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Legal Foundation of Washington reports $34M in IOLTA revenue, urges cautious stewardship to state Supreme Court
Summary
At an annual May 2024 meeting with the Washington Supreme Court, the Legal Foundation of Washington reported that 2023 IOLTA interest exceeded $34 million, outlined expanded multi-year grants and equity-focused programs, and emphasized reinvestment and reserves to sustain civil legal aid when interest income falls.
The Legal Foundation of Washington told the Washington Supreme Court in May 2024 that interest on lawyer trust account (IOLTA) income for calendar year 2023 exceeded $34,000,000, enabling the foundation to expand multi-year grant commitments and launch new equity-focused programs while warning the court that the windfall is cyclical and requires careful stewardship.
"IOLTA interest for the calendar year of 2023 exceeded 34,000,000," Julie Farris, president of the Legal Foundation board, said during the foundation's annual presentation. She added, "We could spend it all and still not spend enough," stressing that higher revenue does not eliminate unmet legal needs.
The foundation reported $10,950,000 in direct legal-aid services provided in 2023 and said partnership grants awarded in November 2023 totaled nearly $30,000,000. LFW described a move from one-year to two-year grant cycles so partner organizations can better forecast hiring and retention. Presenters said partnership grants for 2024–25 were…
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