Every lawyer knows mismanaging a trust account (IOLTA) can have terrible consequences. However, most lawyers receive little or no training in how to manage a trust account before opening one of their own. Law schools don’t address this in enough detail — at least based on the blank looks received when I mention trust accounting to new grads. And only the enlightened bar associations conduct a hands-on, mud-up-to-your-elbows trust accounting class for all new lawyers. All of which begs the question, “Are your trust accounting practices sufficient?” If you are in doubt, here is a mini-checklist of items you can start implementing today.
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