Louisiana Amends Rule Governing Trust Accounting

On June 25, 2021, the Louisiana Supreme Court issued an order revising the Louisiana Rules of Professional Conduct provisions governing the safekeeping of property. The court’s revisions became effective on August 1, 2021. The court’s order expanded the authorized types of institutions sanctioned to keep IOLTA funds. While Rule 1.15(a) has always permitted lawyers to keep funds in bank or savings associations, under the court’s amended rule, a lawyer may now keep funds in a credit union in addition to a bank or savings association. As such, the court’s order did not significantly modify the existing rules.

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