All About IOLTA
(Interest on Lawyers' Trust Accounts)
The IOLTA Program is the result of a unique partnership between the banking and legal communities. The interest earned on these trust accounts is disbursed by the Louisiana Bar Foundation (LBF) to Louisiana's largest civil legal service programs, pro bono programs, battered women shelters, and numerous other community organizations that provide civil legal assistance to Louisiana's low-income citizens.
Louisiana Supreme Court Amends Rule 1.15
On March 23, 2016, the Louisiana Supreme Court amended the Louisiana Rules of Professional Conduct 1.15 concerning how lawyers and law firms should handle unidentified funds accumulated in their IOLTA accounts. The amended rule directs lawyers who discover unidentified funds defined as funds in an IOLTA account for at least one year that after reasonable due diligence cannot be documented as belonging to a client, a third person or the lawyer or law firm, to be remitted to the Louisiana Bar Foundation. The new rule was effective on March 23, 2016.
Instructions, Remittance Form, Order, and Rule
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January 3, 2008 update
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 earn the same or comparable interest or dividend rates available to similarly-situated non-IOLTA customers at the same financial institution.
The rule was effective on April 1, 2008.
Q and A on this rule change
Message from the Louisiana Bar Foundation
Questions on IOLTA?
or call (504) 561-7309