Practicing With Professionalism - South Carolina Bar Association
Practicing With Professionalism - South Carolina Bar Association
Practicing With Professionalism - South Carolina Bar Association
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VI.<br />
Trust Accounts and Operating Accounts<br />
A. Trust Account Basics<br />
1. Purpose ofTrust Account<br />
a<br />
Protect client and third-party funds.<br />
b. Provide records for what you did with other people's money.<br />
c. Protection oflawyer.<br />
2. Colorado Rules ofProfessional Conduct<br />
a. Colo. RPC 1.15(a) through (g)<br />
3. Who Must Have A Trust Account<br />
a. Everyone who has ever received advanced fees, fees for work<br />
not done, settlement proceeds or fees held for a third-party.<br />
Colo. RPC 1.15(f)(1).<br />
4. Names ofYour Accounts<br />
a<br />
Trust account must be labeled "TRUST ACCOUNr' or<br />
"COLTAF TRUST ACCOUNT."<br />
b. Business account must be labeled "PROFESSIONAL<br />
ACCOUNT' or "OFFICE ACCOUNT."<br />
5~ Deposits into Trust Accounts<br />
a. Never deposit your personal funds into a trust account. Only<br />
deposit client funds or funds for third-parties.<br />
b. Advanced fees.<br />
.c.<br />
.d.<br />
Advanced costs.<br />
Settlement checks from insurance company to you and client<br />
(write check to office account for your share).<br />
e. Large funds - consider using a separate trust account.<br />
<strong>Professionalism</strong> CLE (2004)
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