Source
The provisions of this Subchapter B adopted May 9, 1997, effective May 10, 1997, 27 Pa.B. 2285; amended November 21, 2005, effective immediately, 35 Pa.B. 6640, unless otherwise noted. Immediately preceding text appears at serial pages (311374) and (309483) to (309491).
Preamble: Statement of Purpose
Rule 1.15 of the Pennsylvania Rules of Professional Conduct (‘‘Pa.R.P.C.’’) has, since the adoption of the Rules of Professional Conduct, required lawyers to segregate property of clients and third persons from the lawyer’s own property, and by extension, not to profit by use of property belonging to clients or third persons. This provision of the Pa.R.P.C. for the protection of the client or third person, is designed to ensure the ethical conduct of lawyers, and may not be waived by the client or third person. Pa.R.P.C. 1.15 mandates the maintenance of IOLTA Accounts for certain funds received by a lawyer in connection with a client-lawyer relationship or as otherwise described in the definition of Rule 1.15 Funds. In addition, Pa.R.P.C. mandates the maintenance of Trust Accounts (including IOLTA Accounts for Qualified Funds) if, under Pa.R.P.C. 5.7, the lawyer is subject to the Pa.R.P.C. and the lawyer receives funds in connection with services (legal or nonlegal) to the recipient of those services. IOLTA generates income where formerly there was none; this income will aid the citizens of the Commonwealth of Pennsylvania by improving access to the civil legal system by those who otherwise could not afford legal representation, improving the legal educational system in Pennsylvania via funding for legal clinical programs and internships, and assisting in the general administration of justice in Pennsylvania.
