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IOLTA
Interest on Lawyers Trust Accounts (IOLTA) is a law-related public service program that strengthens our justice system.
Interest on Lawyers Trust Accounts is a unique and innovative way to increase access to justice for individuals and families living in poverty and to improve our justice system. Without taxing the public, and at no cost to lawyers or their clients, interest from lawyer trust accounts is pooled to provide civil legal aid to the poor and support improvements to the justice system.
A lawyer who receives funds that belong to a client must place those funds in a trust account separate from the lawyer’s own money. Client funds are deposited in an IOLTA account when the funds cannot otherwise earn enough income for the client to be more than the cost of securing that income. The client receives the interest if the funds are large enough or will be held for a long enough period of time to generate net interest that is sufficient to allocate directly to the client.
These funds, together with state and federal appropriations as well as private grants and donations, enable non profit legal aid providers to help low-income people with civil legal matters such as landlord/tenant issues, child custody disputes and advocacy for those with disabilities.
Every state in the U.S. operates an IOLTA program.Selection of computer trust account checks for your small business. 100% compatible with today’s most popular accounting software. Pre-printed vouchers that clearly organize data such as deductions, earnings, hours, etc. Limit your risk with security features built into every check. All of these checks include a rigorous check protection system that exceeds industry guidelines and protects your company from check counterfeiting and fraud. Perfect for the Law Office, Real Estate Office or Trust Account Manager.
IOLTA is an integral part of the legal profession’s effort to support equal access to the justice system. In every state, statutes and/or rules allow lawyers or law firms to deposit client funds in an IOLTA account.
State IOLTA Programs All 50 states, the District of Columbia, and the U.S. Virgin Islands have an IOLTA program. Thirty states have mandatory IOLTA programs (requiring attorneys to participate). Twenty jurisdictions maintain opt-out IOLTA program. Participation is voluntary in two other jurisdictions. Each state has it own set of rules and/or statutes that govern when, where, and how to establish and maintain an IOLTA account.
For information, please visit the ABA Directory of IOLTA Programs to find out how to contact your state’s IOLTA program.
The National Association of IOLTA programs (NAIP) was established in 1986 to enhance legal services for the poor and the administration of justice through the growth and development of IOLTA programs as effective grant-making institutions that provide a major source of funding and support for legal services for the poor, administration of justice, and other law-related public interest programs.
NAIP’s membership consists of dues-paying IOLTA programs in the United States and Canada represented by program directors and board leaders. NAIP is governed by officers and a board elected by its member organizations.
This is the Rule of Professional Conduct mandating IOLTA accounts.
Managing Client Trusts Accounts - more information here
Request to Establish IOLTA Account - form for attorneys
A list of Banks participating with the LFW IOLTA program
