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LSDefine

Simple English definitions for legal terms

client trust account

Read a random definition: fact pleading

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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shaquilleoatmeal
11:42
lmfao, seems to work, u should try it @tris
11:42
bullying is the finest form of flirting there is
cumsock
11:43
damn most recent spivey blog hurting my soul
cumsock
11:43
ig this cycle really is tough
shaquilleoatmeal
11:43
@lilypadfrog: u know what they say about woman who are mean to men right 😉😚
shaquilleoatmeal
11:43
legal said it, i didnt lmao
Trismegistus
11:43
@lilypadfrog: the anxiety of not having a single decision is really getting to me
Trismegistus
11:43
im starting to tweak
Trismegistus
11:44
i can't bully shaq, fellow boston resident
TreponemaPallidum
11:44
Penne Penne Penn?
11:44
omg penn
shaquilleoatmeal
11:44
@Trismegistus: real one
Trismegistus
11:44
thats only one person tho
11:45
MASSIVE penn wave
Trismegistus
11:45
does penn call or portal?
lilypadfrog
11:46
@Trismegistus: twin when did you apply? I applied in mid nov
cumsock
11:47
35% spike in applicants this cycle what the fuckkkkk
11:47
i applied 5 days ago, should i be worried i missed this wave
Trismegistus
11:47
all my apps are oct- to mid nov, except nyu which was dec
Trismegistus
11:47
penn was oct
PuppyBot
11:47
why does everyone want to be a lawyer
PuppyBot
11:47
jacking my style all of a sudden
cumsock
11:49
"But I also want to end on this note. Don't be afraid of being wrong. And what I mean by that is, being wrong about a school. I applied to Princeton coming out of high school and didn't get in. I ended up going to Vanderbilt. I could never see myself having gone anywhere but Vanderbilt." -Spivey
cumsock
11:49
this type of advice makes me so pissed like brotha
Trismegistus
11:50
why
11:51
omg another penn
11:51
its happening
@shaquilleoatmeal: I am now 31 and in group chats with people in their 50s and in their early 20s, as long as it isn't something weird being in the meme chat is chill
Trismegistus
11:51
are people fucking with me or what
siroracle
11:51
The crux of the advice is apply to worse schools and take what ya get
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