Description
Gain a better understanding of when to use an IOLA account and the important statutory safeguards.To avoid the ethical prohibition on commingling, New York State attorneys holding funds belonging to clients or third parties must use attorney escrow accounts. IOLA accounts are the most common type of attorney escrow account, but many attorneys do not understand the relevant rules regarding account management, which puts them at risk of professional discipline. This presentation from the General Counsel of the IOLA Fund will help New York attorneys properly open and manage their IOLA accounts. The program will cover when to use an IOLA account and important statutory safeguards for attorneys, while also featuring tips and best practices from a leading ethics attorney to help New York attorneys avoid malpractice and disciplinary charges.
Date: 2022-09-13 Start Time: End Time:
Learning Objectives
The Role of the IOLA Fund and Attorney Escrow Account Regulation
• IOLA Fund Mission
• Lawyers Fund for Client Protection
• NYS Attorney Grievance Committees
Appropriate Use of an IOLA Account
• Definition of Qualified Funds
• When to Use a Non-IOLA Escrow Account
• Statutory Hold-Harmless Provision
IOLA Account Managemen
• Proper IOLA Account Opening and Titling
• IOLA Account Features
• Exception to the Commingling Rule
Common Pitfalls
• Opening an Account
• Changing Banks and Bank Mergers
• Multi-Jurisdictional Practice Issues
Practical Tips From an Ethics Attorney
• Account Management
• Retainer Fees
• Missing Client Funds
• Deceased Signatory
• Account Security
• Proper Disbursements
Question and Answers
CLE (Please check the Detailed Credit Information page for states that have already been approved) ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.
Christine Fecko-IOLA Fund of the State of New York, Deborah Scalise – Scalise & Hamilton P.C.
