The Indiana Bar Foundation (Foundation) administers several funds earmarked for the provision of civil legal aid. One of these funds, the Indiana Interest on Lawyers’ Trust Accounts (IOLTA) Program, was created in 1997 as a mechanism to enable low-income Hoosiers to have access to the civil justice system.
How does IOLTA Work?
When an attorney receives nominal funds or funds held for a short period of for their clients, they must deposit the funds into an interest-bearing IOLTA bank account. The collected interest is remitted to the Foundation, which then grants the money to a network of Indiana nonprofit groups which promote pro bono and access to justice programs across the state on a yearly basis.
The Indiana Supreme Court has adopted Rule 1.15 requiring Indiana attorneys to place IOLTA accounts at eligible financial institutions.
If you would like to learn more about IOLTA at the national level, please visit iolta.org