September 23, 2008
As reported on the front page of the September 22 New York Law Journal, partner Benito Romano has been appointed by New York State Governor David A. Paterson to serve as Chairman of the Board of Trustees of the state Interest on Lawyer Account Fund (IOLA).
As reported on the front page of the September 22 New York Law Journal, Willkie partner Benito Romano has been appointed by New York State Governor David A. Paterson to serve as Chairman of the Board of Trustees of the state Interest on Lawyer Account Fund (IOLA). IOLA distributes funds accrued through interest on escrow accounts maintained by attorneys for clients to pay for civil legal services for the poor. Established in 1983 by the legislature, IOLA created a means to provide additional financial support to civil legal service organizations that had been decimated by federal budget cuts. The IOLA program requires attorneys to deposit funds received from clients either in interest bearing accounts for the benefit of clients or in interest bearing IOLA accounts. To date, IOLA has provided more than $228 million in grants. Mr. Romano, the former U.S. District Attorney for the Southern District of New York, will preside over the 14-member Board, which comprises attorneys from all over New York State.