Lawyers Gone Ethical

On today’s episode, we will discuss Trust Accounts, Interest on Lawyers Trust Accounts (IOLTA). We are is finding there are a lot of questions about IOLTAs, and that there are many attorneys that could benefit from best practices for them. Join us today as we discover what you should know about IOLTA’s and some safeguards to help deal with the banking industry.

Show Highlights:

• What an IOLTA is and a distinction on them
• Best practices for IOLTA’s:
• • 1. First off read your rules for all states you are practicing
  • 2. Make sure you are the only signatory on your trust account
  • 3. Make sure you are reconciling your trust account monthly
  • 4. Keep the records that your bar wants you to keep
  • 5. Your trust account should be at a different bank than the rest of your accounts
  • 6. Make sure you are withdrawing regularly
• Misappropriation and what it means with your trust account
• Commingling and what it means with your trust account
• Violations with trust accounts and consequences 
• Start with your bar for resources if you are feeling overwhelmed 

IOLTA Rules for California Click here

Here's the article I mentioned in the show.

Here's a video that is on point on this topic as well:

https://www.youtube.com/watch?v=VY6cn_51yek

Thank you for listening!

Don’t forget to SUBSCRIBE to the show to receive every new episode delivered straight to your podcast player every Tuesday.

If you enjoyed this episode, please help me get the word out about this podcast. Rate and Review this show in Apple Podcasts, Stitcher Radio, Google Play, and Tunein and be sure to share this podcast with a friend.

Be sure to connect with me and reach out with any questions/concerns:

Facebook

LinkedIn

Website

Email me at megan[at]zaviehlaw[dot]com

This podcast is for informational and educational purposes only. It is not to be construed as legal advice specific to your circumstances. If you need help with any legal matters, be sure to consult with an attorney regarding your specific needs.