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Ioltas Unmasked: Legal Aid Programs' Funding Results In Taking Of Clients' Property, Kevin H. Douglas
Ioltas Unmasked: Legal Aid Programs' Funding Results In Taking Of Clients' Property, Kevin H. Douglas
Vanderbilt Law Review
States have implemented Interest on Lawyers' Trust Account programs ('IOLTAs")' to generate revenue for legal aid. IOLTAs raise money through the creation of an economy of scale by directing attorneys to place clients' trust funds that could not profitably draw interest in individual checking accounts into an unsegregated interest- bearing bank account ("IOLTA account"). By significantly reducing the expense that results from opening and maintaining separate accounts for individual clients, the IOLTA account profitably draws interest when individual client accounts could not. The interest generated from the IOLTA account is used to fund legal aid programs according to the specifications …