Introduction

Keeping up with the latest developments in legal technology is essential for law firms that want to prosper in the twenty-first century. FirmTRAK recently had the honor of taking part in the annual ISBA (Illinois State Bar Association) Conference, which offered a remarkable opportunity to network with legal professionals, showcase our cutting-edge solutions, gain insightful information about the future of the legal industry, and learn about Carin’s special conference experience.

Networking and Building Connections

At the Hyatt Lodge in Oakbrook, Illinois, the ISBA Conference brought together professionals, practitioners, and legal experts from all around the state. It gave firmTRAK a vibrant platform for networking and establishing connections with both seasoned professionals and up-and-coming legal talent.

The opportunity to have deep conversations with lawyers, paralegals, and legal tech aficionados, including our colleagues in the legal services industry, was one of the conference’s highlights for us. These contacts helped us to comprehend the difficulties encountered by law firms and the increasing demand for streamlined and effective legal operations.

Carin’s Experience with firmTRAK

Carin’s time at the ISBA Conference (Illinois State Bar Association) was incredibly instructive and enlightening. Carin got the chance to immerse herself in a dynamic setting full of legal professionals.

Carin states: “The ISBA Conference was held at the Hyatt Lodge in Oak Brook, IL. This was a great experience for networking with other like minded vendors and Solo to Small Law Firms. The evening reception was wonderful, pleasant and relaxing. The ISBA had the exhibitor hall organized, having the attendees play a “Bingo” game to visit each vendor and have each vendor initial their “Bingo” card. This allowed us to actually have a conversation with many of the attendees and develop a better understanding of what each law firm actually does and how our KPI/Analytical dashboard may help them and also how our accounting services can streamline each practice.”

Showcasing Innovative Solutions

Through our participation at the ISBA Conference, firmTRAK was able to highlight our array of cutting-edge technologies. Our software solutions offer complete accounting services for law firms as well as improved reporting for users of PracticePanther and CLIO.

We highlighted firmTRAK’s ability to save legal professionals time, lessen administrative responsibilities, and increase general customer happiness during our booth presentations. Positive reviews and enthusiasm for working with us are consistent from our clientele. Any law practice can be more productive with proper accounting and an understanding of the value of technology.

Insights into the Future of Legal Technology

The ISBA Conference also included principles for employing tech services, networking, and trust. These sessions gave participants insightful information about potential trends and difficulties facing the legal sector in the future.FirmTRAK was able to obtain a wider perspective on the changing market and the new trends in legal technology by interacting with like-minded legal tech companies and industry professionals. It reaffirmed our dedication to maintaining a position at the forefront of innovation and always enhancing our offerings in order to satisfy clients’ shifting needs.

Conclusion

For firmTRAK, attending the ISBA Conference was a worthwhile experience. We had the chance to network with legal experts, present our creative solutions, learn priceless information about the future of the legal sector, and hear firsthand from committed people like (insert name of someone you met).

Adopting technology will be crucial for law firms looking to prosper and provide outstanding service to their customers as the legal landscape continues to change. Future conferences are something we eagerly anticipate, as is the chance to use cutting-edge technology to better the legal profession.

As an attorney in Illinois, it’s important to stay up-to-date with changes to the rules of professional conduct. Recently, the Illinois Supreme Court has made significant updates to their rules, including the codification of three types of retainers, revamped language in rule 1.15 regarding safekeeping property, and the addition of a new section titled “New Rule 1.15A” Required Records. These rules will take effect on Jul 1, 2023 and were approved by the Illinois Supreme Court after reviewing suggestions from a work group consisting of the Illinois Attorney Registration and Disciplinary Commission (ARDC) and Lawyers Trust Fund (LTF).

These updates are especially important for attorneys when dealing with client trust funds and client refunds. The three types of retainers codified in the rules are the general retainer, special retainer, and advance fee retainer. Understanding the differences between these types of retainers is essential to ensuring compliance with the rules of professional conduct.

In addition to the codification of the three types of retainers, the language in rule 1.15 has been revamped. This rule outlines the general duties of attorneys regarding the safekeeping of property, including client funds. The updates to this rule provide more clarity and guidance for attorneys on how to comply with their duties.

Failure to Comply with Professional Conduct Rules can Result in Disciplinary Action

Furthermore, the addition of “New Rule 1.15A” Required Records highlights the importance of record-keeping when it comes to client funds. Attorneys must maintain accurate records of all transactions involving client funds, and failure to do so can result in disciplinary action.

If you’re an attorney in Illinois and you’re not keeping a close eye on your trust funds, it’s important to seek help in setting up proper records. FirmTRAK Solutions can provide assistance in this area, especially now that the rules of professional conduct have been updated with the new required records rule.

One specific addition outlined in the updated rules is the inclusion of language for completion of a three-way trust reconciliation to be maintained on at least a quarterly basis. This reconciliation involves comparing the balances in the client receipts and disbursements journals, the client ledgers, and the adjusted bank statement balance to ensure that all transactions have been properly recorded and that there are no discrepancies.

3 Way Trust Recs Must Now Be Maintained at Least Quarterly

According to the Illinois Supreme Court this is the definition of each part of the 3 way trust reconciliation.

Account Receipts/ Disbursements Journal – list chronologically all deposits and disbursements into the trust account, each deposit to list the date of the deposit, the source of each deposit, the client matter, the deposit number and the amount of the deposit, and maintain a copy of each item deposited. For all disbursements, list chronologically and identify each disbursement with the date of the disbursement check, the trust account check number, the payee, the purpose of the disbursement, the client matter and the amount of the disbursement check.

Client Ledger Journal – List chronologically for each client matter all receipts, disbursements and remaining balances, preparing a separate page for each client matter and listing chronologically all receipts and disbursements and remaining balance for each client matter.

Adjusted Bank Balance – Copies of all bank statements, deposit slips, canceled checks and reconciliation reports. For the reconciliation reports there must be a running balance maintained for all ledgers and account books monthly.

In conclusion, the recent updates to the rules of professional conduct in Illinois have important implications for attorneys who handle client funds. It’s important to stay informed of these updates and to ensure compliance with the new requirements. Seeking assistance from a professional like FirmTRAK Solutions can help you set up proper records and maintain compliance with the rules of professional conduct. Don’t forget to check out our social media and website for more information and updates on other topics. Visit: https://www.firmtrak.com/

Category: Illinois Law News

firmTRAK’s Unforgettable Experience at the ISBA Conference