IOLA / CLIENT FUNDS

Lawyer Account (IOLA) & Client Funds Protection

Gomberg Legal P.C.  utilizes a Lawyer Account (IOLA)—also known as an IOLTA (Interest on Lawyer Trust Account)—to securely hold client funds in compliance with New York State law and the Rules of Professional Conduct.

An IOLA account is a state-regulated attorney trust account used exclusively for client funds and maintained separately from the firm’s operating accounts. Client funds remain the property of the client and may be disbursed only pursuant to written authorization, signed agreements, or court order.

Key protections include:

Strict attorney fiduciary duties

Mandatory record-keeping and reconciliation

Oversight by bar authorities

Prohibition against commingling or misuse of funds

Interest generated on IOLA accounts is not retained by the attorney and is instead directed to state-approved legal aid and access-to-justice programs.

This structure provides one of the highest levels of transparency, accountability, and protection available for litigation, surrogacy, and escrow-type matters.