IOLTA BOOKKEEPING AND STATE COMPLIANCE SERVICES
Understanding IOLTA Accounts and How They Work
Attorneys frequently handle client funds such as settlement checks, retainers, and court fee payments. These funds are deposited in an interest-bearing trust account known as an IOLTA (Interest on Lawyers Trust Accounts). The interest generated by IOLTA accounts is not for the clients or the law firm but is forwarded to the state to support legal aid and public service programs.
At Ledger+Plus, we have extensive experience working with attorneys across various practice areas and possess a deep understanding of IOLTA and trust bookkeeping reporting guidelines. With over 15 years of experience as a CFO/Administrator for a law firm, and now as the owner of Ledger+Plus, we are well-versed in the legal obligations surrounding the management of client retainers and deposit monies. Keeping these records in compliance with state regulations can quickly become a complex task without the assistance of a trusted professional.
Ledger+Plus can manage your legal firm's bookkeeping, allowing you to focus more on your clients. We will reconcile your IOLTA accounts monthly, ensuring your reports accurately reflect the cash flow for each client.
Call us today at 210-473-1256 for a complimentary consultation and learn more about our specialized IOLTA bookkeeping services for law firms.