Frequently Asked Questions

IOLTA and Lawyers

Are all lawyers licensed in Massachusetts required to have an IOLTA Account?
No. Pursuant to Massachusetts Rule of Professional Responsibility 1.15, all lawyers engaged in the practice of law who have a physical office location in Massachusetts must establish a Massachusetts IOLTA account once they receive client funds that are nominal in amount or will only be held for a short time. Examples of client funds that may be appropriate to put in an IOLTA account include settlement checks, retainers and other fees advanced for services not yet performed, and funds related to real estate transactions.

Lawyers do not need a Massachusetts IOLTA account if, for example, they:

  • Are a licensed attorney in Massachusetts but their practice is located out-of-state and they have no law offices in Massachusetts.
  • Are unemployed or not practicing as an attorney.
  • Are engaged in the practice of law but not within a private practice (e.g., in-house counsel, teacher, publicly employed) and do not receive client funds.
How do I open a new IOLTA account?
I have an IOLTA account. Now what?
What funds should attorneys put in an IOLTA account?
May any funds belonging to the attorney be in an IOLTA account?
What IOLTA information do I need for the Board of Bar Overseers annual registration?
As part of the annual BBO attorney registration, you are required to fill out information regarding your compliance with the IOLTA rules by either identifying your IOLTA account including the bank name and account number or indicating the reason that you are exempt from the IOLTA account requirement. Please contact the IOLTA Committee if you have questions about the IOLTA section of the BBO registration; all other registration questions should be directed to the BBO by calling 617-728-8750 or sent by email to registrationdept@massbbo.org.
Where does the Access to Justice fee go?
What are attorneys required to tell their clients about trust accounts?
How do I close an IOLTA account?
An attorney who maintained an IOLTA account has died. What should be done about the client funds that are still in the account?

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