DC Adopted New IOLTA Rules Effective August 1, 2010.
DC has adopted changes to its IOLTA rules, requiring DC lawyers to hold all IOLTA-eligible funds in IOLTA accounts at banks that meet new rate comparability requirements. The DC Court of Appeals has changed the District’s IOLTA rules to bring the IOLTA program in line with the majority of IOLTA programs around the country. There is no longer an ‘opt-out’ option for attorneys or firms. Instead, all DC lawyers holding eligible IOLTA funds need to place those funds in an IOLTA account. DC IOLTA accounts can only be established at banks that are approved as meeting new standards under the rule, including an agreement to provide comparable rates of return on IOLTA accounts.
Read the Revised IOLTA Rules