Interest on Lawyer Account

Write a Review646-865-1541

CLOSED NOW - Opens at 9:00am

About IOLA What is IOLA History: In 1983, with the strong support of the New York State Bar Association, the legislature created the New York State Interest on Lawyer Account Fund ( "IOLA" ) as a means to provide additional financial support to civil legal service organizations that had been decimated by federal budget cuts. Purpose: The IOLA program requires attorneys to deposit funds received from clients either in interest bearing accounts for the benefit of the clients or in interest bearing IOLA accounts, in accordance with the provision of the statute ( Judiciary Law