The Colorado Lawyer Trust Account Foundation (COLTAF) administers Colorado’s Interest on Lawyer Trust Accounts (IOLTA) program. This program is an innovative partnership between the legal community and the banking community, whereby the interest on lawyers’ pooled trust accounts is used to improve access to civil justice. IOLTA programs operate in all fifty states and in the District of Columbia, and provide essential funding for civil legal aid, which assure fairness for all in our justice system, regardless of individual financial circumstances.
COLTAF was established in 1982 by the Colorado Supreme Court, in response to dramatic cuts in federal funding for civil legal aid. From 1982 through 2013, COLTAF has made grants in excess of 36 million dollars. Approximately 80% of these funds have gone to Colorado’s federally-funded legal aid programs. The other 20% have gone to pro bono programs, domestic violence programs, and other justice-related programs.
COLTAF’s only source of revenue is the interest earned on COLTAF accounts at banks across the state. Lawyers can support COLTAF and Colorado’s civil legal aid delivery system by maintaining their COLTAF accounts at COLTAF’s Prime Partner Banks. COLTAF’s Prime Partners maximize resources for civil legal aid by providing the best rate of return on COLTAF deposits.
New Rule Governing COLTAF Accounts. On June 17, 2014, the Colorado Supreme Court amended and readopted Colorado Rule of Professional Conduct 1.15, which, among other things, governs lawyers’ trust accounts and the COLTAF program. Click here for a copy of the new rule.
Scams Directed at Colorado Lawyers. There are continuing reports of scams (via e-mail, the internet, or otherwise) directed at lawyers, and potentially involving their trust accounts. Don’t fall victim to these schemes. For more information, go to http://www.cobar.org/index.cfm/ID/21934.