IOLTA'S TOP TIPS FOR LAWYERS
Regarding Registration Forms:
1. ILLEGIBLE=INELIGIBLE…PRINT CLEARLY AND INCLUDE YOUR TELEPHONE
NUMBER. We usually end the year with a box of at least two dozen
Registration forms that are illegible, causing those attorneys
to land on the ineligible list.
2. MAKE A COPY OF YOUR IOLTA REGISTRATION AND KEEP IT IN AN IOLTA
FILE. Keep any extra forms in case you change banks or add accounts.
Next year, you can refer to this year's form to see how you registered
3. THE FIRST IOLTA REGISTRATION MAILING, TO ALL FIRMS AND SOLE
PRACTITIONERS, IS IN DECEMBER FOR THE FOLLOWING YEAR. If you haven't
received it by Super Bowl Sunday, call us!
4. IF YOU CHANGE LAW FIRMS, TELL US!
5. ALL NEW ATTORNEY TRUST ACCOUNTS SHOULD BE OPENED AT FIRST AS
NON-INTEREST BEARING. IOLTA will instruct the bank to convert it
to an interest bearing account only after we talk with you to determine
that it would be appropriate.
6. PICK A DIFFERENT COLOR CHECK FOR YOUR TRUST ACCOUNT. It's easier
to distinguish at a glance from the operating or business account.
7. IF YOU CHANGE BANKS, TELL US! We need to know where the new
account will be, and when the old account will close.
8. Corollary to Item 5 above, CLOSE OLD, INACTIVE TRUST ACCOUNTS.
You can either transfer the balance to a new account or wait until
all disbursements are cleared from the old account. In either case,
you should instruct the bank to close it.
9. CHECK YOUR BANK STATEMENT ALL THE WAY THROUGH and RECONCILE
THE ACCOUNT AT LEAST MONTHLY. If the bank has credited interest
to your account that should have come to IOLTA, please let us know
10. TAKE OUR TELEPHONE NUMBER TO THE BANK WITH YOU. Due to staff
turnover, centralization of operations and other reasons, bank
personnel don't always receive thorough training about proper account
opening procedures for trust accounts. We will be happy to talk
11. CALL ANYTIME! Our objective is to assist every attorney with