Dear Editor,
The ethical rules do not allow attorneys to collect interest on trust accounts because the property held in trust does not belong to the attorney. We should not take something that does not belong to us.
In 1983 the Supreme Court approved the IOLTA program. Endemic in the decision was the cankered logic that although the means to get the money was corrupt, the ends justified those means. After all, giving to charity is a noble virtue.
The IOLTA program is now mandatory. Whether we believe that the bar foundation makes the best use of the funds or not, we must contribute to that foundation. Much of those funds end up in attorney's pockets. I call on the bar commissioners to allow attorneys to designate charities we believe are most deserving. While this may seem radical, deliberations may show that some of us are capable of making wise choices. Some might give to the United Way, others might give to the Red Cross.
As I meander down this path, it occurs to me that attorneys with disabilities should be allowed to keep the interest from their trust accounts. Surely, using the money to help the disabled would be good. As I think about it longer, my kid's college fund could use a charitable donation.
Well, maybe I do need someone smarter than me to help me understand when it is good to use client's money and when it is bad. I know I can't figure out how the IOLTA program draws that line.
Nelson Abbott