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Bar seeks comment on trust account rule

The Virginia State Bar’s Standing Committee on Legal Ethics is seeking public comment on proposed amendments to Rule 1.15 of the Rules of Professional Conduct governing the safekeeping of property.

The proposed amendments simplify and clarify the trust account recordkeeping requirements, using clearer terminology and spelling out exactly what information must be included in the required records.

The proposed changes to paragraph (c) remove the term “cash” and clarify that a check register can be used as the required journal, as long as it includes the necessary information. The proposal also removes the term “subsidiary ledger” to clarify that the rule only requires a separate record or ledger page for each client.

Find a full description of the proposed amendments, inspect the full text with proposed changes, and find information about commenting on the bar’s Professional Guidelines website. Comments are due July 19.