Practice Management

29
Aug
2016

Practice Management:

Bank accounts for your law firm

OSBA Staff
Columbus, OH

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You know how to practice law, but do you know how to set up finance accounts for your practice? It doesn’t take a rocket scientist (or an accountant). Here is a basic overview of necessary and optional bank accounts for your law practice.​


For starters, open at least one FDIC-insured, interest bearing bank account designated as a client trust account or IOLTA account (Interest on Lawyers Trust Account). Law firms may have more than one trust account or IOLTA account. The trust account must be opened in a bank authorized to do business in Ohio and maintained in the state where the lawyer’s office is situated. Separate client trust accounts should be opened when administering estate funds. In rare circumstances, other individual client trust accounts may be opened for the benefit of the client. Next you should register the account with the Ohio Legal Assistance Foundation.

The Ohio Legal Assistance Foundation​ (OLAF) administers the primary source of funding for civil legal aid in Ohio, the Ohio Legal Aid Fund, which consists of interest earned on Interest on Lawyers’ Trust Accounts (IOLTA) and Interest on Trust Accounts (IOTA), and from a filing fee surcharge on civil cases filed in municipal, county and common pleas courts. 

Download the ebook to learn more.