Louisiana Supreme Court
Amends Rule 1.15

ATTORNEYS DO NOT NEED TO TAKE ANY ACTION!

On January 3, 2008, the Louisiana Supreme Court granted the petition filed by the Louisiana Bar Foundation amending the LSBA Rules of Professional Conduct Rule 1.15 Safekeeping Property, IOLTA Rules.

IOLTA accounts must now earn the same or comparable interest or dividend rates available to similarly-situated non-IOLTA customers at the same financial institution.

The new rule was effective on April 1, 2008.

IOLTA has provided more than $32 million to civil legal aid programs and other charitable projects that improve the administration of justice in Louisiana since its inception in 1989.

Membership Update

An important change was made to the By-Laws, in an effort to address the long-term viability of the Louisiana Bar Foundation and simplify membership in the organization. The Board of Directors amended Article III of the By-Laws at its meeting in January eliminating multiple, multi-year pledges and transitioning to an annual membership support program. 

Any member in good standing of the Louisiana State Bar Association or a member of the faculty of a law school in Louisiana which is accredited by the American Bar Association is eligible to be a Fellow.  Lawyers eligible for membership make an annual, unrestricted financial contribution each year, at the level they desire, minimum requirement or more, for as long as they choose to do so as outlined in the By-Laws Article III. Examples of this type of donation may include one or more of the following:  Fellow dues, LBF check-off on LSBA registration statements, LBF year end donations, LBF annual fund donations and/or miscellaneous donations. In accordance with the LBF Articles of Incorporation, Fellows meeting this criteria are entitled to one vote at meetings of the Foundation.

All members of the Foundation who became Fellows by December 31, 1996 and who have already fulfilled their initial pledge are classified as Charter Fellows of the Foundation, in keeping with the intent to have a lifetime status with the organization.  Charter Fellows are entitled to vote at every meeting of the Foundation, regardless of any continuing donations.  Nonetheless, Charter Fellows are encouraged to make an unrestricted, voluntary donation to the Foundation annually.