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Client Trust Accounts

By Neil F. Scullion
March 29, 2011

All partners in a law firm are responsible collectively for any client money kept in an Interest on Lawyer Trust Account (“IOLTA”) or individual client trust account. What steps can your firm take to reduce the risk of loss or fraud as it relates to IOLTAs? Also, what must be done to meet your state's client trust account record-keeping requirements? This article covers the basics and will help you think about what changes your firm should consider to protect against IOLTA loss or fraud.

1) Centralize the Client Trust Accounting

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