Lawyer participation funds civil legal aid
Collectively, the interest from IOLA accounts produces millions of dollars each year to finance legal aid for low income New Yorkers and improvements in the administration of justice throughout New York State.
IOLA Requirements
Every New York lawyer who handles "qualified funds" must maintain and use an IOLA account. A New York lawyer may not place qualifying funds in a non-interest bearing account. Interest earned on deposits held in IOLA accounts are remitted directly to the IOLA Fund by participating financial institutions.
Open an IOLA account only with a participating financial institution. Because every dollar of IOLA interest supports civil legal aid for low-income New Yorkers, we encourage attorneys to select one of the Platinum and Gold Partner Banks that have made a special commitment, going beyond minimal compliance with the regulations to pay competitive rates.
Upon opening the IOLA account, submit the online IOLA Attorney Enrollment Form.