Wisconsin attorneys' banking relationships matter. |  |
The simplest way to support IOLTA’s mission is to maintain your IOLTA account at a Prime Partner financial institution, which pays interest rates that are at least 0.50% higher than required under the Wisconsin Supreme Court’s IOLTA interest rate comparability requirement. The additional interest results in more funding for civil legal aid in communities throughout Wisconsin.
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Managing your client trust account |
Lawyers have fiduciary obligations to safeguard and account for the funds and property of clients and others in their possession. A trust account must be maintained to hold the funds of clients and third parties that come into a lawyer’s possession in connection with a representation.
Examples of funds which must be placed in trust accounts include:
- Personal Injury Settlements
- Divorce Settlements
- Real Estate Escrows and Closing Proceeds
- Advanced Fees for legal services
- Cost Advances
Please see the Wisconsin Office of Lawyer Regulation (OLR) website for more information on how to manage your trust account.
For questions specific to managing your trust account, please contact the Wisconsin Office of Lawyer Regulation (OLR):
110 East Main Street, Suite 315
Madison, WI 53703-3383
Phone: (877) 315-6941, option 2
Fax: (608) 267-1959
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A Prime Partner member of the Wisconsin IOLTA program since 2010, Mound City Bank strives to be the most admired community bank in the State of Wisconsin.Mound City Bank goes above and beyond IOLTA participation requirements by paying additional interest on its clients' IOLTA accounts - helping to expand access to civil legal services in Wisconsin.
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