Voicenet Presents IOLTA Management Software to the IOLTA Technology Workshop at the 2009 American Bar Association Conference in Chicago

Published on August 18, 2009 in Computer Software, Technology

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9810 Ashton Road, Philadelphia, PA 19114 (August 18, 2009) – IOLTAs formed in each state manage the interest generated on escrow funds deposited by lawyers in special bank accounts. More and more states are requiring (mandatory) lawyer participation in the IOLTA program in their state. States are also mandating interest comparability management and compliance review capabilities to identify the best interest returns and to monitor lawyer and law firm deposits. These current and increasing demands have placed more work on IOLTAs, at the very time when most IOLTAs are experiencing downturns in revenues due to the slow-down in the economy. Technology can provide relief, introducing greater efficiencies and reducing manual processing. 38 jurisdictions now mandate lawyer participation, and 23 require interest rate comparability capabilities.

Voicenet has developed an extensive and full-featured solution for IOLTA Management of lawyers, bank accounts and bank interest rates. This system is fully Windows-server based, and is back-ended with an MSSQL database. Sponsored by the IOLTA Technology Committee, Voicenet’s features and capabilities were highlighted at the IOLTA Workshop on July 30, held at the annual meeting of the American Bar Association. The presentation featured a current user of the Voicenet system, IOLTA of Pennsylvania’s Stephanie Libhart, describing the user interface, capabilities and solutions it provided in their office. Stephanie also answered questions from the attendees regarding how this system would work for their needs. Both IOLTA of New Jersey and IOLTA of Pennsylvania were involved in developing and refining the system presented.

This IOLTA Management system responds to some of the new challenges facing IOLTAs, with banks being purchased or merged and bank name changes, it is important to have a complete history of accounts through all bank mergers and acquisitions. It is also important to provide interest comparability history to help identify the most advantageous interest rates — this is now required in many states. New emphasis on attorney compliance is emphasized, with reconciliation of bank and attorney account information. Fully automated import of bank remittance information in Excel format is also enabled, reducing the time and potential errors from manual input. Extensive reports assist the IOLTA Director to manage bank relationships better and improve interest rate negotiations.

The system has a friendly user interface, using all standard Windows keyboarding, similar to MS Office, MS Excel and other MS products. It is also easily customizable for IOLTAs that have specific requirements or for Canadian use. Automated, preformatted email letters can be distributed from within the system, providing automatic, scheduled contact with law firms and lawyers as needed. Management of special processes, like Pro Hac Vice, and tracking Pro Bono activities and contributions by lawyers make this system a labor saver and help it to become the institutional long term memory. Powerful search tools put all information in the database instantly at the command of the IOLTA staff.

Source: voicenet

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