From New York to Illinois to Texas, organizations that depend partly or completely on income from interest earned on accounts in which lawyers hold clients' money for short periods of time are seeing that income dwindle. The legal service groups receive the funds through grants from what are typically called interest on lawyers' trust accounts (IOLTA) organizations created by state court systems to collect and distribute the funds.
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IOLTA
As interest rates sink, so do the fortunes of legal aid
The National Law Journal
March 16, 2009
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