The interest on these pooled client trust accounts is paid to the Lawyers Trust Fund of Illinois . Lawyers often hold funds in trust or escrow for their clients. When the funds the lawyer holds for a particular client are substantial in amount or will be held for a long period of time, clients are entitled to the interest on these funds. The IRS Form W-9 should bear the Lawyers Trust Fund's tax identification number as payee and certify exemption from backup withholding taxes. Please send all W-9's to the Lawyers Trust Fund for certification.
Most banks remit the interest on a monthly basis.
However, the accompanying interest remittance report must include an itemization of interest and charges for each account. Interest remittance payments may be made by check or via ACH . Interest Remittance Reports Interest remittance reports are necessary so that the Lawyers Trust Fund can track the interest earned by each attorney or law firm account. The interest remittance report can be made on paper or on computer disk . If it is more convenient, you may create your own forms, as long as the required information listed below is included.