Nothing disrupts a restful night like the gnawing worry: “Are our trust accounts in order?” Attorneys know IOLTA noncompliance isn’t just a paperwork issue—it’s a career ender.

 

What’s the Big Deal With IOLTA?

Bar Associations require strict, documented segregation of client funds (IOLTA accounts). Mix-ups, commingling, or late reconciliations don’t just risk fines. You could lose your license.

 

Nightmare Triggers

  • Using trust funds for operating expenses—even “temporarily.”
  • Missing or delayed three-way reconciliations.
  • Failing to document deposits, transfers, or distributions.

 

How to Sleep at Night

1. Use Legal-Specific Accounting Tools
 Don’t trust generic software—choose solutions with IOLTA features.

2. Automate Your Reconciliations
 Monthly, not annually! Set reminders and get your CPA to review.

3. Segregate Duties
 Dual controls and clear documentation save careers (and nerves).

4. Regular Training & Audits
 Educate your team and run mock audits to catch issues before the Bar does.

 

Bonus: Partner with Experts

SkillBench specializes in IOLTA reconciliation and compliance. You handle the law, we’ll handle the ledgers.

 

Final Thought

Proper IOLTA management means you sleep soundly, knowing your license, clients, and firm are protected.