Legal Question in Wills and Trusts in Oregon
IOLTA funds in Oregon
I need some advice on where I would find information on how attorneys contribute to the the IOLTA fund in the state of Oregon and how much money is currently in the fund in the State of Oregon. I also need to find out what the money is used for.
I have been all over the internet and have found everything I need except for what is listed above.
Thank you for your help.
2 Answers from Attorneys
Re: IOLTA funds in Oregon
Contact Rich Ceccheitti (503) 620-0222 ext 373. He is the administator of the Oregon Law Foundation. Interest from IOLTA accounts funds OLF activities.
Re: IOLTA funds in Oregon
IOLTA is "Interest on Lawyer Trust Accounts". Lawyers do not contribute to this fund directly, it is created by an assignment of the interest on the funds that are held on lawyer's client trust accounts.
The money in a trust account is not owned by a lawyer, but by the lawyer's clients, so the lawyer cannot profit from holding the money. Since the money in a trust account is made up of deposits from a number of clients, the interest on any one client's money would be an amount that is too small for it to be worth anyone's time to calculate it and attirbute it to the client. However, when all those small sums are collected together, there is a significant amount of interest. This interest is what makes up the IOLTA funds.
The funds are used to provide legal services to low income residents of the state of Oregon.
The Oregon State Bar should be able to give you further information about the IOLTA program, although I doubt that this information is on line.
The Campaign for Equal Justice also provides funds to organizations that provide for legal services to low income Oregon residents. This project is sponsored by and contributed to by Oregon attorneys.
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