Colorado IOLTA- IOLTA Is Solely For The Public

Today, there are several kinds of programs that the government is introducing, promising that it can enhance the living of the people. If you will ask a couple of people about their favorite government implemented program, their answers will vary. Some people will give an answer that they don’t value the government programs. Others will enumerate 3 or 4 schemes, and then say that the other programs are not good. Others won’t answer you at all because they are simply not aware or don’t care about those programs. However, there are significant numbers of people who will prefer the IOLTA program. If you are among the cluster that is not familiar with IOLTA, it is time for you to widen your horizon.

Colorado IOLTA as well as other IOLTA accounts in other states, is among the most efficient ways to extend help to the needy.  Interest on Lawyers Trust Account or well-known as IOLTA, is a specific type of account that attorneys utilize in holding the funds they have received from their clients. Take note; this is not some kind of donation. These funds are being given by the clients intended for future purposes. For an instance, in case the lawyers have to pay expenses in the future that are related to the case they’re handling, then they will use the funds that their client gave to them.

Normally, the attorneys are holding two kinds of accounts. The first one is the account for the clients’ payments for the service that is not yet done by the attorney, and the second one is for third party like payment for healthcare providers. These accounts are different from the personal account of the lawyers. The lawyers are responsible to secure these accounts by putting it in an ‘Interest Bearing Account’. The IOLTA accounts will raise some interests, and once these interests were pooled, it will be allotted for different programs for those who are in great need.

How Arizona IOLTA Works

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.

State Bar of Arizona - How to Find the Right Lawyer

Finding a lawyer that you can hire in Arizona is not that difficult. Sadly, the same cannot be said about finding the right lawyer for your case. There will always be lawyers that are better than others when it comes to specialization. This is a factor that you should always consider when trying to find the right lawyer for you. Additionally, the lawyer must be an active member of the State Bar of Arizona. Never hire someone that isn't a member as they may not be who they claim to be. Finding the right lawyer can help you in many different legal situations. This is why it is imperative for you to find the right lawyer for you before you make any further decisions.

As mentioned earlier, lawyers have different areas of expertise. This should be considered when trying to find the lawyer to hire. Make it a point to hire a lawyer that specializes in the area of your case. Hiring a lawyer who have little to no knowledge or experience about your case will not result into anything good on your part. You should choose a lawyer as you would a doctor, accountant, dentist or any other licensed professional. In addition to this, make sure that you hire the right one as there can be many different kinds of lawyers out there.

If you find searching for the right lawyer difficult, you can go directly to the State Bar of Arizona's website and go to their "find a lawyer" feature. This feature will help you narrow down your choices depending on the area of expertise, experience, language spoken and even names. Utilizing this search feature will help you find the right lawyer without wasting your time and most especially money. It is truly a wonder what the internet can do for us nowadays.

IOLTA Arizona - How it Works

IOLTA Arizona was implemented for the main purpose of providing civil legal services to those who can't afford it. The whole procedure, however, is not that simple. This is probably why IOLTA is still being misunderstood by some people. Some are even under the assumption that it is just another way of taking the clients' money. While it may seem this way in the perspective of some people, it is actually not. IOLTA's revenue stream comes from the interests of the clients' funds. It should also be known that large amounts are exempted from IOLTA. IOLTA only affects funds that are not large enough or funds that will only be held for a short time.

The lawyers' customarily receive funds from their clients that are to be held in trust. These funds can come in large or small amounts. Funds of large amounts are placed in interest-bearing accounts that will generate interests which in turn will benefit the client. If the funds are not large enough to generate any interest, they are put together in a single interest-bearing account. Because these funds will not be able to generate any interest on their own, there will be no loss of money from any party. What's great about this trust account is that the interest will go to the people who can't afford to pay for legal services.

If you are wondering where people who can't afford legal services get their money to pay for their lawyers then this is the answer that you are looking for. It should be noted that the organization that handles these interests and where they go to differ from state to state. Most states, like Arizona, let the State Bar handle the funds. This is to ensure that the revenue will go directly to charitable purposes and not someone else's pockets.