What are the record-keeping and administrative requirements for trust accounts under the new rule?
• Complete records must be maintained of a trust account that is a demand account including a transaction register, individual client ledgers, a ledger for account fees and charges, deposit records (including deposit slips), disbursement records (including cancelled or imaged checks), monthly statements, and reconciliation reports. [A receipts journal and a disbursements journal are no longer required.] • Records of a trust account are to be maintained by the lawyer and preserved for at least six (6) years after termination of the representation. • Checks used for disbursement shall be pre-printed and pre-numbered with the name and address of the lawyer or law firm printed in the upper left corner of the check. • Cancelled checks shall be obtained from the financial institution, however, imaged checks may be substituted for cancelled checks, provided they meet certain requirements. • Wire transfers from a trust account shall be documented by a written withdrawal authorization or other
