States Converting to Mandatory IOLTA See Increases in Revenue
- Between July 2004 and July 2005, the IOLTA rules in four states (Oklahoma, South Carolina, Utah and Indiana) were amended to require that all eligible lawyers participate in IOLTA. In comparing the average monthly IOLTA income generated in each of these states during the six months before mandatory IOLTA conversion to the most current monthly income figures available, the increases have been impressive. Oklahoma, which converted from voluntary IOLTA to mandatory, has seen a 417.9% increase. South Carolina, Utah and Indiana, each of which converted from opt-out to mandatory IOLTA, have seen increases of, respectively, 77.6%, 162.5% and 267.4%. While interest rates are certainly on the rise, there is no doubt that conversion to mandatory IOLTA has been a major factor in these striking increases in revenue. Currently, 31 jurisdictions have mandatory IOLTA rules in place. For more information on IOLTA conversion efforts, contact , Counsel, ABA Commission on IOLTA, or 312/988-5771.