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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.

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General chat about the legal profession.
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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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