The Solution to Lawyers' IOLTA Problems Is Training, Not Procrastination
Not performing timely reconciliations, that is, procrastination, can lead to significant problems.
January 19, 2023 at 11:43 AM
8 minute read
EthicsLawyers know, and are taught in their first days of law school, that maintaining the funds in their trust accounts is essential to the integrity of the profession, is central to the integrity of the bar, and crucial to the interests of clients. As fiduciaries, lawyers must ensure that funds in trust and IOLTA (Interest on Lawyers Trust Accounts) accounts be released only to fulfill the purposes for which funds are escrowed, and be accounted for promptly.
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