Among an attorney’s most important duties is the obligation to safeguard all client and third-party property held in trust. It is an obligation that lawyers learn about in law school, and hear about throughout their careers. Lawyers fulfill this obligation by maintaining an attorney IOLTA (Interest on Lawyers Trust Account) or trust account.
Unfortunately, many lawyers never learn the rules that apply to IOLTA accounts, and end up making unintended mistakes. The errors arise most often with solo and small firm attorneys, because attorneys in larger firms rarely handle their firms’ trust accounts and do not need to learn the IOLTA rules. As a result, attorneys administering their IOLTA accounts do their best, but may handle their accounts improperly, eventually finding themselves in disciplinary hot water.
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