Lawyers Trust Fund Revenue
The Lawyers Trust Fund of Illinois receives income from two sources: the Interest on Lawyer Trust Account (IOLTA) program and the $95 legal aid fee that Illinois lawyers pay to the Attorney Registration & Disciplinary Commission as part of their annual registration process.
Total revenue from these two sources in FY 2014 (July 1, 2013 – June 30, 2014) was $8,765,271. IOLTA income accounted for 25% of this total, and the legal aid fee accounted for 75%.
The IOLTA program is a charitable partnership between the legal community and financial institutions. More than 400 banks throughout Illinois participate in IOLTA, and remit interest on attorneys’ pooled trust accounts to the Lawyers Trust Fund.
IOLTA revenue fluctuates based on interest rates. Since 1992, net IOLTA income – the total interest earned minus bank fees and charges – has varied from a high of $17,118,518 in FY 2008 to a low of $1,970,544 in FY 2004.
LTF Financial Statements
View a summary of LTF’s financial statements for FY 2016 [PDF].