Vocabulary 11-15
Nonbillable time
Everything you do at work that can’t be billed or expensed to a client.
Restrictive endorsement
Limits the further purpose or use of the check.
Petty cash fund
A fund used to pay small amounts for which a firm check is not appropriate.
Retainer
An advanced partner that covers some of the expected costs of a legal action.
Pro bono
A lawyer does community work without being compensated.
Special (or full) endorsement
States to whom a check is to be paid.
reconcile
To bring a bank statement and check register into agreement.
Time entries
A record of an employees work hours for one day.
Qualified endorsement
The endorser assumes no legal responsibilities for payment should the drawer have insufficient funds to honor the check done by writing “without recourse“ above the payee signature.
Trust accounts
The lawyer must have a separate trust account in which to deposit and maintain client fund th have been entrusted into him or her.