Various copolyesters of lactide, isosorbide, and terephthalic acid are prepared by a two-step process performed in a “one-pot” procedure, beginning with an isosorbide-initiated oligomerization of L-lactide followed by polycondensation with terephthaloyl chloride using SnCl2 as a catalyst for both steps. The SEC data show the formation of random copolyesters with high polydispersities as a consequence of the relatively high fraction of cyclics proved by matrix-assisted laser desorption ionization time-of-flight mass spectrometry (MALDI-TOF MS). The glass-transition temperatures (89–180 °C) obey an almost linear trend with the molar composition. The thermostability decreases with increasing lactide content. The successful incorporation of phenyl phosphate results in copolyesters of lower inflammability.