Managing your client trust account |
Lawyers have fiduciary obligations to safeguard and account for the funds and property of clients and others in their possession. A trust account must be maintained to hold the funds of clients and third parties that come into a lawyer’s possession in connection with a representation.
Examples of funds which must be placed in trust accounts include:
- Personal Injury Settlements
- Divorce Settlements
- Real Estate Escrows and Closing Proceeds
- Advanced Fees for legal services
- Cost Advances
Please see the Wisconsin Office of Lawyer Regulation (OLR) website for more information on how to manage your trust account.
E-banking Information
On April 4, 2016, the Wisconsin Supreme Court repealed and re-created SCR 20:1.15-Safekeeping property; trust accounts and fiduciary accounts, and amended SCR 20:1.0, SCR 20:1.5 and SCR 22.39, effective July 1, 2016. The changes expanded the use of electronic transactions in trust and fiduciary accounts beyond the current limits of accepting payments for legal fees and costs and collecting debts. For more information regarding e-banking requirements, please contact the Office of Lawyer Regulation at 877-315-6941 x2 or see OLR's instructions here.
For questions specific to managing your trust account, please contact the Wisconsin Office of Lawyer Regulation (OLR):
110 East Main Street, Suite 315
Madison, WI 53703-3383
Phone: (877) 315-6941, option 2
Fax: (608) 267-1959
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