We already use a pool for common items that benefit the whole party, like wands of... various stuff and Field Provision Boxes. Otherwise, everyone just spends the loot as they see fit.
We also agreed that the items we intend to keep, are bought with the loot at selling vale.
Example: If i'm wearing a Ring of Protection +1 (2k) belonging to the party, and want to keep it, i add it to the "loot for sale" list.
After the total loot is calculated, i'll spend 1k (i.e. the selling value) of my share to buy that ring for myself.