INFORMATION FOR ATTORNEYS
Lawyers admitted to practice in the District of Columbia are required to hold IOLTA-eligible funds in an interest-bearing trust account remitting to the DC Bar Foundation, with some limited exceptions. All necessary forms can be found here.
TO ENROLL IN THE DC IOLTA PROGRAM:
Select a participating financial institution. We encourage you to bank with one of our DC IOLTA Prime Partners. These banks have agreed to offer highly competitive rates, generating more support for DC legal services. If your bank is not a Prime Partner, encourage them to sign up with our Prime Partner Enrollment Form.
While opening and registering your account, please verify the following:
Ensure the account is opened with you/your law firm as the owner, with the correct title: “[your/your law firm’s name] DC IOLTA Account.”
Ensure the account is opened with the DC Bar Foundation’s Taxpayer Identification Number (TIN). This number is on the IOLTA Account Registration Form.
Ensure the account is an interest-bearing account and that the interest earned on the account will be sent to the DC Bar Foundation.
Ensure the account statements will be sent to you/your law firm.
Send the completed form to the DC Bar Foundation after you have opened your account:
FAX No: 202-467-3753
Client funds that you deposit in your IOLTA account — which would not otherwise earn interest — will start earning interest for the DC IOLTA program. Review the first statements that you receive to make sure the account is operating as you intended.
Need additional help?
Please see our FAQ page or contact Vicki Sussman at the DC Bar Foundation (firstname.lastname@example.org) for questions about banks and IOLTA forms or Dan Mills at the DC Bar’s Practice Management Advisory Service (email@example.com) for confidential advice on setting up your trust accounts.