iolta compliance

IOLTA compliance refers to adherence to regulations governing Interest on Lawyers’ Trust Accounts (IOLTA), which hold client funds separate from a law firm's operational accounts. These accounts are subject to strict state bar association rules, ensuring that client funds are properly managed and interest earned on the accounts is typically donated to support legal aid programs. IOLTA compliance involves maintaining accurate records, ensuring client funds are correctly segregated, and adhering to reporting requirements. Compliance is essential for law firms to avoid legal issues and maintain trust with clients while supporting access to justice through IOLTA-funded initiatives.