It seems clear that ior- comes from Elvish iaur, 'old' (here meant with a degree of irony because, while he seemed old to his nephew Bergil, Iorlas was in fact only twenty-nine years old when he was named).
The closing -las element is harder to interpret. It would typically mean 'leaf' (as in Legolas), but it is hard to fathom what a name meaning 'old leaf' might signify. The root-word las could also mean 'listen', but this hardly helps to clarify the meaning of the name. The Elvish ending -as operated as a noun-forming suffix, and perhaps this is in action in Iorlas' name, but in such a case it is hard to understand why he would be named Iorlas rather than Ioras (which would essentially mean 'old one').
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