Attorney Escrow Account Services

We provide specialized services to attorneys who maintain escrow accounts (also known as “Trust Fund Accounts” and “IOLTA Accounts”). We have developed an expertise in this area through our work as account monitors for attorneys who have been placed on conditional agreements with the Maryland Attorney Grievance Commission.

As a result of our experience and the extensive research on escrow accounts, Maryland Rules, prior cases, MSBA opinions and relevant articles, we feel very confident about offering the following services:

• We can evaluate your compliance with Maryland’s escrow account requirements. We have developed a unique evaluation form, which carefully examines your processes and compliance on six different issues of concern.
  
  

  I. Bank account basics II. Bank account reconciliation III. Funds deposited IV. Funds drawn V. Ledgers VI. Other Issues

This evaluation is done at your office, with information generated from your escrow account, testing, and an interview of the person who manages the escrow account. The result of this evaluation is a detailed report identifying the weaknesses in your system that could cause future problems. We will also provide concrete suggestions on procedures you need to implement to improve compliance. This report is entirely confidential and created as a way to help you improve your system of compliance.

• We can develop an accounting system for your escrow account. Using the card ledgers is tedious, error-prone and inefficient. We have successfully developed and implemented accounting systems and processes for attorneys who use a computerized accounting system. Systems such as QuickBooks© will allow you to maintain a tight control over the transactions and balances in your escrow account(s).

• We can serve as account monitors in conditional diversion agreements. If you are being investigated by the Attorney Grievance Commission for possible irregularities in your escrow account, you may be placed on a conditional diversion agreement. Under this agreement, you are monitored for a determined period until you have been able to resolve the irregularities implemented a system of controls to prevent future problems. We have been approved to serve as monitors by the Attorney Grievance Commission in other cases. In addition, we have developed a monitoring program with the periodic required reports to the Commission, which can be suited to your specific needs.