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Is LeanLaw compliant with Canadian trust accounting standards?
Is LeanLaw compliant with Canadian trust accounting standards?

LeanLaw's process for maintaining general compliance standards

Tracie Cook avatar
Written by Tracie Cook
Updated over a week ago

LeanLaw has not worked directly with any specific law societies regarding our platform's compliance relative to their regulations. It's something we expect to do in the months to come. With that said, we have numerous attorneys in Canada working with LeanLaw. Our architecture specific to trust accounting was based on guidance and regulations from the American Bar Association and specific State Bar Associations. There are four primary areas where LeanLaw focuses relative to compliance.

  1. We have a specific trust ledger for each client and matter. This tracks the money into and out of the specific client's trust account.

  2. Since the trust data is stored within QuickBooks online, it adheres to the security requirements set forth.

  3. Monthly reconciliation is facilitated by executing a three-way trust reconciliation using integrated tools in QuickBooks and LeanLaw's trust management structure.

  4. Historical trust activity reports and invoice specific statements are produced within LeanLaw and Quickbooks online.

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