How Are You Incorrectly Using Your IOLTA Account (Part II)?
In November 2020, I wrote about what IOLTA is, what goes into an IOLTA account (as noted before a needlessly redundant phrase), and what does not go into an IOLTA account. In this article I discuss common errors in the maintenance of IOLTA accounts.
May 18, 2021 at 11:56 AM
8 minute read
Josh J.T. Byrne of Marshall Dennehey Warner Coleman & Goggin. Courtesy photo In November 2020, I wrote about what IOLTA is, what goes into an IOLTA account (as noted before a needlessly redundant phrase), and what does not go into an IOLTA account. In this article I discuss common errors in the maintenance of IOLTA accounts.
Commingling Funds
While most attorneys understand they are not permitted to commingle funds, frequently attorneys do not fully understand what it means not to commingle funds. This lack of understanding is in part because "commingling" is often used as a euphemism for misappropriation, conversion or outright theft of client funds. While placing client funds in an operating or personal account is one form of commingling, that is not the only action prohibited by the Rules of Professional Conduct.
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