On July 1, 2016, the Wisconsin Supreme Court added language to SCR 20:1.15 (WI Trust Account Rule (SCR 20:1.15(f) (3) c.2) This change makes electronic banking easier for lawyers, provides lawyers several options for managing trust property and trust accounts, and allows lawyers flexibility to determine the best option for their practice. One of the options allows an attorney to maintain a “bond or crime policy” in an amount sufficient to cover the maximum daily account balance during the prior calendar year.
In a collaborative effort between the State Bar of Wisconsin, the Office of Lawyer Regulation, CapSpecialty, and M3 Insurance, CapSpecialty developed tailored policies that meet these new requirements. CapSpecialty is the ONLY insurance carrier willing to create these tailored policies that comply with the Wisconsin Supreme Court requirement.
"The Office of Lawyer Regulation reviewed the crime coverage policy and concluded that it meets the requirements of SCR 20:1.15(f)(3)c.2., as effective July 1, 2016.
Of course, OLR reserves judgment in case future grievances involve any future modifications to the Supreme Court Rules or to the language of the crime coverage insurance policy."
- Travis J. Stieren, Trust Account Program Administrator