"In July of 2023, the State Bar placed approximately 2,000 attorneys—less than 1 percent—on involuntary inactive status for noncompliance with CTAPP."
Source: State Bar of California Reports on First-Year Results of New Client Trust Account Protection Program 2023
Master Expanded IOLTA Regulations with Expert Guidance
Suppose you are one of the 200,000 Californian attorneys who successfully complied with the Attorney Client Trust Account Protection Program's certification process. You must annually provide the State Bar with information regarding your client trust account management, conduct a self-assessment, and review the Rules of Professional Conduct about the protection of client funds. However, are you fully prepared for the expanded regulation scope of the State Bar concerning IOLTA Trust account?
This expansion includes:
Risk-based compliance audits
Reconciling bank to attorneys to identify IOLTAs that are unreported
Work with banks to find IOLTAs held by disbarred, resigned or inactive attorneys
Mandatory reporting of non-iolta client trust accounts
Increased fees to aid in conducting audits and compliance reviews
Navigating these evolving regulations can be complex and time-consuming. That's where our CTAPP services come in – designed to provide comprehensive support and guidance through every step of compliance.
Are You Keeping the Required Documentation for Each of Your Client Trust Accounts?
A written ledger for each client you are holding funds in your IOLTA
A written journal for each bank account
A copy of every check written from your client trust account
A copy of each month's bank statement
Monthly 3-Way reconciliation of your client ledger, journal and client trust bank account
Accurate IOLTA Compliance Services.
SERVICES
With our decades of combined accounting experience, we can help ensure your law firm's IOLTA accounts are accurate and compliant with the State Bar's rules and regulations. Even if you have the slightest inkling that your records are off, then your state license and your entire practice might be in jeopardy. Don't take chances – a quick call to our team ensures expert review of your accounts, safeguarding your professional standing. Here's how we can help:
Our Expertise Legal Bookkeeping Software.
Regardless of your law firm's chosen bookkeeping software, our team provides expert support across a wide range of platforms, ensuring seamless financial management tailored to your specific needs.
IOLTA Compliance Services Focused on Supporting Your Law Firm.
BENEFITS
Dynamic Professional Assistance
Our professional accountants are ready to create tailored services specifically for your firm.
Effective Financial Reporting
Ensuring accurate and comprehensive law firm records.
On Schedule
Your deadlines are our priority, be it Bar Notices or your monthly reporting.
Expert Guidance
We'll help you institute policies for your firm to better comply with IOLTA guidelines.
Instant Record Access
Access up-to-date records anytime, in real-time.
Cost-Savings
Avoid additional expenses on software purchases, legal compliance consultancy, training, or updates.
FAQ
CTAPP and IOLTA Compliance FAQ
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What is CTAPP Compliance and why is it important for law firms?CTAPP, an acronym for Client Trust Protection Program, compliance is a set of regulations designed to ensure the proper handling of client funds by law firms. It is crucial for maintaining transparency, trust, and legal ethics within the legal profession. Compliance helps prevent misappropriation of client funds and ensures that law firms meet the highest standards of financial responsibility.
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Which are our CTAPP Compliance’s fundamental services?CTAPP Compliance's fundamental services include comprehensive review and management of client trust accounts (CTA), meticulous record-keeping and assistance in establishing robust internal procedures to ensure adherence to trust account regulations within the legal framework.
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What are the consequences of non-compliance with CTAPP regulations?Non-compliance can lead to severe consequences, including legal repercussions, fines, and damage to the firm's reputation. It may also result in the suspension or revocation of the firm's license to practice law. Ensuring CTAPP Compliance is vital for the continued success and integrity of the law firm.
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Where can law firms find resources for guidance on CTAPP Compliance?Law firms can access CTAPP guidelines from legal associations, state bar associations, and regulatory agencies. Attending relevant seminars, workshops and consulting with financial professionals can also provide valuable insights tailored to a company's specific needs. Especially, our expert team can offer personalized guidance and support, ensuring your firm not only meets but exceeds the highest standards of financial responsibility.
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How do I add a new question & answer?To add a new FAQ follow these steps: 1. Manage FAQs from your site dashboard or in the Editor 2. Add a new question & answer 3. Assign your FAQ to a category 4. Save and publish. You can always come back and edit your FAQs.
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Can I insert an image, video, or GIF in my FAQ?Yes. To add media follow these steps: 1. Manage FAQs from your site dashboard or in the Editor 2. Create a new FAQ or edit an existing one 3. From the answer text box click on the video, image or GIF icon 4. Add media from your library and save.
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How do I edit or remove the 'Frequently Asked Questions' title?You can edit the title from the FAQ 'Settings' tab in the Editor. To remove the title from your mobile app go to the 'Site & App' tab in your Owner's app and customize.
GET IN TOUCH
Start Your Journey to Full CTAPP Compliance Today!
Let us handle the intricacies of your client trust accounts, so you can concentrate on what you do best – practicing law.
What Our Clients Are Saying
TESTIMONIALS
CTAPP Compliance helped our firm manage our IOLTA accounts and meet compliance standards. Their team is knowledgeable and responsive. Great for any law firm needing straightforward compliance assistance.
Leah Yurfset
Working with CTAPP Compliance has made managing our client trust accounts much easier. They understand the details and are always ready to help. Their service is reliable and efficient.
Roy Gold
Our experience with CTAPP Compliance has been very positive. They provided the expertise we needed for our Iolta and client trust accounts, making compliance simple and manageable. Appreciate their practical support.
