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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.
Most law firms have two bank accounts: general account and mixed trust account. Also, 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.
First of all, we need the following documents for bookkeeping purpose:
According to the requirements of the Law Society, you must keep the following records for at least ten full fiscal years:
An important decision every lawyer faces in setting up their practice is how to ensure their books and records are maintained in accordance with the requirements of the Law Society.
There is a prevalent notion among lawyers that the bookkeeper’s role is akin to that of a data entry person. Some lawyers may hire a relative for this job or delegate it to a secretary without careful deliberation of their qualifications. Poor books and records lead to costly administrative suspension by the Law Society.