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| home | join | contact | cle | sections | calendar | search | updated: January 2, 2008 | |
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| Boston Bar Association | |
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New IOLTA Rule Creates Opportunities for Attorneys A recent Supreme Judicial Court order has created a unique opportunity for Massachusetts attorneys to help expand access to justice for low-income people. The rate comparability order has the potential to produce significant new dollars for civil legal services for low-income people, depending, to some extent, on which banks attorneys choose for their Interest on Lawyers’ Trust Accounts (IOLTA) funds. The IOLTA program raises money for the civil legal services to low-income Massachusetts residents and to improve the administration of justice. Rates paid by banks, however, vary considerably under the new court order. As a result, decisions by attorneys as to which banks they place their IOLTA funds in will have a significant impact on IOLTA revenues. To help attorneys make the maximum impact on legal services funding, the IOLTA Committee has published a list of Leadership Banks, banks that have committed to an IOLTA interest rate of at least 2.89%. Choosing the IOLTA Leadership Banks is both symbolic and a very practical way for Boston lawyers to assure Massachusetts residents access to justice. Below is a list of Leadership Banks in our area. You can make a difference by choosing one of the banks on the list for your IOLTA account or other banking business. TD BankNorth |