Scott M. Karson, NYSBA president. courtesy photo State Owes $15M in IOLA Funds To Support Legal Services
The New York State Bar Association recognizes that the coronavirus pandemic has caused significant financial shortfalls at all levels of government. But, we nevertheless are deeply concerned about the state's inordinate delays in paying over $15 million owed under its contractual obligations to legal service providers for services already rendered.
September 08, 2020 at 05:40 PM
3 minute read
The New York State Bar Association recognizes that the coronavirus pandemic has caused significant financial shortfalls at all levels of government. But, we nevertheless are deeply concerned about the state's inordinate delays in paying over $15 million owed under its contractual obligations to legal service providers for services already rendered.
Lawyers are legally required to maintain an Interest on Lawyer Account (IOLA) to hold clients' escrow deposits. Interest on these statutorily created bank accounts is used to support legal services organizations that provide essential services for low-income New Yorkers. The funds are one of the most tangible ways by which our members support access to justice.
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