Knee Deep in Escheating: Intricacies of Lawyer Trust Accounts, with Amy Woods
Lawyerist Podcast · Lawyerist.com
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Show Notes
In episode 579 of Lawyerist Podcast, learn how to manage your IOLTA accounts correctly and avoid disciplinary pitfalls. Stephanie Everett talks with Amy Woods, founder of IOLTA Consulting, about the most common mistakes lawyers make with trust accounts and what to do instead.
Amy explains why outstanding checks can create big compliance risks, what escheatment rules really require, and why three-way reconciliation is a must. She also breaks down why QuickBooks alone isn’t enough and how a few simple steps can keep you out of trouble. Lawyers will walk away with clear guidance to safeguard client funds, prepare for audits, and protect their law licenses.
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Chapters/Timestamps:
00:00 – Bots in Job Interviews and Introduction
04:14 – Meet Amy Woods: IOLTA Consulting
05:14 – Why Trust Accounts Feel Like a “Ticking Time Bomb”
06:58 – Common Mistakes Lawyers Miss
09:22 – Escheatment & Outstanding Checks
12:30 – Penalties, Interest & Voluntary Disclosure
14:31 – Retainer Clauses & Small Check Workarounds
16:18 – Three-Way Reconciliation Explained
18:00 – QuickBooks vs. Legal-Specific Tools
21:43 – One Account, Many Clients: Why Details Matter
23:55 – Amy’s Compliance Review Service
25:08 – Real Consequences: From Penalties to Disbarment
26:26 – Final Takeaways