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Simple English definitions for legal terms

client trust account

Read a random definition: trustee, U.S.

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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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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