MyCase Trust Accounting: IOLTA Compliance, Cost, and What Every Attorney Must Know
Trust accounting is not optional. Every attorney holding client funds must maintain IOLTA-compliant records. MyCase includes IOLTA trust accounting on all plans at no extra cost. Here is what that means in practice.
What Trust Accounting Is and Why It Matters
Attorney trust accounts (IOLTA -- Interest on Lawyers' Trust Accounts) hold client funds before they are earned. This includes retainers received before services are rendered, settlement funds, and any other client property. Commingling client funds with operating funds is professional misconduct under the ABA Model Rules and every state bar's equivalent rules.
State bars can audit trust accounts at any time. Attorneys who fail to maintain adequate records face discipline ranging from formal reprimand to disbarment. The three most common violations in bar audits are:
- ! Failure to maintain adequate records (most common)
- ! Commingling client funds with operating funds
- ! Failure to promptly disburse funds when earned
MyCase's trust accounting tools eliminate the record-keeping failure -- the most common violation. The three-way reconciliation, client ledgers, and audit-ready reports provide the paper trail that satisfies bar requirements.
What MyCase Trust Accounting Includes (All Plans)
Client-Level Trust Ledger
Track each client's trust account balance separately. Every deposit and disbursement is recorded against the specific client and matter. Running balances are always visible.
Three-Way Reconciliation
The cornerstone of bar compliance: MyCase reconciles bank statement balance, book balance, and the sum of all client ledger balances. All three must match. Discrepancies are flagged immediately.
Trust Account Reports
Generate bar-audit-ready reports for any date range. Export to PDF. Reports include transaction history, reconciliation summary, and client ledger detail by matter.
Trust/Operating Segregation
The system enforces separation between trust and operating account transactions. You cannot accidentally record a trust disbursement to your operating account.
Multiple Trust Accounts
Support for firms maintaining separate trust accounts for different practice areas or jurisdiction requirements. Each account is tracked independently.
LawPay Trust Integration (Pro+)
Payments collected through LawPay can flow directly to the trust account. Pro and Advanced plans include the LawPay integration with automatic trust account posting.
Trust accounting is included on Basic ($39/mo annual), Pro ($89/mo), and Advanced ($109/mo). There is no add-on required for IOLTA compliance.
The MyCase Accounting Add-on ($39/month) vs Trust Accounting (Free)
These are frequently confused. They serve entirely different purposes.
Trust Accounting
- Cost: Free on all plans
- Purpose: Bar compliance
- Tracks: Client funds you hold
- Audience: Every attorney with a trust account
- Required by: State bar rules
Accounting Add-on
- Cost: $39/month flat
- Purpose: Firm financial management
- Tracks: Your firm's own money
- Audience: Attorneys who want to avoid QuickBooks
- Required by: Nobody (but useful for tax prep)
MyCase Trust Accounting vs Clio vs PracticePanther
All three platforms include IOLTA trust accounting at all plan tiers at no extra cost. This is table stakes in the legal PM space. The differentiation is in reconciliation UI and reporting quality.
| Feature | MyCase | Clio | PracticePanther |
|---|---|---|---|
| Trust accounting included | All plans (free) | All plans (free) | All plans (free) |
| Three-way reconciliation | Yes | Yes | Yes |
| Bar audit reports | Yes | Yes | Yes |
| Multiple trust accounts | Yes | Yes | Yes |
| Trust accounting cost | $0 | $0 | $0 |
Trust Accounting FAQ
Is MyCase trust accounting included at all plan tiers?
Yes. IOLTA-compliant trust accounting is included on MyCase Basic, Pro, and Advanced plans at no extra cost. Basic starts at $39/user/month with annual billing. Every plan includes client trust ledgers, three-way reconciliation, and trust account reports for bar audits. There is no trust accounting add-on required.
Does MyCase support multiple trust accounts?
Yes. MyCase supports multiple trust accounts for firms that maintain separate accounts for different practice areas, different principals, or jurisdiction requirements. Each account has independent ledgers and reconciliation. This is relevant for firms doing real estate closings (often a separate escrow account), managing partner firms, or multi-jurisdiction practices.
Can I generate a trust account report for a bar audit?
Yes. MyCase generates trust account reports specifically designed for bar audits. The three-way reconciliation report shows bank balance, book balance, and client ledger balance for any date range. These can be exported to PDF. If your bar association conducts a random audit, these reports provide the documentation required to demonstrate compliance.
What is the difference between trust accounting and the accounting add-on?
Trust accounting (free on all plans) tracks client funds held in your IOLTA account per bar requirements. It answers: how much do I owe each client from their trust deposit? The accounting add-on ($39/month) tracks your firm's own business finances: revenue, expenses, profit and loss, income by practice area. These are completely different tools. Trust accounting is mandatory for bar compliance. The accounting add-on is optional for firm financial management.
Does MyCase integrate with QuickBooks for bookkeeping?
MyCase has a limited QuickBooks integration. The $39/month MyCase Accounting add-on is an alternative to QuickBooks for firm-level bookkeeping. Many solo attorneys use the accounting add-on to consolidate trust accounting and firm bookkeeping in a single platform, avoiding the cost and complexity of a separate QuickBooks account. Larger firms with a dedicated bookkeeper typically use QuickBooks separately.