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Mastering Trust Account Recordkeeping: Compliance Essentials for Lawyers

MCLE CREDIT

Total General: .50 Total Professional Responsibility: .50
This course will cover a lawyer’s duty to account fully and promptly to the client or third person for funds the lawyer holds in the trust account and the required accounting records under Rule 1.15A that must be created and maintained. Also, the course will provide practice tips on how the lawyer can maintain current and accurate accounting records as well as how to do a three-way reconciliation.

Program Objectives:
  • To increase the lawyer’s understanding of the recordkeeping requirements of new Rule 1.15A.
  • To prepare the lawyer to apply the requirements of Rules 1.15 and 1.15A in creating and maintaining trust account records and journals and how to resolve unclaimed and unidentified trust funds as well as how to deal with overdrafts.
Credits:
Mary F. Andreoni, JD, Illinois Attorney Registration and Disciplinary Commission
Resources:
Informational Websites
ARDC
www.iardc.org
  • List of Eligible Financial Institutions
  • ARDC Client Trust Account Handbook
  • Sample Recordkeeping Account Journals
  • Summary of Changes to Rules 1.5 and 1.15
  • IL Rules of Professional Conduct & Disciplinary Law
  • Free online CLE seminars on the ARDC website learning portal
  • Sample Three-way Reconciliation Spreadsheet
Lawyers Trust Fund (IOLTA)
www.ltf.org
  • List of Eligible Financial Institutions
  • Questions about IOLTA
  • IOLTA Forms and Reports required to open, manage and close IOLTA accounts
  • Instructions for remitting unidentified funds
  • ARDC Ethics Inquiry Hotline
    312-565-2600 (Chicago)
    217-546-3523 (Springfield)