What is the Pennsylvania IOLTA (Interest on Lawyer Trust Account) program?
The Supreme Court of Pennsylvania amended the Pennsylvania Rules of Professional Conduct effective Sept. 1, 1996, to require that lawyers place fiduciary funds entrusted to them as a result of the practice of law into interest bearing status to benefit the owner(s) of the funds, or for qualified funds to benefit the IOLTA program. The lawyer’s bank transfers the interest earned on IOLTA accounts to the IOLTA Board, which distributes IOLTA funds for the delivery of civil legal assistance to the poor and disadvantaged, educational legal clinical programs and internships administered by law schools, the administration of justice, and for the administration and development of the IOLTA program. For more information, contact the Pennsylvania IOLTA Board at 601 Commonwealth Ave, Suite 2400, P.O. Box 62445, Harrisburg, PA 17106-2445; phone: (717) 238-2001 or toll free (888) 724-6582; fax: (717) 238-2003; e-mail; Web site.
The Supreme Court of Pennsylvania amended the Pennsylvania Rules of Professional Conduct effective Sept. 1, 1996, to require that lawyers place fiduciary funds entrusted to them as a result of the practice of law into interest bearing status to benefit the owner(s) of the funds, or for qualified funds to benefit the IOLTA program. The lawyer’s bank transfers the interest earned on IOLTA accounts to the IOLTA Board, which distributes IOLTA funds for the delivery of civil legal assistance to the poor and disadvantaged, educational legal clinical programs and internships administered by law schools, the administration of justice, and for the administration and development of the IOLTA program. For more information, contact the Pennsylvania IOLTA Board at 601 Commonwealth Ave, Suite 2400, P.O. Box 62445, Harrisburg, PA 17106-2445; phone: (717) 238-2001 or toll free (888) 724-6582; fax: (717) 238-2003; E-mail; website.
Related Questions
- What is the effect of the IOLTA program on the typical lawyer or law office? For example, what trust accounts must be maintained?
- How do I obtain information on the Massachusetts IOLTA (Interest on Lawyer Trust Account) program?
- What is the Pennsylvania IOLTA (Interest on Lawyer Trust Account) program?
