In 1984 the Washington Supreme Court created the Legal Foundation of Washington (LFW) to establish the Interest on Lawyers’ Trust Account (IOLTA) program. Today, IOLTA programs exist in all 50 states, Washington, D. C. and the US Virgin Islands to help fund nonprofit organizations that provide civil legal aid for low-income people. Here is a list of the Financial Institutions in Washington state that are authorized to open IOLTA account.
The IOLTA program in our state serves two purposes. First, it helps ensure that legal professionals — lawyers, limited practice officers (LPOs), and Limited License Legal Technicians (LLLT) — appropriately manage funds that belong to their clients. Secondly, it allows interest to be earned on nominal or short term deposits held in client trust accounts, with the interest remitted directly to LFW for distribution to civil legal aid programs.