Apr 6, 2026 · Learn how attorneytrustaccounts keep your funds separate, what your rights are as a client, and what happens when lawyers mishandle them. In short, a trust account is an account used by lawyers to hold money on behalf of clients. There are two types of trust accounts. Pooled– accounts that hold funds for more than one client 2. Separate– often for larger sums of money or when requested by the clientSee full list on clio.comWhen it comes to pooled trustaccounts, one of the most well-known ones is IOLTA. This program manages client funds held in trust by lawyers, which are typically nominal in amount or deposited for a short period only. Any interest earned on these funds is pooled together and used for legal aid, increasing access to justice for those who are unable ...See full list on clio.comTrust accounting can be complex. As mistakes may come with serious repercussions, lawyers need to be aware of all laws and rules when dealing with these accounts. Here are a few errors to watch out for. Lawyers must always keep their operating or personal funds separate from a client’s unearned funds. Commingling fundscan have...See full list on clio.com1. Have an accountHaving a trust account to comply with legal regulations might seem obvious. And yet, many attorneys forego them. However, in some jurisdictions, you can’t even practice law without having an account—even if it’s for pro bono work. It’s common for law firms to operate one or more pooled trust accounts depending on the nature and needs of the practice.