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Simple English definitions for legal terms

Interest on Lawyers' Trust Accounts

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A quick definition of Interest on Lawyers' Trust Accounts:

Interest on Lawyers' Trust Accounts (IOLTA) is a program that allows lawyers or law firms to put their clients' money into an account that earns interest. The interest earned is then used for charitable purposes, such as providing legal aid to people who cannot afford it. Almost all states have an IOLTA program, which can be voluntary or mandatory.

A more thorough explanation:

Interest on Lawyers' Trust Accounts (IOLTA) is a program that allows lawyers or law firms to deposit their clients' retained funds into an interest-bearing account. The interest earned on these accounts is then designated to charitable, law-related purposes, such as providing legal aid to the poor. Almost all states have either a voluntary or mandatory IOLTA program.

For example, if a lawyer is holding $10,000 of a client's money in a trust account, they can deposit it into an IOLTA account. The interest earned on this account will then be used to support legal aid programs for those who cannot afford legal representation.

IOLTA programs help to ensure that low-income individuals have access to legal services, which they may not be able to afford otherwise. By designating the interest earned on these accounts to charitable purposes, lawyers can contribute to the greater good of their community.

interest-free loan | interest-rate swap

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General

General chat about the legal profession.
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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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