Interest on Lawyers' Trust Accounts

He's been doing this for a while.

They noted he maintains an IOLTA account.

I should probably... share with you what an IOLTA account is.

So attorneys commonly hold money for clients for one reason or another.

It's put in escrow or it's the deposit on future legal services or a deposit to be paid out later to expert witnesses, whatever the case may be.

Certainly the case in Massachusetts.

And they have a lot of left wing initiatives that they like to pursue for which they do not have any kind of funding.

So they came up with the creative idea of mandating that lawyers be required to establish very particular legal deposit accounts called IOLTA accounts and all the monies.

It was historically referred to as a 468B trust that's taken directly from the IRS regulation.

But what it is, it's really just a vehicle to receive funds rather than having it received into an IOLTA account.

for a number of reasons, but that is what it is at its core.

The way that we provide them, it is a trust.

So the settlement could be finalized.

They just need to ensure that they get those payment instructions over to the defense so the funds flow to the correct place.

As long as they're not received into the IOLTA, that's really the only issue.

So as long as those funds haven't hit that IOLTA bank account yet, a QSF is still in the running and should be considered.