These summaries were prepared by McGuireWoods LLP lawyer Thomas E. Spahn. They are based on the letter opinions issued by the Virginia State Bar. Any editorial comments reflect Mr. Spahn's current personal views, and not the opinions of the Virginia State Bar, McGuireWoods or its clients. 
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40-Trust Accounts

A lawyer need not obtain written consent to deposit a client's funds in an IOLTA account, but must obtain the client's consent to deposit money in an IOLTA account if the funds might draw appreciable interest elsewhere and will not be needed for a long time.

Copyright 2000, Thomas E. Spahn