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How does a lawyer or law firm determine which client funds should be deposited in an IOLTA account and which should be invested on behalf of individual clients?

April 26, 2017account behalf client deposited determine funds invested IOLTA law firm Lawyer

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How does a lawyer or law firm determine which client funds should be deposited in an IOLTA account and which should be invested on behalf of individual clients?

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A. When a particular client’s funds are so nominal or are expected to be held for such a short period of time that it is not practical to earn or account for income on the individual deposit, such funds should be deposited in an IOLTA account. No lawyer may be disciplined for placing client funds in an IOLTA account if the lawyer makes a good faith determination that the funds fit the provisions of Rule 1.15B.