IOLTA Accounts: Best Practices and Chief Discipline Concerns [LGE 048]


On today’s episode, we will discuss Trust Accounts, Interest on Lawyers Trust Accounts (IOLTA). We are is finding there are a lot of questions about IOLTAs, and that there are many attorneys that could benefit from best practices for them. Join us today as we discover what you should know about IOLTA’s and some safeguards to help deal with the banking industry.

 

Show Highlights:

  • What an IOLTA is and a distinction on them
  • Best practices for IOLTA’s:
    • 1. First off read your rules for all states you are practicing
    • 2. Make sure you are the only signatory on your trust account
    • 3. Make sure you are reconciling your trust account monthly
    • 4. Keep the records that your bar wants you to keep
    • 5. Your trust account should be at a different bank than the rest of your accounts
    • 6. Make sure you are withdrawing regularly
  • Misappropriation and what it means with your trust account
  • Commingling and what it means with your trust account
  • Violations with trust accounts and consequences 
  • Start with your bar for resources if you are feeling overwhelmed 

 

IOLTA Rules for California Click here

Here’s the article I mentioned in the show.

Here’s a video that is on point on this topic as well:

https://www.youtube.com/watch?v=VY6cn_51yek

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This podcast is for informational and educational purposes only. It is not to be construed as legal advice specific to your circumstances. If you need help with any legal matters, be sure to consult with an attorney regarding your specific needs.

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