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