Appellate Division disciplined an attorney based upon a federal conviction for tax evasion. The attorney admitted that from 2009 to 2019, he intentionally evaded payment of a significant part of his federal income taxes by failing to file personal tax returns and other […]
Unintentional And Easily Avoidable Error Leads To Suspension Even Though Parties Agreed That Attorney “Did Not Steal Or Borrow Money From The Escrow Account” In Matter of Polanco, a case concerning inadvertent misappropriation, the court suspended an attorney for one year for multiple instances of misconduct which came to light when an escrow check bounced. The […]
In Matter of Lenowitz, 2018 N.Y. App. Div. LEXIS 2461 (1st Dept. Apr. 11, 2018), despite 42 years of practice and a single admonition, an attorney’s routine disregard for proper financial management led to a two-year suspension for misappropriation of estate funds, commingling of personal funds with client funds, and improper cash withdrawals and disbursements. Unintentional […]
In Matter of Goldsmith, 2018 N.Y. App. Div. LEXIS 1410 (1st Dept. Mar. 1, 2018), the Court suspended an attorney who deposited checks he received on behalf of his client in a breach of contract action into his own operating account (instead of an escrow account, as required) and improperly commingled those funds with his own funds. […]
In Matter of Kayatt, the attorney was found guilty of professional misconduct and suspended for a period of two years. The attorney had been practicing law for over 30 years, primarily focusing on matrimonial matters, when she was charged with misusing her escrow accounts. Specifically, the attorney had improperly used her escrow account as a […]
In Matter of Walters, 2018 N.Y. App. Div. LEXIS 519 (1st Dept. Jan. 30, 2018), the attorney was suspended for over two years because, among other things, he maintained personal funds in his trust account and paid business and personal expenses from that account. This case highlights the importance of attorneys strictly adhering to the regulations and guidelines for […]
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