People living in Arizona should be aware of the Arizona IOLTA Program. You might be one of the many people who can benefit from this. This is established by the state’s Supreme Court requiring lawyers and law firms receiving funds from clients to maintain a pooled dividend-earning trust account where they can deposit client’s funds. These funds can either be money that is owed to a third party or a payment for work that the lawyer has not yet done.
The interests that are earned from this IOLTA accounts are directly allocated to the Arizona Foundation for Legal Services and Education. The interests of these funds will be used for the public good. Other than assisting indigent people to be able to avail civil legal services, earned interests will also be used to support education programs which are law-related and improve justice administration. The IOLTA Program has already achieved the amount of more than $2 billion allotted for people who need legal services but cannot afford to do so.
The safety of these funds is guaranteed that is why clients do not need to worry about it. Their money is secured and at the same time able to be of good use while on safekeeping. The interests are directly entrusted to the Foundation that is why the money of clients is preserved.
There is also another option which states that if a client’s money is big and will be held long enough to beget an interest, then the lawyer can deposit it to an individual account where the interest that will be earned from this is directly paid to the client. There is also another option of depositing client’s funds to a pooled interest-bearing account. The interests from this account will be proportionally divided to the clients.
It is not the same thing as the IOLTA. The one thing that makes IOLTA better is because you get to help those people who are in need of legal services with no effort at all.
Walang komento:
Mag-post ng isang Komento