News and Information
March 16, 2022

Supreme Court of Virginia Approves IOLTA Changes

On March 16, 2022, the Supreme Court of Virginia amended Part Six, Section IV, Paragraph 20 of the Rules of Court concerning the maintenance of trust accounts.

Effective July 1, 2022, attorneys in private practice will be required to maintain client funds in identifiable interest-bearing trust (IOLTA) accounts. The interest on these accounts will be paid to Legal Services Corporation of Virginia to " used for funding 1) civil legal services to the poor in Virginia, 2) LSCV’s administrative expenses, and 3) the creation and augmentation of a reserve fund for the same purposes."

The change in the Rule from optional to required participation for those attorneys who maintain client trust accounts is effective July 1, 2022. Virginia attorneys will have until July 1, 2023 to comply with the changes.

The Court's full Order may be found here.

Updated: Mar 17, 2022