When I became aware of the blockchain technology, one of the first ideas that interested me was how it could be used to replace custodial IOLTA or client trust accounts. If you’ve ever paid an attorney, up-front, your money was probably deposited into an IOLTA. IOLTA stands for Interest on Lawyer Trust Account and it’s a specific type of trust account where an attorney holds client funds (retainer), until the money is earned. Retainer is sometimes an ambiguous term. In this article, it me...
