Every attorney must maintain an IOLTA trust account to hold funds of clients and others. They must also comply with specific Rules of Professional Conduct detailing how to account for IOLTA funds. Because many attorneys are confused by or do not understand how to manage their IOLTA accounts, they may find themselves the subject of a disciplinary proceeding.
This book focuses on the nuts and bolts of handling IOLTA trust accounts, so that attorneys can clear up any confusion and avoid potential problems. Members of Pennsylvania’s IOLTA Board, the Lawyers Fund for Client Security, and the Disciplinary Board helped compile this volume. This book will help you:
- Discover the most common reasons attorneys get in trouble for IOLTA-related issues
- Understand how IOLTA works
- Learn how to handle an IOLTA account
- Know your responsibilities for IOLTA accounts under the Rules of Professional Conduct
- See practical examples of best practices for accounting for IOLTA funds
- Learn how the various boards respond to complaints