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. 

Listen to our other episodes on risk management & ethics: 

• #572 – Practical Courage Skills Every Lawyer Needs, with Jim Detert Apple | Spotify | LTN 

• #543: AI Ethics: What Lawyers Need to Know, with Hilary Gerzhoy Apple | Spotify | LTN
  

• #491 – Crafting Your Purpose-Driven Leadership Vision, with Leticia DeSuze Apple | Spotify | LTN 

• #447 – Managing Risk in Your Firm, with Allison Shields Apple | Spotify | LTN 

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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