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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

General

General chat about the legal profession.

General >T14 Off Topic

👍 Chat vibe: 0 👎

[] c0bra1

16:32

who knows maybe nyu will be so nice and let me in this week or next and then all my problems will be solved

starfishies

16:33

lol right same

uglyostrich

17:05

im freaking out what if i dont get in anywhere

[] c0bra1

17:27

@uglyostrich: don't worry i called all your schools and they said you're getting into at least 2 places

CheeseIsMyLoveLanguage

17:36

@c0bra1: https://www.lsac.org/about/lsac-policies/statement-good-admission-and-financial-aid-practices

CheeseIsMyLoveLanguage

17:37

Scroll down to commitments.

CheeseIsMyLoveLanguage

17:38

To me it seems that if you don't have all your responses yet (which all schools know it has been a crazy cycle), then you shouldn't be penalized if you put down a deposit, get a response from another school, and choose to go that direction. If the school is stinky about it, it seems you would have some recourse through LSAC

[] c0bra1

17:54

swag yeah thats cool i think ill most likely just deposit at dozo to save myself the constant back-and-forth on the decision -- i dont think ive had a conversation yet where i end up choosing nova despite my best to advocate for it lol

[] c0bra1

17:55

like i said earlier i think if the col was an issue for me id probably pick nova but my heart has always been set on ny and i think id be fine over there

llama

18:37

@c0bra1: Cardozo is such a sleeper holy. Bro NYC Market > most other markets. If u wanna end in NY, it is such a good value prop

llama

18:38

NYC is such a powerhouse of a city/region.

uglyostrich

19:11

@c0bra1: tell villanova to let me innnn

[] c0bra1

20:35

@uglyostrich: calling them rn 📲

MeowPossibilities

0:57

do people start getting off WL now or

OlDirtyBtard

0:58

I got off in March because I'm Him

MeowPossibilities

0:59

Slay teach me ur ways

TenFiftyILuvUGang

8:02

maybe we'll meet at a bar

TenFiftyILuvUGang

8:03

we'll drive a funky cat

TenFiftyILuvUGang

8:03

car fuck

NuttyTalentedEmu

8:59

i know im getting rejected but i sent my app to georgetown on december 14th and not a single update

NuttyTalentedEmu

8:59

it is in the "mass reject" pile im guessing

TenFiftyILuvUGang

9:00

over 16k applications for 600 spots

NuttyTalentedEmu

9:00

yeah but they know, i know, it is a rejection

TenFiftyILuvUGang

9:07

have you interviewed

hcarralero2005

9:32

What waves are we seeing today gang

hcarralero2005

9:33

Hoping for Georgetown or NYU

OrganicAcridWizard

9:49

alright guys please give me a green todday

pinkandblue

9:50

i love saying thanks at the end of teams messages

pinkandblue

9:51

The smith family has fired us. Thanks.

pinkandblue

9:51

Client called requesting a medium be at the deposition. Thanks

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