Interest On Lawyer Trust Accounts

Interest on Lawyer Trust Accounts (IOLTA) is a method of raising money for charitable purposes, primarily the provision of civil legal services to indigent persons, through the use of interest earned on certain lawyer trust accounts. The establishment of IOLTA in the United States followed changes to federal banking laws passed by Congress in 1980 which allowed some checking accounts to bear interest. The Florida Bar Foundation launched the first American IOLTA program in 1981. Today, every state, the District of Columbia and the U.S. Virgin Islands operate IOLTA programs.

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Interest On Lawyer Trust Accounts - Legality
... As was the case prior to IOLTA, lawyers must exercise their discretion in determining whether a given client’s trust deposit is of sufficient size or will be held for sufficient duration to justify ... on behalf of the individual client would not have generated any net interest for the client ...

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