Trust accounting pilot to launch: Program could also boost Foundation revenue.

A pilot for the Bar's new trust accounting software for lawyers, which will automatically bring members into compliance with Bar trust accounting rules and is expected to boost Florida Bar Foundation IOTA income, is expected to begin early this fall.

Board of Governors Parliamentarian Andy Sasso, chair of the Special Committee on Trust Accounting Solutions, told the board at its recent Hollywood meeting that the Bar has signed contracts for the pilot with TMI, a Texas-based trust company that is working with Jacksonville-based FIS to operate the program.

The pilot should begin operating early in the fall, will run for about six months, and ultimately will include up to 20 law firms ranging from sole practitioners to large firms.

"What it will do, if everything works successfully, is totally automate attorneys' trust accounts," Sasso said. "As long as attorneys put in the correct information, they will be totally in compliance with Bar [trust accounting] rules."

He said Bar staff is working with the two companies to get the pilot program up and running.

A side benefit is by pooling attorney trust accounts and seeking the best deal from banks, the program will substantially boost IOTA interest rates. The typical IOTA account now pays 11 basis points, or 0.11 percent, Sasso said, while the new program is expected to boost that to 190...