In Re: Amendments to Rules Regulating the Florida Bar – Rule 5-1.1
The Florida Supreme Court amended Rule Regulating the Florida Bar 5-1.1(g)(5), the IOTA program minimum interest rate provision, replacing the prior complex tiered structure with a simplified formula tied to the Wall Street Journal Prime Rate less 300 basis points, with a 0.25% floor and 1.50% ceiling. The amendment tracks newly enacted Florida legislation (HB 893, 2026) and takes effect June 30, 2026. Justice Tanenbaum dissented, arguing the Court's regulation of interest rates paid by financial institutions exceeds its constitutional rulemaking authority over lawyer admission and discipline.
Key facts
- The Florida Bar petitioned the Florida Supreme Court to amend Rule Regulating the Florida Bar 5-1.1(g)(5) governing interest rates that banks must pay on Interest on Trust Account (IOTA) deposits.
- The proposed amendment replaces the prior tiered rate structure with a new formula: the Wall Street Journal Prime Rate in effect on the first business day of each month, less 300 basis points (3.00%), with a floor of 0.25% and a ceiling of 1.50%.
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Holdings
- Rule Regulating the Florida Bar 5-1.1(g)(5) is amended to require financial institutions participating in the IOTA program to pay, net of all fees and charges, the Wall Street Journal Prime…
Why it matters
Florida attorneys and law firm administrators must update their IOTA account arrangements with participating financial institutions to ensure compliance with the new rate formula effective June 30, 2026. Institutions… — full analysis with a trial
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