Practicing With Professionalism - South Carolina Bar Association

into an account maintained under paragraph (1)(1), (1)(3), or (1)(4). Such
funds shall be clearly identified in the attorney's records ofthe account.
(g) Required Accounting Records. Attorneys,partnerships of attorneys, professional
corporation and limited liability corporations in private practice in this state shaU
maintain in a current status and retain fora period ofseven years afterthe event
whicJ:1 they record:
(1) Appropriate receipt and disbursement records of an deposits in and
wit~drawalsfrom accounts specified in subsection (a) ofthis rule and any
other bank account which concerns their practice of law, specificaUy .
identifying the date, source and description ofeach item deposited as wen as
the date, payee, and purpose ofeach disbursement. An trust account receipts
shall be deposited intact and the duplicate deposit slip should be sufficiently
detailed to identify each item. All trust account withdrawals shaU be made
only by authorized bank or wire. transferor by check payable to a named
payee and not to cash. Only an attorney admitted to practice law in this state
or a person supervised by such shaU be an authorized signatory on a trust
account; and,
(2) An appropriate record-keeping systemidentifying each separate trust
client, for aU trust accounts, showing the source of all funds deposited in such
accounts,the names of all persons for whomthe funds are or were held, the
amount ofsuch funds, the description and amounts ofcharges or
withdrawals from such accounts, and the names ofaU persons to whom such
funds were disbursed. A regular trial balance ofthe individual client ledgers
shall be maintained and reconciled at least quarterly with the applicable
bank statements.
(3) Copies ofaU retainer and compensation agreements with clients; and,
(4) Copies ofall statements to clients showing the disbursement offunds to
them or on their behalf; and,
(5) Copies of aU bills issued to clients and,
(6) Copies of all records showing payments to any persons, not in their
regular employ, for services rendered or performed; and,
(7) AU bank statements and prenumbered canceled checks; and,
(8) Copies ofthose portions of each client's case file reasonably necessary for
a complete understanding ofthe financial transactions pertaining thereto.
(h) Type and Availability ofAccounting Records~The financial books and other
records required by subsections (1) and (g) ofthis rule shall be maintained in
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