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LSDefine

Simple English definitions for legal terms

client trust account

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A quick definition of client trust account:

A client trust account is a special bank account that a lawyer uses to hold money that belongs to their clients. This could be money received from a settlement or money that the client has given to the lawyer for a future business transaction. The account usually earns interest and is separate from the lawyer's own personal account.

A more thorough explanation:

A client trust account is a type of bank account that a lawyer uses to hold money that belongs to their clients. This account is usually interest-bearing, which means that the money in the account earns interest over time. The lawyer is responsible for managing the account and ensuring that the money is used only for the client's benefit.

For example, if a lawyer settles a case on behalf of their client and receives a settlement payment, they would deposit that money into the client trust account. The lawyer would then use that money to pay any outstanding bills or fees related to the case, and then distribute the remaining funds to the client.

Another example would be if a client gives their lawyer money to hold onto for a future business transaction. The lawyer would deposit that money into the client trust account and hold onto it until it is needed for the transaction.

These examples illustrate how a client trust account works to protect the client's money and ensure that it is used only for their benefit. By using a separate account, the lawyer can keep track of the client's funds and avoid any potential conflicts of interest.

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HopefullyInLawSchool
16:03
@UnderRepresentedTryhard: Yes only for YM applicants tho
RoaldDahl
16:05
dodged the mich r wave what does this mean
HopefullyInLawSchool
16:06
it means you will not be rejected today and may be accepted or WL in the future
Just got my Michigan rejection
BookwormBroker
16:10
same
RoaldDahl
16:10
@HopefullyInLawSchool: what if i already got rejected. does it mean anything
HopefullyInLawSchool
16:12
@RoaldDahl: Likely not however it could mean nothing
RoaldDahl
16:15
So if it means nothing does that mean something?
HopefullyInLawSchool
16:17
Possibly
RoaldDahl
16:26
Cool
RoaldDahl
16:26
thank you!!!! i hope it means something
pinkandblue
16:31
fart
IrishDinosaur
16:36
Mich R gang lesgooo
Did anyone else get that random get to know nova email?
HopefullyInLawSchool
17:21
Ya it was sent to all YM applicants
starfishies
17:37
Anyone get the NDLS email inviting you to apply for something even though they haven’t made a decision on your app yet
17:38
Better yet I got the email and I was rejected last month
starfishies
17:38
Wtf
starfishies
17:39
and the deadline is in like a week what is this
any cardozo movement?
BatmanBeyond
18:01
Sent a LOCI via portal, but I'm wondering if email would have gotten me a swifter response
BatmanBeyond
18:02
This whole hold/wait-list/reserve system is a headache
loci already?
BatmanBeyond
18:09
If the odds are like 1-2% I don't think it matters much by the numbers
12:11
I got the same NDLS email
OrangeThing
12:18
I think the user profiles are broken
19:29
Any word out of Notre Dame?
19:29
Only the invitation to apply for LSE
19:29
Anyone received a decision from NDLS?
19:50
when did u guys apply that just heard from umich? they havent even glanced at my app yet
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