IOLTA & Client Trust Account – Key Issues & Best Practices

Beverly Hills Bar Foundation Board Members Natalie Do and Derek Barto will take us on a journey to better understand background and purpose, explore key issues, overview of ethics & governance and best practices of IOLTA & Client Trust accounts. Natalie will share insights and tips as Senior Vice President at Western Alliance Bank for 12+ years. She will provide answers to perhaps not so frequently asked but intriguing questions: How did IOLTA come about? What is it really? Who is overseeing the program? Who benefits from the interest earned and who decide? What is the difference between IOLTA and Client Trust accounts? What is FDIC coverage and how does it work? How to set up IOLTA properly and more importantly how to maintain and manage day-to-day? As a CFO for small and mid-sized law firms, Derek will share his advice for implementing best practices around trust accounting and CTAPP compliance in any sized firm. He will also touch on how to spot issues in your firm's trust accounting and the responsibilities of attorneys in managerial capacities for safeguarding client funds.