The Boston Bar Foundation is one of three distributors of Interest on Lawyers’ Trust Accounts (IOLTA) funds in Massachusetts. Through the IOLTA grants process, the Boston Bar Foundation has gained unique expertise in the legal services community for how to address the unmet legal needs of underserved Massachusetts residents.
The Supreme Judicial Court requires lawyers and law firms to establish interest-bearing accounts for client funds held for a short period of time. Interest on these accounts is then forwarded to the Massachusetts IOLTA Committee.
The Massachusetts IOLTA Committee then distributes the funds to the Boston Bar Foundation, Massachusetts Bar Foundation and Massachusetts Legal Assistance Corporation. IOLTA funds must be used to provide civil legal services to low-income clients or improve the administration of justice.
The Massachusetts IOLTA Committee publishes information on banks and credit unions that are recognized as “Leadership Institutions” for paying 1.88% on IOLTA funds. To see the current list of Leadership Institutions click here.