Maryland Lawyers Trust Account (MLTAC)

The Maryland Lawyers Trust Account (MLTAC) is a special bank account that lawyers in Maryland use to hold clients' funds separately from their own. This ensures that clients’ money, such as advance payments or settlement proceeds, is protected and managed properly. The funds in an MLTAC are pooled together, which allows for interest to accrue, benefiting the IOLTA (Interest on Lawyers' Trust Accounts) program. This program uses the interest generated to fund legal aid services for those in need. Overall, MLTAC helps maintain ethical standards in legal practice while promoting access to justice.