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 Notice of Clients' Trust Account & Authorization to Examine 2018

2018-2025 Form

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[COURTESY OF MSBA AND KRAMER & CONNOLLY] In law school, our ethics professors told us not to steal from our clients and to put their money into a trust account. But protecting client funds is more complicated than that. Meeting our ethical obligations takes more than "good character" – it takes work. If you don't know what you're doing, you can quickly lose control over client funds, violate the Rules of Professional Conduct, and face serious sanctions. We need to know: How to open an IOLTA account. How to use it. We must watch our withdrawals. We can't rely on our memory. We must maintain solid records. Reconcile our account every month. Ensure that our bank has handled the funds correctly. Check our checks, and keep our records. You'll need to open what we call an IOLTA account. That stands for "Interest on Lawyer Trust Accounts." One account should be enough to hold all of your client funds. You don&#3

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