Guide to New Rule Regarding Lawyer Trust Accounts

2014-04-09 18:00:00 - Alaska

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Event Details

The Alaska Supreme Court has adopted new Bar Rule 15.1 effective April 15, 2014 regarding lawyers subject to Alaska Rule of Professional Conduct 1.15 (Safekeeping Property).

 

Steve Van Goorwill present the highlights of New Bar Rule 15.1 via webinar at 10:00 a.m. on Wednesday, April 9, 2014:

  • Accounts must be clearly identified as "trust" or "escrow" accounts.
  • Specific records are required to be held for a period of at least five years after the termination of the representation.
  • Accounts may only be held in a financial institution that agrees in the Overdraft Notification Agreement provided by the Bar Association to report account overdrafts to bar counsel.

Lawyers subject to Alaska Rule of Professional Conduct 1.15 shall sign a Waiver of Confidentiality under AS 06.01.028 provided by the Bar Association and are conclusively deemed to have consented to the reporting and production requirements of the rule.