Timebilling for Law Office Managers

R. 1:21-6 Requires every attorney or law firm to maintain two accounts: A trust account and a business account
The trust account must be separate and requires the deposit of all funds for which the attorney is receiver, fiduciary, or trustee
The business account must receive all money which the attorney or firm receives for professional services.
One or more trust account must be IOLTA required by R. 1:28A
All accounts must bear the attorney or firm name and proper designation.

Records of must be maintained for a period of seven years after the event.
Appropriate receipts and disbursement journals must be maintained.
Accounting must identify the source, dates and amounts of disbursements
Each client must have a separate ledger in the trust account
A regular trial balance of client ledgers shall be maintained
Copies of all retainers and compensation agreements with clients shall be maintained
Copies of all statements to clients shall be maintained
Copies of all records showing payments to attorneys, investigators not in the regular employ of the firm must be maintained.
Checkbooks and checkbook stubs must be maintained along with cancelled checks, and deposit slips.
Copies of all records showing regular reconciliation must be maintained.

Attorney trust account shall be maintained only in New Jersey banks approved by the office of attorney ethics

Attorney must advise the client of the opportunity to pay for services at fair market value.
In tort cases compensation is limited to 33 1/3% of first $500,000.00
30% of the next $500,000.00
25% of the next $500,000.00
20% of the next $500,000.00
For minors the fee on cases settled shall not exceed 25%