The rules are very specific about the types of funds that may be held in an IOLTA account. IOLTA accounts are intended to hold funds belonging to a single client that are less than $10,000.00 or are to be held less than sixty business days. Conversely, if the attorney is holding ore than $10,000.00 for longer than sixty business days on behalf of a single client in the IOLTA account, he or she is in violation of the Rules of Professional Conduct. |
Attorney is holding funds in excess of
$10,000 for longer than 60 days
$10,000 for longer than 60 days