Setup and Manage Your Accounts in Compliance with Illinois State Rules!
Interest on Lawyer Trust Accounts (IOLTAs) have strict rules. Lawyers are not allowed to earn interest on its clients’ funds by law so the interest generated on these accounts is automatically funneled to the respective state IOLTA board which will apply those funds to help a charity or educational program, improve the administration of justice, and pay for legal aid for low-income residents.
Mismanaging these accounts is actually quite common and there are plenty of great resources to help you. Start with a trusted local resource, like West Town Bank & Trust well-versed in IOLTA knowledge, to help you set up and manage your accounts in compliance.