Deep Dives10 min read
Legal Marketplace Payments: Trust Accounts, Earned Fees and Client Funds
A legal marketplace cannot treat every payment as ordinary platform revenue followed by a provider payout. Client advances, earned legal fees, settlement proceeds and the firm’s payments to staff or vendors have different owners and purposes. Determine that character before selecting the destination account. A processor balance, wallet label or split-payment feature does not establish that client funds are being held in a compliant lawyer trust account.
legal marketplacestrust accountsABA compliance+2 more
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