Amendments to the Trust Accounting Rules

Earlier today, the Supreme Court approved a proposal from the Professional Responsibility Board to amend Rules 1.5, 1.15, 1.15A, and 8.3 of the Vermont Rules of Professional Conduct.  The amendments take effect on May 9, 2016.

The amendments are HERE.

Highlights:

  • the rules impose an affirmative requirement of monthly reconciliation of pooled-interest bearing trust accounts (aka – IOLTA accounts)
  • the rules authorize lawyers to enter into agreements for nonrefundable fee agreements provided that the lawyer complies with specific requirements on (a) notice to clients; and (b) reducing such fee agreements to writing.
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