IOLTA Information for Attorneys

As established by Idaho Bar Commission Rule 302 and Idaho Rule of Professional Conduct 1.15 PDF File - Get Acrobat Reader the IOLTA – Interest on Lawyers Trust Accounts – program works with members of the Idaho State Bar and the Idaho banking community to allow attorneys to place client funds, which are nominal in amount or held for a short period of time, into pooled interest-bearing accounts. Interest earned is remitted to the Law Foundation who distributes these funds through the IOLTA grant process to programs that meet our funding requirements.

For more information about IOLTA, contact Carey Shoufler at (208) 334-4500 or for information on other types of trust accounts, click here

 

       
 

IOLTA Funds Can Help Young People Understand Our Legal System

Lawyers in the Classroom pairs lawyers and teachers to instruct students about the role of law in a democratic society. In one fifth grade class a volunteer attorney taught a lesson in which students had to pretend the earth was invaded by aliens who insisted the students unanimously decide to give up 5 of the 10 Bill of Rights. The exercise helped students understand an important piece of our government.

Thanks to an IOLTA grant, the Idaho Law Foundation’s Law Related Education Program is able to help provide law-related education programs for the public.



 

 

Benefits of IOLTA

IOLTA funds fill important community needs and are distributed once a year through a competitive grant process to qualified non-profit organizations that meet the Idaho Law Foundation’s funding guidelines. Since the inception of Idaho’s IOLTA program in 1982, over $5.5 million has been distributed to programs and scholarships benefitting the public, including programs that provide:

  • Legal services to the poor;
  • Law related education programs for the public;
  • Scholarships and student loans; and
  • Improvement to the administration of justice.
 



Supporting IOLTA

Attorneys and Law Firms can have a significant impact on the IOLTA program’s ability to fund important and necessary services for Idaho communities.
Take these simple steps to help IOLTA, at no cost to you or your firm.

  • Find out where your law firm banks and whether or not your bank is a Leadership Bank.
  • If your firm is not banking at a Leadership Bank, educate them about the importance of IOLTA and ask them to become a Leadership Bank.

Setting up an IOLTA Account

If you are a new attorney, have changed firms, or are simply changing banks, you will need to open up a new IOLTA account. For changes in your IOLTA account, follow these steps:

  1. Make sure your bank is on the Approved Financial Institutions List and check to see whether or not your bank is a Leadership Bank.
  2. Fill out a Trust Account Certificate Request Form.
  3. Once you receive your Trust Account Certificate Form, take it with you to your bank to set up your new IOLTA account. You will need to update your old account information and the bank will add your new account information.
  4. Give the bank a copy of your completed Trust Account Certificate Form and return the original to Annette Strauser at the Idaho State Bar.

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