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Unlike traditional attorney trust accounts, IOLTA programs , available in all 50 states, the District of Columbia and PuertoRico, allow lawyers to hold client retainers, settlements and other money in interest-bearing accounts. Moreover, the penalties for mismanagement can be severe, including disbarment.
Not surprisingly, the legal profession has not been immune, and lawyers and their firms have been impacted in many different ways. Many of these technologies and practices are here to stay, but because of all the change, it’s difficult to predict what the legal profession will look like on the other side of the pandemic.
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