In the US, lawyers have "IOLTA" bank accounts to hold the clients' money before it is earned, and interest earned off those funds is funneled into providing legal services to the poor. So I was surprised to read that UK firms are in the habit of pocketing the increased interest they earn from pooling the clients in one large account. There is a move underway, led by Allen & Overy, one of the so-called "Magic Circle" firms, to donate that money to legal services providers. (Any UK lawyers out there? The article suggests that the client are paid the lower interest that their money would have earned in a separate, smaller account. Is that how it works?)
Active Bloggers (in order of joining)
- Brad Wendel (Cornell Law School)
- John Steele: Adjunct Lecturer (various schools at various times)
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(Texas A&M University School of Law) - Laurel Rigertas (Northern Illinois University)
- Richard Moorhead (University College London)
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May 03, 2005
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Recent Posts
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- Call for Papers - Legal and Judicial Ethics in the Post-#MeToo World - AALS Annual Meeting