Attorneys must insure that their IOLTA accounts, maintained at certified financial institutions, are in complete compliance with Massachusetts laws.
WHAT ARE THE HAZARDS ASSOCIATED WITH IMPROPER IOLTA ACCOUNT MANAGEMENT?
Comingling of attorney and client funds is a serious ethical violation which can lead to disciplinary action, up to and including loss of license for the attorney. Having a dedicated client funds account is insufficient; the law stipulates that it must be a specific IOLTA account at an approved bank.
Attorneys, partners, and their firms can be liable to clients if client funds are used improperly. There is reputational risk from non-compliance: perception is reality even if there is no misuse of client funds.
Simply put, Acorn Accounting makes your IOLTA issues go away. Acorn’s expertise in three-way reconciliation and other IOLTA compliance issues means that this complicated minefield of a problem never threatens your firm. Whether it is IOLTA, trust, estate or escrow issues, with Acorn Accounting, you gain peace of mind (and no letters from the Board of Overseers). Acorn’s years of experience means that the wolf will never be at your door!
