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When a law firm first commences operations, what are the filing requirements for the trust bank account?

April 26, 2017bank account commences filing law firm operations requirements Trust

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When a law firm first commences operations, what are the filing requirements for the trust bank account?

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When a law firm first commences operations and opens a trust bank account, a lawyer must file the Initial Accountant’s Report (also known as Form U) which must be completed and signed by an accounting firm before the law firm commences practicing. Existing law firms are only required to note new trust bank accounts on their Annual Report (also known as Form S).