Trust Account Compliance and How the Software Program, Nota, (That Is Now Free for Florida Bar Members) Can Help!

A recent Bar News article stated that: “Trust account maintenance and compliance is critically important. Lawyers who agree to hold money in trust have an ethical obligation to account for every penny as long as the funds remain in their possession. Commingling of funds, poor ledger management, and even basic accounting errors can result in client complaints, audits, and disciplinary action that could lead to suspension or disbarment. And while most attorneys diligently comply with Rules Regulating Trust Accounts (Chapter 5), trust accounting violations have ranked among the top three most common disciplinary complaints over the past three years and is on track to be the top complaint in 2022-2023.”That is why Scott Westheimer, the current Florida Bar president, has made it a top priority to offer all Florida Bar members a high-quality, free trust accounting solution. In partnership with Nota by M&T Bank, this initiative has become a reality. In today’s episode, hosts Christine Bilbrey and Jamie Moore welcome Nota Co-Founder and CEO, Paul Garibian, and Nota Product Manager, Rosalie Shaughnessy, to discuss the Florida Bar’s newest member benefit, Nota by M&T Bank.Paul Garibian holds an MBA from The Wharton School of Business and a bachelor’s degree from the University of Central Florida. Paul is a Co-Founder and CEO of Nota, the Florida Bar’s free member benefit that helps lawyers manage their trust accounts.Rosalie Shaughnessy is a graduate of the University of Buffalo and has over 10 years of experience in business analysis, testing and quality assurance, and over four years as a test lead for digital banking. Rosalie is currently the Product Manager for Nota, and previously worked as a Business System Analyst for M&T Bank.This podcast has been approved by The Florida Bar Continuing Legal Education Department for 0.5 hour of General CLE credit including 0.5 hour of Ethics CLE credit. Course # 8089. REFERENCED RESOURCES: Nota by M&T BankAbout UsNota Trust Accounting – Member BenefitArticle: The Florida Bar to Provide Members with Access to Nota’s Interest on Trust Accounts (IOTA) Management Platform at No CostArticle: In a First for a State Bar, Florida to Provide All Members With Free Trust Accounting Software to Help Ensure Compliance and Protect the PublicLawNext Podcast: The Florida Bar’s Precedent-Setting Decision To Give Every Lawyer Access To Trust Accounting SoftwareCLE: Trust Accounts by the BookLegalFuel: The Practice Resource Center of The Florida Bar