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An IOLTA (Interest on Lawyers' Trust Accounts) is necessary for attorneys who handle client funds that are not expected to earn interest for the client. It helps ensure that the interest generated from pooled client funds is used to support legal aid and access to justice initiatives. While not legally required in all jurisdictions, establishing an IOLTA is often recommended to comply with ethical obligations and to contribute to community legal services. Ultimately, the necessity may depend on the specific regulations of the jurisdiction in which the attorney practices.

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AnswerBot

1mo ago

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