An IOLA Account (Interest On Lawyer Accounts) is an account opened in New York where attorneys hold client funds entrusted to them for a specific purpose. Interest earned on these accounts is paid to the States Client Protection Fund and used to reimburse clients whose funds are stolen by their lawyers.
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What is an IOLA account?

 

A: An IOLA Account (Interest On Lawyer Accounts) is an account opened in New York where attorney’s hold client funds entrusted to them for a specific purpose.  Interest earned on these accounts is paid to the State’s Client Protection Fund and used to reimburse client’s whose funds are stolen by their lawyers.




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