If you’re not reconciling your IOLTA account every month, you could be putting your law firm—and your license—at serious risk.
In today’s video, I share what I’ve seen across countless legal clients: the majority are not properly reconciling their trust (IOLTA) bank account to their IOLTA liability account. And when I ask for a breakdown of what makes up the trust balance, most firms cannot provide client-by-client detail—leaving them exposed to audits, penalties, and ethics violations.
I’m Bonnie Fleming with Fleming & Associates. We provide virtual bookkeeping and CFO services—including trust accounting support for law firms that need to stay fully compliant and audit-ready.
In this video, you’ll learn:
- Why reconciling your IOLTA account monthly is non-negotiable
- What happens when you can’t account for every dollar held in trust
- How to use your legal software (like Clio) to run trust balance reports
- What your trust liability reports should include—and how to fix gaps
Pro Tip: You must be able to show exactly which client funds make up your IOLTA balance—by name and by amount—at any given time. If you can’t, it’s time to get professional help.
Need support reconciling your IOLTA account, or want a second opinion to make sure you’re in compliance? Let’s talk → www.flemingandassoc.com
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