Lawyers Trust Fund of Illinois

What Lawyers Trust Fund of Illinois does

The Lawyers Trust Fund of Illinois (LTF) is a private nonprofit corporation incorporated in 1983 by the Illinois State Bar Association and The Chicago Bar Association to administer the state's Interest on Lawyers Trust Accounts (IOLTA) program, which was created by the Illinois Supreme Court. Under Rule of Professional Conduct 1.15, participation is mandatory for all Illinois-licensed lawyers who hold client trust funds: they must deposit those funds in IOLTA accounts at eligible financial institutions, which then remit the interest — typically at a Safe Harbor benchmark tied to the Federal Funds rate — to LTF on a monthly ACH basis. Lawyers must also remit any funds they cannot identify after 12 months of reasonable diligence pursuant to Rule 1.15B(d). The interest and unidentified-fund inflows are redistributed as annual calendar-year grants to a curated set of 57 nonprofit legal aid organizations serving low-income Illinois residents. CY 2026 grant awards total $31,049,500, with cumulative distributions exceeding $135 million since 1984.

LTF's technology footprint is intentionally lightweight: a WordPress-based public website (ltf.org) serves as the information hub for lawyers, financial institutions, and grantees; PDF forms handle IOLTA enrollment, rate adjustment, and remittance reporting; and a third-party online grants portal (goapply2.akoyago.com) supports the annual application and reporting cycle. There is no proprietary software platform or AI/ML component. GTM motion is non-commercial and regulatory: LTF relies on bar association partnerships (ISBA, CBA), Supreme Court oversight, ARDC compliance coordination, and outreach via Zoom information sessions and news updates rather than sales-led distribution. Operational leadership is split between General Counsel / Deputy Executive Director David Holtermann and Deputy Executive Director for Finance & Operations Terri Smith-Ashford, with Mark Marquardt serving as Acting Executive Director since 2015 following founder Ruth Ann Schmitt's retirement. LTF relocated its Chicago headquarters to 1 East Wacker Dr., Suite 2500 effective September 2, 2025.

Name

Lawyers Trust Fund of Illinois

Legal name

Lawyers Trust Fund of Illinois

Website

https://ltf.org

Company type

Private

Founded year

1983

Operating status

Operating

Headcount range

1–10 employees

Short description

The Lawyers Trust Fund of Illinois is a 1983 nonprofit that administers the state's mandatory IOLTA program, channeling interest from lawyer trust accounts into annual grants — $31M in 2026 across 57 legal aid organizations serving low-income Illinois residents.

Ownership category

akta.pro rank

Product category

Legal Aid Funding Administration

NAICS

Trusts, Estates, and Agency Accounts (52592)

SIC

Services-Membership Organizations (8600)

akta.pro primary industry

Corporate Trust Services (Trustee, Agent & Escrow Roles) (FSAEAKAB)

akta.pro secondary industry

Directed Trust & Trust Advisory Services (FSAAANAK)

Keywords

• IOLTA program administration
• Civil legal aid funding
• Legal aid grants
• Trust account compliance
• Interest remittance services

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Others

Revenue model

1. IOLTA Interest Remittance: Financial institutions remit interest earned on IOLTA accounts monthly to LTF. The interest is generated from pooled client trust funds held by lawyers that are nominal in amount or short-term. This is the core revenue stream that funds LTF's grantmaking to legal aid organizations.
2. Unidentified Funds Remittance: Lawyers who cannot identify funds in their IOLTA accounts after 12 months of efforts must remit those unidentified funds to LTF pursuant to Rule 1.15B(d).

Go-to-market motion2 records

Distribution channels1 record

Marketing channels6 records

Core offering

The Lawyers Trust Fund of Illinois (LTF) administers the Interest on Lawyers Trust Accounts (IOLTA) program created by the Illinois Supreme Court, pooling interest earned on short-term or nominal client trust funds held by Illinois lawyers and redistributing that interest as annual grants to nonprofit civil legal aid organizations across Illinois.

Product overview

The Lawyers Trust Fund of Illinois operates primarily as a grant-making organization and program administrator rather than a technology product company. Its core offerings include the IOLTA (Interest on Lawyers Trust Accounts) program that redirects interest from pooled lawyer trust accounts to fund civil legal aid, annual grants to 57 legal aid organizations ($31 million in 2026), downloadable PDF forms for IOLTA account management, and an online grants portal for applicants. The organization does not offer a unified software product but provides administrative services and documentation tools for lawyers and financial institutions participating in the IOLTA program.

Differentiator

Problem solved

Functional benefit

Products and services

• IOLTA Program Administration Core program allowing interest to be earned on pooled client trust accounts held by Illinois lawyers at eligible financial institutions, with that interest remitted to LTF monthly to support civil legal aid.
• Annual Grants to Legal Aid Organizations Annual grants distributed to 57 nonprofit civil legal aid organizations across Illinois, totaling $31,049,500 in calendar year 2026.
• Online Grants Portal Web-based portal (goapply2.akoyago.com) used by legal aid organizations to apply for annual LTF grants and submit required reporting data.
• IOLTA Account Forms and Reports Downloadable PDF forms and reporting tools for financial institutions and lawyers, including enrollment notices, ACH interest remittance procedures, rate adjustment applications, unidentified funds remittance reports, and account closing notices.
• Legal Aid Grantees & Services Report Annual data report published by LTF documenting services, staff, funding, and demographics of the legal aid organizations supported by LTF grants.

Quantifiable outcome

• LTF grantees closed more than 131,000 legal cases on behalf of low-income Illinoisans
• +2 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eight partnerships are on record, tiered core and major.

• Illinois State Bar AssociationcoreStrategic or Co-development Partner · 1 January 1983ISBA was a founding partner in establishing LTF in 1983 and continues to provide vital support and leadership. ISBA produces educational videos (Quick Takes) on IOLTA topics and hosts LTF annual meetings.
• Chicago Bar AssociationcoreStrategic or Co-development Partner · 1 January 1983CBA was a founding partner in establishing LTF in 1983 and continues to provide vital support and leadership. CBA co-hosted the 2019 annual meeting and provides ongoing collaboration.
• Illinois Supreme CourtcoreStrategic or Co-development Partner · 1 January 1983The Illinois Supreme Court created the IOLTA program and oversees LTF's activities. The Court approves LTF programs for public purposes and amended Rule 1.15 to mandate lawyer participation in IOLTA.
• Attorney Registration & Disciplinary Commission (ARDC)coreStrategic or Co-development PartnerARDC regulates Illinois lawyers and requires financial institutions to report trust account overdrafts. LTF works with ARDC on IOLTA compliance and rule interpretation.
• 57 Legal Aid Organizations (Current Grantees)coreStrategic or Co-development PartnerOrganizations including Land of Lincoln Legal Aid, Prairie State Legal Services, Legal Aid Chicago, and others receive LTF grants to provide civil legal aid to low-income Illinois residents.
• 400+ Illinois Financial InstitutionscoreStrategic or Co-development PartnerBanks and credit unions that hold IOLTA accounts and remit interest to LTF. Must meet eligibility requirements including rate comparability and ARDC overdraft notification agreements.
• Legal Services CorporationmajorStrategic or Co-development PartnerFederal funding body that is the single largest contributor to legal aid in Illinois ($12.5 million to three Illinois organizations). LTF advocates for continued LSC funding.
• Illinois Legal Aid OnlinecoreStrategic or Co-development PartnerILAO provides web-based legal information and self-help tools to over 1 million visitors annually. Received Rothstein Award and ongoing LTF grants.

Scale indicators6 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• The Bar Foundation of Massachusetts: Massachusetts's IOLTA administrator distributing interest from lawyer trust accounts to legal aid. Shares the same nonprofit, bar-association-affiliated structure and Supreme Judicial Court mandate that LTF operates under in Illinois.
• The Florida Bar Foundation: Florida's state IOLTA administrator, distributing interest from lawyer trust accounts to legal aid organizations across Florida. Directly comparable nonprofit model with mandatory IOLTA participation, bar-association governance, and legal-aid grantmaking mission.
• Texas Access to Justice Foundation: Texas's IOLTA administrator and largest state funder of civil legal aid. Operates under the same regulatory framework (mandatory IOLTA, Supreme Court oversight) and similarly channels interest income to legal aid grantees.

Regional players

• Public Interest Law Initiative (PILI): Illinois-based legal-aid support organization that receives LTF grants and runs the Ruth Ann Schmitt Legal Aid Internship program. Operates in the same Illinois legal-aid ecosystem and is closely intertwined with LTF's mission.
• The Chicago Bar Foundation: Charitable arm of the Chicago Bar Association — a founding partner of LTF — that raises and distributes funds for legal aid in the Chicago area. Adjacent funder operating in the same Illinois legal-aid ecosystem with overlapping grantees.
• Illinois Equal Justice Foundation: Illinois state-administered funder of civil legal aid that channels state appropriations to legal aid providers. Operates as a complementary funding stream alongside LTF for many of the same Illinois legal aid organizations.

Others

• National IOLTA Funds (NAIFA / IOLTA community): National association and convening body for state IOLTA programs, providing shared compliance and operational resources across U.S. jurisdictions. Functions as an ecosystem enabler rather than a direct competitor to LTF.

Broad incumbents

• Legal Services Corporation (LSC): The federal funder of civil legal aid, identified in LTF's data as the single largest contributor to Illinois legal aid ($12.5M to three organizations). Operates at a national scale and is a major counterpart — and partial substitute funder — for LTF's grantees.
• American Bar Foundation: National research and charitable affiliate of the American Bar Association supporting empirical research on the legal profession and access to justice. Operates in an adjacent capacity (legal-sector research/funding) rather than as a direct IOLTA administrator.
• National Legal Aid & Defender Association (NLADA): National membership and advocacy organization for civil legal aid and public defense, including IOLTA programs and state access-to-justice commissions. A broader ecosystem peer rather than a direct IOLTA administrator.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/IllinoisIOLTA
• LinkedInlinkedin.com/company/lawyers-trust-fund-of-illinois

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

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M&A

Investments

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Frequently asked questions about Lawyers Trust Fund of Illinois