Gain a better understanding of when to use an IOLA account and the important statutory safeguards.
To avoid the ethical prohibition on commingling, New York State attorneys holding funds belonging to clients or third parties must use attorney escrow accounts. IOLA accounts are the most common type of attorney escrow account, but many attorneys do not understand the relevant rules regarding account management, which puts them at risk of professional discipline. This presentation from the General Counsel of the IOLA Fund will help New York attorneys properly open and manage their IOLA accounts. The program will cover when to use an IOLA account and important statutory safeguards for attorneys, while also featuring tips and best practices from a leading ethics attorney to help New York attorneys avoid malpractice and disciplinary charges.
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Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
The Role of the IOLA Fund and Attorney Escrow Account Regulation
- IOLA Fund Mission
- Lawyers Fund for Client Protection
- NYS Attorney Grievance Committees
Appropriate Use of an IOLA Account
- Definition of Qualified Funds
- When to Use a Non-IOLA Escrow Account
- Statutory Hold-Harmless Provision
IOLA Account Management
- Proper IOLA Account Opening and Titling
- IOLA Account Features
- Exception to the Commingling Rule
Common Pitfalls
- Opening an Account
- Changing Banks and Bank Mergers
- Multi-Jurisdictional Practice Issues
Practical Tips From an Ethics Attorney
- Account Management
- Retainer Fees
- Missing Client Funds
- Deceased Signatory
- Account Security
- Proper Disbursements
Question and Answers
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on September 13, 2022.
Call 1-866-352-9540 for further credit information.
- NY CLE 1.0 including Ethics and Professionalism 1
- This course has been approved in accordance with the requirements of the New York Continuing Legal Education Board for up to a maximum of 1.0 credit hours in the area(s) of Ethics and Professionalism for 1.00 hour. Each hour may be counted only as satisfying one category of credit. Duplicate credit for the same hour of instruction is not permitted. This course qualifies for credit for established attorneys only. Lorman Education- Noggin Guru, Inc. has a financial hardship guideline. Please contact customer service at 1.866.352.9539 for instructions on how to apply.
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Christine Fecko
IOLA Fund of the State of New York
Christine M. Fecko
- General Counsel of the IOLA Fund of the State of New York since 2011
- An officer and member of the Board of Directors of the National Association of IOLTA Programs and serves on the New York State Bar Association’s (“NYSBA”) President’s Committee on Access to Justice, the NYSBA Committee on Legal Aid, the New York City Bar Association’s Pro Bono and Legal Services Committee, the New York City Bar Association’s Ethics Committee, and the Technology Working Group of the New York State Permanent Commission on Access to Justice
- Former Chair of the New York City Bar Association’s Committee on Legal Services for Persons of Moderate Means
- Clerked for Chief Judge F.A. Little, Jr. of the United States District Court for the Western District of Louisiana
- Published author
- J.D degree from the New York University School of Law and B.A. degree from SUNY Binghamton
Deborah Scalise
Scalise & Hamilton P.C.
Deborah A. Scalise
- Member of SCALISE & HAMILTON, PC in Scarsdale, New York, and a founding member of its predecessor Scalise & Hamilton LLP
- Previous Deputy Attorney General in Charge of Public Advocacy for the Westchester Region and prior to that, she was the Deputy Chief Counsel to the Departmental Disciplinary Committee for the First Judicial Department where she litigated complex disciplinary matters
- J.D degree from Brooklyn Law School; B.A degree from John Jay College of the City University, and Master of Arts Degree from the John Jay College of the City University of New York
- Previously appointed to the NYS Office of Court Administration CLE Board by Chief Judge Janet DiFiore serving as a member for three years
- Testified before the 2015 OCA State Commission on Professional Discipline regarding attorney mental health issues
- Member of various associations and a published author
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