How Does Protected Trust Work?

Protected Trust is an option in our Solicitor Expert pricing option.

Protected Trust allows you to 'protect' funds so that they are not able to be used for anything other than already allocated (or known to be coming) invoices/disbursements. For example, if you have a client that has $10,000 in trust, your fees have presented in your cost agreement as $5,000, however you have a Barrister invoice for $6,000. In this instance, had you protected the $5,000 for your fees, then SILQ would not allow you to withdraw the $6,000 for the Barrister. You would need to request an additional $1,000 from the client. We find this assists the law firm in ensuring there is always enough money in Trust to cover known expenses.

Creating a Protected Trust amount can be done in 2 ways:

1. From the Matters window, click on Matter Details

2. From the left hand side, click on Protected Trust

3. In this window, you fill find 3 buttons to either add, edit or remove a Protected Trust.

4. Click on New Protected Trust

5. The Matter Ledger should be pre-filled, however you will need to enter in the:

1. Date

2. Protection type - i.e. it is protected for any matter invoices, third party payments or for a specific invoice.

3. Amount to be protected (please note, you can only protect funds as long as the matter has that amount or more available in the trust ledger).

4. Reason for protecting the funds.

Releasing Protected Trust

When preparing an invoice you will see a box down the bottom that gives you the opportunity to request protected trust to use for that invoice.

Permission for Protected Trust

Permission is on a per user basis. In system settings, under user, select the relevant user and ensure that if you want them to be able to access Protected Trust, the below are ticked (or vice versa)