IOLTA Accounting
One of our nitches in the marketplace is our ability to effectively manage Client Trust Accounts for attorney-law firms. This is commonly referred to as Interest On Lawyers Trust Accounting (IOLTA).
Managing a legal firm's Client Trust Accounts is a specialized service we offer. Our focus is to ensure the client is in compliance with California State Bar Code Rule 4-100, and assist the firm in reducing risk involving any mismanagement of funds held in the trust.
Our IOLTA accounting services include the following:
- Compliance with applicable State Bar Regulations
- Setup and integration of Client File Management
- Client Trust Account reconciliation and reporting
- Dispute resolution and consultation on State Bar inquiries
- Review and audit analysis of current Client Trust Accounts
- Assistance with external case management
- Fraud prevention
We specialize in effective and professional client trust management accounting for attorney firms.
What is IOLTA?
IOLTA stands for "Interest on Lawyers Trust Accounts." Attorneys routinely receive client funds to be held in trust for future use. If the amount is large or the funds are to be held for a long period of time, the attorney place the money at interest for the benefit of the client. According to the American Bar Association (ABA), many law firms have gotten themselves in trouble for mismanagement of their Client Trust Accounts. Many of these troubles come from an insufficient knowledge of reasonable accounting practices and processes.
Give us a call or request a free personal consultation to learn more about our IOLTA services.
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