We specialize in helping lawyers run modern, competitive law firms. That’s why we are partners with CosmoLex. CosmoLex has been designed to meet Canadian law society regulations for privacy, ethics, accounting, taxes, and security -- and handles the entire range of law office operations in a single web-based application, including:

Read more: CosmoLex law practice management software

uLawPractice software is a cloud-based management solution used widely by sole practitioners, paralegals, and small law firms.

uLawPractice provides seamless trust & general accounting. Its robust general ledger and trust accounting feature set make your daily practice easier when it comes to balancing the books and complying with the Law Society's accounting standards.

Read more: uLaw practice management software

Clio provides a full suite of web-based practice management tools targeted specifically at the administrative needs of sole practitioners and small firms. Clio has powerful features to manage cases, clients, documents, bills, appointments, time-tracking, reporting, and accounting.

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When you receive trust fund, the Law Society's By-Law 9 requires you to deposit the fund in your trust account no later than the next banking day. You should also make sure to record the information required by By-Law 9 on your deposit slips.

Read more: What information is required on trust account deposit slips?

A general monetary retainer is an amount paid to a lawyer by a client to secure the availability for a specific period time. Unlike a specific retainer, general monetary retainer cannot be allocated to any legal services that are rendered or will be rendered.

Read more: What is a general monetary retainer? - law firm bookkeeping

If you receive or disburse client trust funds, you will need to open a trust bank account. There are four different types of trust bank accounts:

Read more: Four different types of trust bank accounts used in a law office

There are several reasons to keep books and records properly in your law practice.

To protect your important asset - your license

Read more: Why bookkeeping is important to your law practice?

Most law firms need a least a mixed trust account - a bank account to hold money for more than one clients. You need to be aware of the Law Society's rules regarding opening and closing a mixed trust account.

Read more: Open or close a mixed trust account - Legal bookkeeping

Most law firms have two bank accounts: general account and mixed trust account. The Law Society has guidelines regarding what money goes into trust account and what money goes into general account. It is important to understand the rules. 

Read more: What money goes to which bank account? trust account or general account?