Interest On Lawyers’ Trust Accounts

Title agents and lawyers who are licensed to practice in Ohio and receive funds from clients must hold those funds in an escrow account. Amounts that are too small to be held in a separate account may be pooled with other client funds in an escrow account referred to as an IOTA (Interest on Trust Account) or an IOLTA (Interest on Lawyer Trust Account). By statute, interest earned on IOTA and IOLTA accounts is directed to the Ohio Access to Justice Foundation to provide financial support to Ohio’s legal aids.