Tag Archive for: escrow

Escrow Cushion
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Escrow Accounts: Where a Cushion Can Be a Pitfall

In legal practices, managing client funds appropriately is paramount. Escrow accounts serve as a vehicle for holding these funds and, as a result, are subject to meticulous rules and regulations. One commonly misconstrued area is the practice…
escrow reconciliation
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Tackling Imbalances in Multi-Year Escrow Reconciliation

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…
Counterfeit Checks
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Identifying and Avoiding The Counterfeit Check Scam

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…
Law Firm Escrow Brooklyn
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Can A Lawyer Delegate The Authority To Sign Escrow Checks?

The question of whether an attorney is permitted to delegate the responsibility of signing escrow checks to a bookkeeper is a complex one. On one hand, attorneys have a professional obligation to ensure that they exercise due diligence and…
Law Firm Financial Management Brooklyn
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Escrow vs. IOLA Accounts: What’s The Difference?

A common question that befuddles New York attorneys is what exactly is the difference between an escrow account and an "IOLA"? New York attorneys are often entrusted with managing client funds, such as settlement proceeds, that are…
Attorney Accountant Brooklyn
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Failure To Supervise Bookkeepers Leads To Suspension

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…
Law Firm Tax Planning NY
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Accounting Best Practices for Lawyers: Lessons Learned from a Former Portland Attorney’s Embezzlement Case

In this edition of Accounting Best Practices for Lawyers, we examine a recent embezzlement case out of Portland involving an attorney's escrow theft. Former Portland Attorney Sentenced to More Than Eight Years in Federal Prison for Embezzling…
Attorney Accountant NY
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Attorney Escrow Agent’s Misconduct Leads to Discipline

Criminal conviction, failure to maintain advance fees, resulted in disciplinary action. In Matter of Grant, the court disciplined an attorney escrow agent based upon his criminal conviction. The attorney's conviction arose from his participation…
Attorney Accountant NY
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Mount Vernon Attorney Resigns for Failure to Maintain Escrow Account Records.

In Matter of Thomas, the Second Department accepted the resignation of an attorney under investigation by the Grievance Committee for the Ninth Judicial District. The investigation involved allegations of the willful misappropriation of client…