Business Law

Business Law News ISSUE 2, 2023

B-LAW B-LAW B-LAW: ETHICS FOR BUSINESS LAWYERS CLIENT TRUST ACCOUNTS

Written by Neil J Wertlieb*

This edition of B-Law B-Law B-Law focuses on an attorney’s obligations with respect to safekeeping of funds or property held on behalf of clients and other persons. Continue to watch this column for guidance on ethical issues of particular interest to business lawyers in the State of California.

CAUSE FOR CONCERN

The news over the past couple of years regarding the misconduct of attorney Tom Girardi—and the apparent inability of the California State Bar to detect such misconduct despite over 150 complaints filed against him going back several decades—has prompted increased scrutiny over compliance with the trust account rules. It has also led to some significant changes in such rules, as well as proposals to increase the reporting responsibilities of attorneys who witness misconduct by another attorney.01

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