"IOLTA" is an acronym for “Interest on Lawyers’ Trust Accounts.” Lawyers must place client funds into an IOLTA pursuant to Ohio Rule of Professional Conduct 1.15. The interest earned on these accounts generates revenue for the state’s legal aid fund. Every lawyer licensed to practice in the state of Ohio who receives client funds (filing fees, unearned retainers, settlements, etc.) must establish an IOLTA. If a lawyer is associated with or employed by a law firm, the firm’s IOLTA may be used. If a lawyer does not receive and disburse client funds and neither the lawyer nor the lawyer’s firm maintains a trust account in Ohio, the lawyer is exempt from Ohio’s IOLTA provisions. An attorney may establish an IOLTA at any bank, savings & loan association, credit union, or savings bank that is authorized to transact business in the state of Ohio and currently participates in Ohio’s IOLTA program. If you have questions about an IOLTA, you may refer to the complete FAQ or review the questions below.
For information about managing client files or trust accounts, please review our online brochure.
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