Information for Attorneys
IOLTA, which stands for Interest on Lawyers Trust Accounts, 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 inan IOLTA account unless the funds can otherwise earn income for the client in excess of the costs incurred to secure such income. The client - and not the IOLTA program - 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. IOLTA interest income supports law-related public services such as civil legal aid for poor people, administration of justice projects, and public education about the law.
View the following pages to learn more about IOLTA: