Amy Woods

Amy Woods, founder of IOLTA Consulting, shares her expertise on managing trust accounts effectively. She outlines the common pitfalls lawyers face with IOLTA accounts and the importance of timely setup and three-way reconciliation. Woods explains the risks of outstanding checks, defines escheatment, and clarifies how to handle unclaimed funds. She emphasizes that QuickBooks alone isn't sufficient and suggests combining it with legal case-management reports. Her insights aim to help lawyers safeguard client funds and avoid serious compliance issues.