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 If today's podcast resonates with you and you haven't read The Small Firm Roadmap Revisited yet, get the first chapter right now for free! Looking for help beyond the book? See if our coaching community is right for you. Access more resources from Lawyerist at lawyerist.com. 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
