Does IOLTA place any added administrative burdens on lawyers?
Enrollment in IOLTA consists of instructing your financial institution to open a NOW account, or other interest-bearing checking account. Lawyers and law firms are responsible for complying with any of their institution’s minimum balance and fee requirements. Many banks have waived fees on IOLTA accounts. Please contact the IOLTA Committee for a list of financial institutions in your area that waive service fees. All interest record-keeping is done by the financial institution. The lawyer or law firm receives a periodic report from the financial institution summarizing the amount of interest generated and paid to the charity.