Supreme Court Announces Amendments to Rule 1.15
The Illinois Supreme Court has announced amendments to Rule of Professional Conduct 1.15, effective September 1, 2011. The most significant changes in the revised rule are:
- Clarification that all client funds must be deposited in one of two types of client trust accounts: an IOLTA account, or in an account established to hold the funds of the client, with the client receiving the interest.
- Instruction that all client funds must be held at interest. Client funds cannot be held in noninterest bearing accounts.
- Establishment of new trust account recordkeeping requirements for lawyers.
- Creation of a trust account overdraft notification system, under which banks that hold client trust accounts must agree to notify the ARDC in the event the account is overdrawn.
Questions? Want to establish an IOLTA account? Visit the Rule 1.15 Amendments Information for Lawyers page. |
