Various Rules (Effective March 1, 2015)
Rule 1.15 (Safekeeping Property)
- Lawyers must maintain the writing containing the basis or rate of the fee in all matters.
- When an account is used to hold funds of more than one client, such as a trust/escrow/IOLTA account, lawyers must maintain an individual ledger for each trust client, showing the source, amount and nature of all funds received from or on behalf of the client, the description and amounts of charges or withdrawals, the names of all persons or entities to whom such funds were disbursed, and the dates of all deposits, transfers, withdrawals, and disbursements. Lawyers must also maintain a regular trial balance of the individual client trust ledgers.
- Only a lawyer admitted to practice law in Pennsylvania, or a person under the direct supervision of the lawyer, shall be an authorized signatory or authorize transfers from a Trust account or any other account in which fiduciary funds are held.
Rule 5.8 (Investment Products)
- A lawyer shall not broker, offer to sell, sell, or place any investment product unless separately licensed to do so.
- The Rule also limits how and when a lawyer may recommend or offer an investment product to a client or any person with whom the lawyer has a fiduciary relationship.