Lawyers Trust Fund grants could reach $10 million
The Lawyers Trust Fund of Illinois anticipates making legal aid grants totaling $10 million in June, executive director Ruth Ann Schmitt reported to the ISBA Assembly on Dec. 8.
“This year is historic because IOLTA income will reach the highest level since we began in 1983,” she said.
Schmitt pointed out that the amendment to Supreme Court Rule 1.15, requiring lawyers’ trust accounts to be placed only in “eligible” banks that pay “comparable” interest rates, has resulted in a return to the LTF of more than $7 million since July 1.
Although the pace may be retarded by interest rate cuts, the increased return will “strengthen Illinois’ legal aid system, which for years has been woefully underfunded,” Schmitt said.
ISBA past president Thomas A. Clancy is president of the LTF board. Another past president, Timothy Eaton, is secretary-treasurer. Justice Thomas L. Kilbride is the Supreme Court liaison.
For more information about the Lawyers Trust Fund and the eligible banks, access http://www.ltf.org.