State Bar & Bar Associations
Dec. 24, 2020
State Bar predicts $20M lawyers’ trust fund shortfall
Last year, Interest on Lawyers' Trust Accounts, known as IOLTA, contributed $55.6 million in legal services funding for 2020, which was a record high. It represented a 400% increase in IOLTA funds compared to three years ago.
The State Bar expects to see a $20 million reduction in the Interest on Lawyers' Trust Accounts this year, the agency announced Wednesday.
That money is doled out to legal nonprofits and without it these organizations say they might be driven to the brink of insolvency at a time when their services are in great need.
Last year, Interest on Lawyers' Trust Accounts, known as IOLTA, contributed $55.6 m...
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