Finance 101: Tracking the IOLTA Trust Account

A vast majority of attorneys in the United States and Canada must keep and maintain IOLTA trust accounts pursuant to very specific guidelines established by the governing body in each state. Despite the clearly defined rules, which in most jurisdictions, have been in place for years, some attorneys continue to put their license at risk. On The Un-Billable Hour, host Attorney Rodney Dowell, Director of the Massachusetts Law Office Management Assistance Program and interim executive director at Lawyers Concerned for Lawyers, talks with David Bilinsky, a Practice Management Consultant/Advisor for the Law Society of British Columbia, about why so many attorneys fail to properly do their IOLTA trust accounting, where they should go to learn how to properly do their accounting and shares his recommendations for trust accounting programs for attorneys.