Since 1984, the Mississippi Bar Foundation, Inc. and The Mississippi Bar have worked successfully with members of the Bar and with the banking community to establish the Interest on Lawyers Trust Accounts (IOLTA) Program. Lawyers' trust funds which are small in amount or held for a short period of time are now established in interest-bearing accounts in participating financial institutions throughout the state. The interest on these accounts is sent to the Mississippi Bar Foundation, Inc. to be used for public purposes under guidelines set forth by the Mississippi Supreme Court and the Internal Revenue Service.

By Mississippi Supreme Court Order dated May 30, 1984, Mississippi IOLTA Program funds have been designated for use solely for the following purposes:

· to provide legal aid to the poor;
· to provide law-related education programs for the public;
· to provide student loans and scholarships;
· to improve the administration of justice; and
· for such other programs for the benefit of the public as are specifically approved from time to time by the Supreme Court of Mississippi for exclusively public purposes.

Mandatory IOLTA

The Supreme Court of Mississippi has replaced the "opt-out" IOLTA program with a "mandatory" IOLTA program. On May 18, 2006, the Supreme Court amended Rule 1.15 of the Mississippi Rules of Professional Conduct requiring lawyers to place all trust funds in an IOLTA account unless - in the lawyers' judgment - the funds can earn income for the client or third party in excess of the costs incurred to secure such income. As a result, lawyers' pooled non-interest bearing trust accounts must be converted to interest-bearing IOLTA accounts. The new IOLTA requirements are mandatory and are effective January 1, 2007. Please note that failure to comply with the new provisions of Rule 1.15 is a violation of the Mississippi Rules of Professional Conduct.

Please use the following links to access more information on Mandatory IOLTA.

 Instructions on How to Enroll

• Notice to Financial Institution/Enrollment Form
• FAQ 
• IOLTA Handbook