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Moreover, law firms should educate clients about the workings of trust accounts and the measures they take to secure them. This transparency can foster trust between law firms and their clients and preempt any misconceptions or confusion regarding trust accounting practices. unearned revenue You should deposit any funds received on behalf of a client that aren’t immediately earned or allocated to cover expenses.
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- Regular adherence to this practice can help law firms stay compliant and manage their trust accounts efficiently.