WisBar News
May 12, 2004
New trust account rule effective July 1
On April 30, the Wisconsin Supreme Court issued an order, repealing and recreating SCR 20:1.15, the rule regarding lawyer trust and fiduciary accounts, effective July 1, 2004. The amendments to SCR 20:1.15 constitute the most significant changes to that rule since its inception in 1988.
New trust account rule effective July 1
May 12, 2004
On April 30, the Wisconsin Supreme Court issued an order, repealing
and recreating SCR 20:1.15, the rule regarding lawyer trust and
fiduciary accounts, effective July 1, 2004. The amendments to SCR
20:1.15 constitute the most significant changes to that rule since its
inception in 1988.
The new trust account rule has an index, similar to a statute, with
headings for its subsections that are expected to make it much easier to
locate information and requirements. The new rule also provides greater
detail than the current rule on trust account record-keeping
requirements. In addition, it distinguishes between trust accounts and
fiduciary accounts with respect to record-keeping and prohibited
transactions. The new rule also addresses computerized record-keeping,
electronic transactions, separate accounts for probate matters, and
alternatives to overdraft notification. Furthermore, it codifies the
Marine case, a 1978 Wisconsin Supreme Court decision that established
what a lawyer must do prior to withdrawing fees from a trust
account.
The State Bar and the Office of Lawyer Regulation will sponsor a CLE
Web cast seminar on Wednesday, July 28 from 2:00 to 4:15 p.m. to educate
the Bar regarding the requirements of the new rule.
