IOLTA (Interest on Lawyers' Trust Accounts)

IOLTA (Interest on Lawyers' Trust Accounts) is a program where lawyers keep clients’ funds in special interest-bearing accounts. These accounts hold money that isn't immediately needed for a case, such as settlement funds or retainers. The interest generated is then pooled and used to support public legal services for the community, like legal aid for those who can’t afford it. Essentially, IOLTA turns otherwise dormant client funds into a resource that benefits the public, ensuring client money is handled responsibly while also funding access to justice initiatives.