Opening an IOLTA Account

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In the District of Columbia, a lawyer’s responsibility for funds that are entrusted to him or her is governed by the D.C. Rules of Professional Conduct, specifically Rule 1.15. Under this rule, client or third party funds in the lawyer’s possession (trust funds) as a result of a representation must be placed in a trust account.

Effective August 1, 2010, trust funds that are nominal in amount or expected to be held for a short period of time, and thus will not earn income greater than the cost incurred to secure such income, are to be held in an IOLTA account in a compliant bank.

The IOLTA account is opened by the lawyer completing the D.C. IOLTA Account Registration Form and submitting the form to a D.C. IOLTA compliant bank.

IOLTA Form
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Note: Many banks use this form. However, take the form with you when you open an IOLTA account, then forward it to the D.C. Bar Foundation. Do not send it directly to the Bar or attempt to fill it out online.

View the list of D.C. IOLTA compliant banks.

The title of a D.C. IOLTA account shall include the name of the lawyer or law firm that controls the account and the words D.C. IOLTA Account or IOLTA Account.

Interest earned on the pooled trust funds in a D.C. IOLTA account goes to the D.C. Bar Foundation to fund pro bono legal services. A D.C. IOLTA account uses the Bar Foundation’s tax identification number because the Foundation is the beneficial owner of the interest.

The determination of whether client funds are nominal in amount or to be held for a short period of time rests in the sound judgment of each lawyer or law firm operating the account. (see Rule 1.15, Comment [5])

For additional information about client trust accounts or handling client funds, contact the D.C. Bar Practice Management Advisory Service at 202-780-2764 (Kaitlin McGee) or 202-780-2762 (Dan Mills). The Practice Management Advisory Service is a free and confidential service of the District of Columbia Bar to help members with a wide range of practice management issues. For free and confidential assistance with ethical questions, please contact the D.C. Bar’s legal ethics counsel at 202–737-4700 ext 1010.

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