Escrow Accounting Manager (Law Firm Exp) (Hybrid in NYC)

Career Developers•New York City, NY

6d•Hybrid

About The Position

The Escrow Accounting Manager leads and directs the team responsible for accurate, compliant, and secure management of the Firm’s IOLTA, client trust, escrow, and other fiduciary accounts. The role oversees the receipt, safeguarding, reconciliation, accounting, and disbursement of client funds associated with litigation matters, settlements, corporate transactions, estates, and other legal matters. As a subject-matter expert in legal trust accounting, the manager ensures that transactions comply with applicable state bar rules, ethical requirements, fiduciary obligations, and Firm policies, and that accurate, auditable financial records are maintained. This position is based on a hybrid schedule in the NYC office, with a base salary of $130,000–$150,000.

Requirements

Bachelor’s degree in Accounting, Finance, Business Administration, or a related field.
10+ years of experience with trust/fiduciary accounting, preferably in a law firm.
3–5 years of progressively responsible legal accounting management experience.
Direct experience with IOLTA, attorney trust accounting, client trust accounting, or legal escrow accounting.
Prior supervisory or team leadership experience.

Nice To Haves

Experience managing settlement funds and complex client disbursements.
Familiarity with IOLTA requirements and state bar rules.
Experience with Aderant, Elite, or a comparable financial system.

Responsibilities

Lead the team responsible for administering and accounting for IOLTA, client trust, escrow, and other fiduciary accounts.
Ensure client and third-party funds are safeguarded and never commingled with Firm operating funds.
Establish and maintain controls over the receipt, transfer, and disbursement of client funds; monitor activity for unusual transactions, outstanding items, or compliance issues.
Ensure earned fees are transferred from client trust accounts to Firm operating accounts only when properly authorized and supported.
Manage banking relationships and coordinate opening, modification, and closing of escrow and trust accounts.
Maintain accurate client- and matter-level records for funds held in trust or escrow.
Ensure timely monthly three-way reconciliations among bank statements and cleared transactions, general ledger/book balances, and individual client/matter ledgers.
Direct research and prompt resolution of reconciliation discrepancies, maintain supporting documentation, and monitor aged outstanding checks, deposits, and other reconciling items.
Manage accounting and disbursement of complex settlement, escrow, and client funds.
Ensure settlement statements and disbursement instructions are reviewed for accuracy, authorization, and compliance; coordinate payments to clients, attorneys, medical providers, lienholders, taxing authorities, vendors, and other third parties.
Ensure required documentation, approvals, lien information, and payment instructions are complete before funds are disbursed.
Partner with Billing, Finance, and attorneys to coordinate transfers of earned fees to the Firm operating account and reconcile trust-related activity with billing and accounts receivable records.
Direct investigation and resolution of discrepancies between trust accounting, billing, and general ledger records.
Ensure compliance with state bar rules, IOLTA requirements, fiduciary accounting standards, and Firm policies; monitor regulatory requirements affecting trust and escrow accounts across the Firm’s jurisdictions.
Ensure records and documentation support internal and external audits; direct preparation of materials for state bar examinations, financial audits, and regulatory reviews.
Coordinate responses to audit inquiries and assist with remediation of identified findings.
Oversee reporting on trust balances, reconciliations, outstanding items, settlements, and disbursements.
Identify opportunities to strengthen internal controls, improve processes, and reduce risk.
Ensure complete audit trails and appropriate segregation of duties and approval controls.