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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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General chat about the legal profession.
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18:49
thank you my little crow friend
Dkk
18:50
Med law easy done
medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
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