Law Firm Trust Account (IOLTA) Compliance Checklist [FREE PDF]
This law firm IOLTA trust account compliance checklist ensures attorneys comply with ABA Model Rule 1.15 safekeeping property requirements and state bar trust account rules. Law firm administrators and managing partners use this quarterly to verify three-way reconciliation, proper accounting, and compliance with IOLTA program requirements.
- Industry: Professional Services
- Frequency: Monthly
- Estimated Time: 20-30 minutes
- Role: Law Firm Administrator / Managing Partner
- Total Items: 8
- Compliance: ABA Model Rules of Professional Conduct 1.15, State bar IOLTA rules and requirements, State Rules of Professional Conduct (trust accounting), AICPA law firm accounting guidance
Three-Way Reconciliation
Verify monthly three-way trust account reconciliation.
- Three-way reconciliation completed (bank balance = trust ledger = client ledger subtotals)?
- No negative balances on individual client ledgers?
- Monthly bank statement reviewed and reconciled same month received?
- No firm funds in IOLTA account (except nominal service charge allowance)?
Disbursements & Records
Verify proper disbursement controls and records.
- All client funds receipts and disbursements documented with source/purpose?
- Client funds disbursed promptly when client entitled to receive?
- Trust account records retained minimum 5 years (or per state bar requirement)?
- Trust account compliance notes
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Why Use This Law Firm Trust Account (IOLTA) Compliance Checklist [FREE PDF]?
This law firm trust account (iolta) compliance checklist [free pdf] helps professional services teams maintain compliance and operational excellence. Designed for law firm administrator / managing partner professionals, this checklist covers 8 critical inspection points across 2 sections. Recommended frequency: monthly.
Ensures compliance with ABA Model Rules of Professional Conduct 1.15, State bar IOLTA rules and requirements, State Rules of Professional Conduct (trust accounting), AICPA law firm accounting guidance. Regulatory-aligned for audit readiness and inspection documentation.
Frequently Asked Questions
What does the Law Firm Trust Account (IOLTA) Compliance Checklist [FREE PDF] cover?
This checklist covers 8 inspection items across 2 sections: Three-Way Reconciliation, Disbursements & Records. It is designed for professional services operations and compliance.
How often should this checklist be completed?
This checklist should be completed monthly. Each completion takes approximately 20-30 minutes.
Who should use this Law Firm Trust Account (IOLTA) Compliance Checklist [FREE PDF]?
This checklist is designed for Law Firm Administrator / Managing Partner professionals in the professional services industry. It can be used for self-assessments, team audits, and regulatory compliance documentation.
Can I download this checklist as a PDF?
Yes, this checklist is available as a free PDF download. You can also use it digitally in the POPProbe mobile app for real-time data capture, photo documentation, and automatic reporting.