IOLTA Compliance
Legal Practice Solutions, LLC provides IOLTA compliance services. It enables the law firms to manage the clients’ funds with integrity and responsibility while interfacing such duties with regulatory requirements. IOLTA compliance for a law firm could be daunting; our professional and highly committed team is here to make the process easier, less risky, and more ethical. Our IOLTA compliance services will maintain compliance on behalf of your firm and free up your priceless time so that you may commit your best to the legal service provision of your clients.
Understanding IOLTA Compliance
IOLTA programs pool small or short-term client funds into interest-bearing trust accounts. The interest accrued provides funding for various legal aid programs as well as other related philanthropic activities. Several cumbersome requirements have been instituted. These requirements are necessary for law firms to participate. They have been instituted by state bar associations. Among these requirements, proper and complete records and reconciliations must be performed. Separately, clients’ money must be kept segregated from operational money.
Why Choose Legal Practice Solutions, LLC for IOLTA Compliance?
Experience with IOLTA Rules
Over the years, our staff has taken experience and knowledge from years of practice and applied them to handle special rules associated with IOLTA accounts in many different jurisdictions. Our team keeps up with all updates regarding changes in compliance requirements so that your law firm will keep apprised of state-of-the-art compliance.
Full-Service Compliance
We do everything from setting up and maintenance of the trust account, monitoring, and reporting. This secures at least a minimum risk of violation and makes your organization fully compliant.
Regular Reconciliation and Reporting
The regular reconciliations will keep the IOLTA accounts in a compliant position. Legal Practice Solutions, LLC does a very detailed monthly reconciliation to enable matching of your records against bank statements in the future. A detailed report showing account activity and the current balance can also be provided.
Staff Training and Support
We train your personnel on the best IOLTA compliance practices so that a one-person chain handling client money will know where his or her responsibility lies. Continuous support will keep them updated on all compliance updates and any procedural changes.
Custom Solution for Your Firm
We realize that every law firm is unique. Our IOLTA compliance service canm tailore to suit your specific needs. Regardless of whether you’re a sole practitioner or a mega firm, the solution will perfectly fit into your organization.
Advantages of IOLTA Compliance
Reduced risk of regulatory problems
With Legal Practice Solutions, LLC by your side, you all but eliminate the possibility of compliance infractions and resultant audits that may lead to possible disciplinary action. This ultimately protects your good name and preserves your firm’s financial stability.
Improved Client Confidence
Good IOLTA account management reflects on your character and your transparency about anything to do with money. Clients appreciate that their money will treat responsibly, equating it with increased trust in the firm.
Smarter Use of Your Time
In other words, outsourcing IOLTA compliance allows your firm to get back to the practice of law, while we handle the many complexities involved in operating a trust account. Simplifying your services empowers your valuable staff to focus on higher-level work for your clients.
IOLTA Compliance Services
IOLTA Account Setup and Maintenance
We can help set up IOLTA accounts in compliance with states’ regulations and make sure funds will treat correctly from day one.
Monthly Reconciliation Services
Our team reconciles your IOLTA account on a monthly basis to ensure that your records will appropriately match against your bank statements to identify discrepancies long before it may be too late.
Comprehensive Compliance Reporting
Routine reporting, which documents activity within your IOLTA account, transactions, and current and historic balances, streamlines audits.
Compliance Audits and Risk Assessments
Legal Practice Solutions, LLC performs routine compliance audits that make any firm aware of the areas where risks are possible and where needs to make some improvements. Our guidance will have your firm easement ahead of the curve in terms of being compliant.
On-going Training and Resources
We provide a set of resources and training sessions to keep your staff updated on best practices related to IOLTA compliance as well as the periodic regulatory changes.
How Your Law Firm Benefits From IOLTA Compliance Service
Stress Free IOLTA Compliance: Our professionals will handle all compliance issues regarding IOLTA. This will allow your firm to focus on legal matters without the stress of regulatory compliance.
Interest Protection of Clients: We handle clients’ money with due care to prevent mismanagement. This protects the interests of your clients.
Increased Efficiency: Your company will be better positioned to streamline financial operations by being supported. This will positively affect cash flow by reducing administrative burdens.
IOLTA Compliance Partner- Legal Practice Solutions, LLC
Because it deals with clients’ money, compliance with IOLTA becomes an immense concern for each law firm. We pride ourselves in providing your firm with very in-depth IOLTA compliance services at Legal Practice Solutions, LLC. Let us help protect your client’s money from being squandered and preserve the high ethical standings of your practice. For any questions about our IOLTA compliance services and how they can benefit your law firm, please do not hesitate to contact us today.
