Pennsylvania Interest on Lawyer Trust Account Board Grants for Pro Bono Organizations, July 2003 through June 2010
IOLTA Lists Platinum Leader Banks
The Supreme Court of Pennsylvania requires attorneys to place Interest on Lawyers Trust Account (IOLTA) funds at banks that pay interest rates comparable to rates paid on other similarly situated accounts. More than 250 banks are eligible to hold IOLTA accounts, but some banks have agreed to pay premium yields on IOLTA accounts. This means more funding for legal aid. As of 2010, the banks paying premium yields on IOLTA accounts, dubbed Platinum Leader Banks, are paying the higher of 75 percent of the Federal Funds Target Rate or 1 percent. The Pennsylvania IOLTA Board thanks all eligible banks, especially the Platinum Leader Banks who are surpassing eligibility requirements. Click here for the current list of IOLTA Platinum Leader Banks, and click here for more on Pennsylvania IOLTA.
IOLTA Board Announces 2010-11 Pro Bono Initiative Grants; Application Deadline: Jan. 15
In a noticed dated Dec. 11 to all county president judges, bar executives and bar presidents, the Pennsylvania IOLTA Board has announced the availability of $50,000 in grants for developing pro bono programs in counties currently lacking formalized pro bono efforts. Click here for the grant application form, which must be sent to IOLTA postmarked no later than Jan. 15, 2010. As noted in the application, the IOLTA Board expects to announce grant awards in late May 2010.
IOLTA Board Changes, October 2009
IOLTA-Funded Law School Clinics 2009-2010
AJA Five-Year Report Shows Benefits of Funding
IOLTA, PLAN and the PBA Pro Bono Office are pleased to announce the publication of the Access to Justice Act Five-Year Report. The study results show the benefit of Access to Justice Act funding in increasing civil legal aid across the commonwealth. Click on the following links to read this material: summary, full report, appendix.
IOLTA Fee Raised $25 for Pennsylvania Lawyers to Help in Legal Aid Efforts
The Supreme Court of Pennsylvania has announced a $25 increase in attorney registration fees for Pennsylvania lawyers to raise more funds for civil legal services for citizens who cannot afford them. Click here for the news release from the Administrative Office of Pennsylvania Courts. Click here for the PBA news release. And click here for the news release from the IOLTA Board.
2008 Rules Change Affects IOLTA Accounts
The Supreme Court of Pennsylvania issued an order on Sept. 4 (posted on Sept. 5, 2008) amending Rule of Professional Conduct (RPC) 1.15 and Rule of Disciplinary Enforcement 221 that fully implements IOLTA interest rate comparability. The amendments are effective upon their being published in The Pennsylvania Bulletin. Effectively, attorneys must hold their trust account funds (IOLTA and non-IOLTA accounts) in eligible financial institutions. To be an eligible financial institution, it must be in compliance with the applicable provisions of RPC 1.15 and the IOLTA regulations; most notably, it must pay interest rates on IOLTA accounts comparable to the highest rate the financial institution pays to its other customers.
This action by the Supreme Court could result in an increase of IOLTA revenues of approximately $2.8 million annually (at today’s interest rates, all other factors remaining unchanged, for example principal balances, etc.).
FDIC coverage expanded to include IOLTA
IOLTA Pro Bono Support Request 2007
PBA IOLTA Grant 2007-08
PBA IOLTA Grant 2006-07
PBA IOLTA 2005-06 GRANT Program Report
Pennsylvania IOLTA Board
ABA Article on IOLTA
| 
