How Errors in Trust Accounts Endanger the Professional Licenses of Attorneys
When an attorney is hired on retainer, they are supposed to put the money paid by the client up front into a trust account—often an Interest on Lawyers Trusts Account (IOLTA) that pays interest on the funds into legal aid organizations such as the Texas Access to Justice Foundation. The attorneys may then pay themselves out of the account based on hours worked. But sometimes attorneys are unaware of just how careful they need to...
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