7. October 2010 10:43
Under the Arizona Supreme Court rules, interest on lawyers trust accounts (IOLTA) supports programs for education and legal services to the community. Lawyer retainers or money owed to third parties accrue in interest-bearing trust accounts and the accumulated interest is tapped for the IOLTA program. IOLTA supports the non-profit Arizona Foundation for Legal Services & Education with programs such as legal aid to the poor and law-related public education. One Arizona based IOLTA example is www.AZLawHelp.org . Another example of IOLTA funds in action is the National High School Mock Trial Championship. Other states also participate in IOLTA programs and more that $2 billion has been transferred into these programs since IOLTA began in the 1980s. Yearly in Arizona $2.5 million is provided to support services.
See http://www.azflse.org/azflse/IOLTA/ for more.