About IOLTA Accounts
A strange acronym with which every attorney who starts his or her practice becomes familiar is IOLTA. This stands for Interest on Lawyers’ Trust Accounts. And this interest raises money to provide civil legal services to indigent individuals. Any lawyer who handles client funds that are too small in amount or held too briefly to earn interest for the client must participate in the Interest on Lawyers’ Trust Accounts program. Such IOLTA accounts may only be kept at approved financial institutions. Attorneys routinely receive client funds that must be held in trust for future use. If there is a large sum of...
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