Josh J.T. Byrne. How Are You Incorrectly Using Your IOLTA Account (Part I)?
Attorneys frequently do not know how IOLTA accounts work, what funds must go into an IOLTA account, and what funds must not go into an IOLTA account.
November 20, 2020 at 01:34 PM
7 minute read
It is clear that many attorneys do not have even the most basic understanding of what an IOLTA account is. Misuse of IOLTA is an element in many inquiries and complaints brought by Disciplinary Counsel and in legal malpractice actions. Attorneys frequently do not know how IOLTA accounts work, what funds must go into an IOLTA account, and what funds must not go into an IOLTA account. Attorneys are also frequently unaware of their obligations with respect maintaining a ledger of the IOLTA accounts and performing monthly reconciliations.
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