Colorado IOLTA Trust Account Resources

Colorado IOLTA account requirements are detailed in Rule 1.15 of The Colorado Rules of Professional Conduct.

Colorado Lawyer Trust Account Foundation COLFAT

 

Administrative or firm funds are allowed in Colorado IOLTA accounts.

  • Colorado Rules of Professional Conduct 1.15 Safekeeping Property (g) “A lawyer may deposit funds reasonably sufficient to pay anticipated service charges or other fees for maintenance or operation of such account into trust accounts. Such funds shall be clearly identified in the lawyer’s records of the account.”
  • As a starting point, we suggest keeping at least $100 of firm funds even in low volume IOLTA accounts to cover bounced check fees.
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California IOLTA Trust Account Resources

We use the below resources when managing California IOLTA accounts.

California IOLTA account requirements are regulated by Rule 4-100 of the California Rules of Professional Conduct.

We also use the Handbook on Client Trust Accounting for California Attorneys.

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Arizona IOLTA Trust Account Resources

We use the below resources when managing Arizona IOLTA accounts.

 

Arizona State Bar – Law Office Management Assistance (LOMAP)

Website

State Bar of Arizona – Client Trust Accounting for Arizona Attorneys Manual

Under Arizona Supreme Court Rule 43 – Guidance on IOLTA Trust Accounting – PDF

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Connecticut IOLTA Trust Accounting Requirements

Connecticut IOLTA trust accounting rules are detailed in Connecticut Practice Book, Rules of Professional Conduct, Rule 1.15.

Section 1.15.J requires the following items

General Ledger J.1 – Chronological report of all deposits and withdrawals from the trust account with a running balance.

Client Ledger J.2 – Client level chronological report of all deposits and withdrawals with running balances.

Copies of bank statements, images of deposited items, and copies of cleared checks J.7

Section J.10 would include the triple reconciliation summary used to tie the ending bank statement balance to the general and client ledgers.  Aggregate deposit and withdrawal reports are also covered by this section.

These requirements are included in our Example IOLTA Trust Account Reconciliation and introduction video.

 

Connecticut Practice Book

(j) A lawyer who practices in this jurisdiction shall maintain current financial records as provided in this Rule and shall...

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