An alarm has been set off among lawyers, in New York and across the nation, by the U.S. Supreme Court’s recent decision in Phillips v. Washington Legal Foundation, 1998 WL 309070 (U.S. 1998), concerning Texas’ Interest on Lawyers’ Trust Accounts (IOLTA) program. Lawyers are wondering whether they should continue to place client funds in the pooled interest-bearing accounts established under such programs. The answer is: absolutely.