How does IOLTA Work?
When an attorney receives nominal funds or funds held for a short period of time 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 your financial institution is interested in participating in Indiana’s IOLTA program, please contact the Foundation’s IOLTA Manager Michael Tranovich at (317) 269-7868 or [email protected].
If you would like to learn more about IOLTA at the national level, please visit iolta.org