Wanted: Mo’ Money

mo-money1

This sentiment isn’t unique to the Legal Services however it is time to take a moment to see the effect of the economy on legal service provision in South Carolina.

The South Carolina Bar Foundation released its Winter 2009 Brief and the following information is taken from there.  To view the brief online, click here.

 In July 2007: Monthly IOLTA revenues at all time high; currently they are 80% lower than peak. Last year, 96% of Foundation support came from IOLTA.

In the current grant cycle (July 1, 2008 to June 30, 2009), originally the SC Bar Foundation awarded $5.4 million to legal service providers. Mid-year cuts resulted in $4.0 million in awards, a reduction of $1.4 million. Due to the unprecedented loss sustained by grantees, the SC Bar Foundation decided to utilize $1.5 million in reserve funds to prevent further reductions to current grantees.

At this time the future prediction for total IOLTA revenues is less than $2.0 million. The effect of this continuing drop in revenues – grantees are and will continue to reduce work forces, some may have to close.

What can you do?

Please consider donating to the South Carolina Bar Foundation which is a 501(c)3 Public Charity. The SC Bar Foundation is the charitable arm of the South Carolina Bar.

-RFW