Civil Law

Tampa attorneys Kathleen S. McLeroy and Andrew M. O’Malley are the recipients of The Florida Bar Foundation "President’s Award for Excellence" that was implemented this year. Both were recognized by outgoing president A. Hamilton Cooke for helping the Foundation to achieve amendments to the Interest on Trust Accounts (IOTA) Rule, which will result in the Foundation receiving millions of more dollars to fund legal aid and programs improving the administration of justice.

The IOTA rule change, which was adapted by the Florida Supreme Court, requires financial institutions to pay IOTA accounts interest rates or dividends in parity with their non-IOTA customers. Only institutions that comply will be eligible to hold IOTA accounts. The Foundation estimates that IOTA revenue, which is presently at $11 million, will increase and range between $17 million and $25 million annually if the rates paid remain between 3.5 and 5 percent.

"Although many lawyers have assisted the Foundation with securing the amendment, attorneys Kathleen McLeroy and Andrew O’Malley have donated hundreds of hours to this project. Their effort will have a long-lasting effect on those in Florida who can least afford legal representation," Cooke said.

The President’s Award was presented to the attorneys last month during the Foundation’s quarterly board of directors’ meeting.

"I am honored that President Cooke chose to recognize Drew O'Malley and me for our contribution to this effort. Given the impact of the rule amendment in terms of improved access to justice for the disadvantaged around the state, I can think of no better use of my time. Funding for legal services for the disadvantaged is a cause that is important, not just to me but to my colleagues at Carlton Fields," McLeroy said.

"Both the legal and banking professions can be proud of the positive impact this amendment will have on access to justice for all Floridians," O’Malley said.

McLeroy, of Carlton Fields, is a cum laude graduate of Washington & Lee University School of Law and is a member of the Foundation’s board of directors. She serves on the executive committee of the business law section's pro bono committee for the American Bar Association. McLeroy is a member of the Hillsborough County Bar Association, Inc. and the Tampa Bay Bankruptcy Bar Association. She is also a past president of the board of directors of Bay Area Legal Services, Inc.

O’Malley, of Carey, O’Malley, Whitaker & Manson, P.A., is a graduate of Duke University School of Law and was on the editorial board for the Duke Law Journal. He was recently named secretary-treasurer of the Foundation’s board of directors. O’Malley is cochair of the American Bar Association’s land trust committee. He is a member of The Florida Bar’s real property, probate and trust law section and chair’s its land trust and REIT committee.

The new IOTA rule also allows investment companies to qualify as eligible institutions in which IOTA accounts may be established, and it allows the use of government money market funds for IOTA accounts. However, only money market funds that are registered with the Securities and Exchange Commission and are comprised solely of U.S. government securities are proposed for use in the IOTA program. Further, only money market funds with a total asset value of at least $250 million are eligible to participate.

The Foundation was established in 1956 to foster law-related public service programs on behalf of Florida’s legal profession. Principal support for the Foundation’s charitable activities has traditionally come from the Interest on Trust Accounts (IOTA) Program implemented by the Florida Supreme Court in 1981.

The Florida Bar Foundation, a statewide, not-for-profit organization, was founded by Florida lawyers and the Florida Supreme Court. The Foundation’s mission to provide greater access to justice is primarily accomplished through funding programs that expand and improve representation of the poor in civil legal matters; improve the administration of justice; provide financial assistance to law students; and make public service an integral component of law students’ educational experience.

For additional information, call 800-541-2195.

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[Updated: 07-01-2005 ]