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What is the Interest on Lawyers Trust Accounts (IOLTA) Program?

April 26, 2017accounts IOLTA lawyers program Trust

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What is the Interest on Lawyers Trust Accounts (IOLTA) Program?

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A. Attorneys routinely receive funds to be placed in trust for future use. Those deposits, which are nominal or short-term, often make it impractical for the attorney or financial institution to establish separate interest-bearing accounts that would result in any interest accruing to individual clients.