Arizona Supreme Court Rule 44 requires all lawyers, who receive client funds in Arizona or in connection with representation of clients in Arizona, to maintain an interest-bearing trust account to pool client funds of minimal amounts. The interest on these accounts is given to the Arizona Foundation for Legal Services & Education for Arizona's IOLTA Program - Interest On Lawyer Trust Accounts. Under the rule, the Foundation uses the interest to fund "programs designed to assist in the delivery of legal services to the poor, for law-related education... and to fund studies or programs designed to improve the administration of justice." In existence since 1984, Arizona's IOLTA program currently provides more than $1 million per year for these purposes.

In order to be registered with the State Bar of Arizona, the Supreme Court of Arizona, and the Foundation as having complied with the requirements of Rule 44, it is necessary to complete an enrollment form. The enrollment form, instructions for completing the form, and the notice you can give to the bank are linked below. You must return the enrollment form, even if you are exempt from the IOLTA account requirement or are joining a firm with an existing account.

If you have questions about completing the form, problems with your bank in setting up the account or questions about IOLTA requirements, please contact Tracy Ward at the State Bar of Arizona at (602)340-7219.
If you have specific questions regarding interest rates, service charges see our complete listing of approved participating banks.

Bank Documents	Format	Last Update
IOLTA Enrollment Form Instructions	PDF	May 5, 2005
Individual Enrollment Form	PDF (Fill-In Form)	July 14, 2008
Notice to Financial Institution	PDF (Fill-In Form)	July 14, 2008

Guidance for Attorneys: Do I need an IOLTA Account or a Separate Account?

Download the entire 3-Page guidance document in Adobe Acrobat format

Arizona Supreme Court Rule 44 requires attorneys to place client funds in a trust account, with placement of nominal sums or funds held for a short period of time in an IOLTA account. The rule states that an attorney shall take into consideration the following factors when determining whether to deposit clients' funds into an IOLTA account or to open a separate trust account.

• The amount of interest or dividends which the funds would reasonably be expected to earn during the period they are to be deposited or invested;
• The cost of establishing and administering the account, including the cost of the lawyer's services; and
• The capability of financial institutions or investment companies reasonably available for deposit or investment of client funds to calculate and pay interest or dividends to individual clients.

The rule goes on to state, "No disciplinary matter shall be pursued by the state bar against any lawyer or law firm solely by reason of the making of a good faith determination of the appropriate account in which to deposit or invest client funds."