Amy Woods on Trust Accounting: What Every Law Firm Needs to Know

In this episode of the Law Practice Today podcast, learn about the critical aspects of trust accounting for law firms. Join host Terrell, and special guest Amy Woods as they dive into the complexities of IOLTA and trust accounts. Amy, an expert with over 20 years of experience, shares her journey, key compliance issues, and important tips for managing your trust account effectively. Understand the audit process, common pitfalls, and the importance of proper documentation. Don't miss this essential conversation to help ensure your law practice remains compliant and successful. 

00:00 Introduction to Trust Accounts 

00:22 Welcome to the Law Practice Today Podcast 

01:25 Meet Amy Woods: Trust Accounting Specialist 

01:34 The Importance of Trust Accounting 

02:36 Amy's First Audit Experience 

04:15 Key Learnings from Audits 

09:17 Understanding the Audit Process 

16:25 Amy's Role in Preparing for Audits 

18:48 The Concept of Escheating 

21:27 Conclusion and Contact Information