IOLTA Compliance Check
Answer 10 questions covering the trust account controls bar auditors check most. Any No is a finding worth fixing.
- 01
You perform a three-way reconciliation (bank, book, client ledger) every month.
- 02
Every client has an individual ledger with a running balance.
- 03
No client ledger has ever shown a negative balance.
- 04
Firm funds and client funds are never commingled — including earned fees.
- 05
Earned fees are transferred out of IOLTA promptly and documented.
- 06
Deposits and disbursements are supported by signed authorization or engagement docs.
- 07
You never advance firm cash from IOLTA to cover a client shortfall.
- 08
Records are retained for the minimum period required by your state bar (typically 5+ years).
- 09
Only lawyers (never non-lawyer staff alone) can sign IOLTA checks.
- 10
You (or a qualified bookkeeper) review IOLTA controls at least annually.
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