On May 22, 2006, the State Bar and the Office of Lawyer Regulation (OLR) filed a joint petition asking the supreme court to modify portions of the trust account rule, SCR 20:1.15, and several related rules. The court has scheduled a public hearing for Jan. 17, at 9:30 a.m. in the supreme court hearing room.
Wisconsin Lawyer
Vol. 79, No. 12, December
2006
Changes proposed to Trust Account Rule
On May 22, 2006, the State Bar and the Office of Lawyer Regulation
(OLR) filed a joint petition asking the supreme court to modify portions
of the trust account rule, SCR 20:1.15, and several related rules. The
court has scheduled a public hearing for Jan. 17, at 9:30 a.m. in the
supreme court hearing room.
"We believe the proposed changes will protect clients, be more
workable
for lawyers and firms for day-to-day busi-ness, and help the OLR in its
enforcement
as cases arise," says Trust Account Rule Working Group chair Mike
Olds.
"The main areas of concern identified by the committee and
member feedback
were the use of debit cards and electronic transfers," says Olds.
"Other
areas include defining the differences among flat fees, retainers, and
advance fees; withdrawal of noncontingent fees; and the requirement to
hold advance fees for five business days before distribution, which can
be a burden for small firms."
The group was appointed in October 2004 to propose revisions to the
Supreme Court Rules, effective July 1, 2004, affecting trust
accounts.
Public comments on the proposed changes are invited. The petition is
published in the Supreme
Court Orders.
Wisconsin Lawyer
