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CLE# 2011-027: Trust Accounting: It's not the '90s Anymore

Credits: 3.0 Ethics

Date: Friday, June 17, 2011

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In August, 2010, the American Bar Association made major changes in the trust account and IOLTA rules. Alaska has adopted some, but not all of the new rules. Every Alaska Lawyer should be aware of the new trust account and IOLTA rules, including those changes not made by Alaska. Lawyers who are licensed to practice in other states should attend to learn what the other states in which they may be licensed may be doing.

The rules were basically unchanged for 2,000 years. There have been more changes in the rules in the last 20 years than the previous 2,000.

The program will cover the following:

  • The origin and history of Client Trust Account Rules
  • Traditional Client Trust Account Management. (What you may have been doing in the past)
  • The new (and not so new) basic rules
  • The original 4 sins of trust account management: Comingling, Conversion, Misappropriation, Bad Bookkeeping
  • The IOLTA rules. (All new). Emphasis will be placed on the reporting now done by banks to Disciplinary Counsel when the IOLTA rules might possibly have been violated
  • What you should disclose to the client concerning IOLTA
  • What you must disclose tot he client concerning IOLTA
  • The traps created by Check 21 in client trust account management
  • The new uncertain, unclear Clearing House Association Rules
  • The new,uncertain rules created by your local bank
  • The new vocabulary for client trust account records
  • Records required to be maintained by IOLTA
  • The importance of FDIC coverage
  • The requirements of FDIC for coverage of the trust accounts
  • The multiple periodic reconciliations required by the new rules
  • Issues raised by credit cards
  • Protection of client identity  in an electronic system of banking. The cloud and the computer
  • The fee agreement as the basis for requiring the use of the trust account
  • When you don't need to use a trust account for funds received
  • The Evergreen trust account to solve cash flow problems
  • FAQs


Bring your questions! Steve VanGoor, Alaska Bar Counsel, will also join the conversation.

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