LSDefine

Simple English definitions for legal terms

IOLTA

Read a random definition: union mortgage clause

A quick definition of IOLTA:

Term: IOLTA

Definition: IOLTA stands for Interest on Lawyers' Trust Accounts. It is a program that allows lawyers to pool their clients' funds into one account, and the interest earned on that account is then used to fund legal aid programs for those who cannot afford legal representation. Essentially, it helps provide access to justice for those who may not have the financial means to hire a lawyer.

A more thorough explanation:

IOLTA

IOLTA stands for Interest on Lawyers' Trust Accounts. It is a program that allows lawyers to hold their clients' money in a special account that earns interest. The interest earned is then used to fund legal aid programs for people who cannot afford a lawyer.

For example, if a lawyer is holding $10,000 of their client's money in an IOLTA account, the interest earned on that money might be $100. Instead of keeping that $100 for themselves, the lawyer would donate it to a legal aid program to help people who cannot afford a lawyer.

Another example is if a lawyer is holding money for a real estate transaction in an IOLTA account. The interest earned on that money would be donated to a legal aid program, even though the money is not technically the client's.

IOLTA is a way for lawyers to use their clients' money to help people who cannot afford a lawyer. By earning interest on the money held in an IOLTA account, lawyers can donate that money to legal aid programs. This helps ensure that everyone has access to legal representation, regardless of their financial situation.

IO | IO mortgage

General

General chat about the legal profession.

General >T14 Off Topic

👍 Chat vibe: 8 👎

SplitterusClitterus

17:04

Barely nutty

Dkk

17:04

@texas maybe so. Maybe so.

llama

17:04

we have been duped.

llama

17:05

Oh well there is always the next election.* *- unless there are no more elections.

texaslawhopefully

17:05

I lean conservative and for a long time was one of those people who thought that he was bad but wasn't a facist and that sort of rhetoric was over-reactive. And for those reasons I voted for Harris, but I think I was underestimating him by far.

KnowledgeableRitzyWasp

17:05

gov hiring freeze is insane

SplitterusClitterus

17:05

Remember when Elon musk literally did the nazi salute twice , yeah

SplitterusClitterus

17:05

Insane

KnowledgeableRitzyWasp

17:05

his goal is to crush public opinion of the government by intentionally making ineffective and then pointing to how ineffective it is

Dkk

17:05

I personally think most people are one issue voters and rhey disagree on principle but things have to be done this say now or else they never will.

llama

17:05

oh well should be a good little 'societal experiment' if u will

KnowledgeableRitzyWasp

17:06

@SplitterusClitterus: he clearly just meant his heart goes out to him, just ignore his support for the literal fascist party in germany

BigStrongBug

17:06

dkk what's your one issue

texaslawhopefully

17:06

I was a one issue voter. My one fucking issue was that Trump encouraged an insurrection.

texaslawhopefully

17:07

That's all anyone should've needed.

llama

17:07

i am a 1 issue voter: national debt.

jackfrost11770

17:07

THERES A COP FUNERAL AND NOW THE BUSES ARENT RUNNING TO MY PLACE SO I HAVE TO WALK IN THE FREEZING COLD HOME

texaslawhopefully

17:07

Not to mention that he's completely thrown away liberalism and classic western political philosophy, but yk your eggs will be cheaper so it's worth it

Fruityfruitbat

17:07

how bad are these tariffs gonna get for us everyday consumers?

KnowledgeableRitzyWasp

17:07

@jackfrost11770: FUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUu

jackfrost11770

17:08

FUCK THE NYPD

SplitterusClitterus

17:08

WASP HAHAHAHAHHA

texaslawhopefully

17:08

Estimates are about 4k fruitbat

YRDSL

17:08

im a 1 issue voter - if i want someone to be elected i vote for them

Fruityfruitbat

17:08

woof

texaslawhopefully

17:08

I've seen some that could be as high as 7k though

llama

17:08

@jackfrost11770: ya prolly don't buy any lotto tickets tonite

Fruityfruitbat

17:09

get on that trump coin before the rug pull lol

Dkk

17:09

@BigStrongBug: I don't consider myself a one issue voter but if I had to pick one it would be gender relations.

KnowledgeableRitzyWasp

17:09

i am a one issue voter for the economy, which is why i voted harris

LSD+ is ad-free, with DMs, discounts, case briefs & more.