Current through Register Vol. 54, No. 45, November 9, 2024
(a) If a lawyer is required to maintain a Trust Account, the lawyer shall comply with these regulations and participate in IOLTA if the lawyer meets either of the circumstances set forth in (i) or (ii):(i) Practices law in Pennsylvania: The lawyer practices law from an office within the Commonwealth of Pennsylvania.(ii) Practices law in and out of Pennsylvania: If a lawyer primarily practices outside of Pennsylvania but also handles Qualified Funds related to the practice of law in Pennsylvania, then the lawyer must deposit Qualified Funds related to the lawyer's Pennsylvania practice in a Pennsylvania IOLTA Account.(b) Nothing herein shall be construed to require a lawyer who does not receive Rule 1.15 Funds to maintain an IOLTA Account.(c) Law Firm Compliance: A lawyer may use an IOLTA Account in common with other lawyers in his or her firm, whether organized as a partnership, professional association, professional corporation, limited liability company or partnership, or other form of organization. However, each lawyer has an individual duty to comply with Pa.R.P.C. and these regulations.(i) A law firm may register its IOLTA account and submit a list of all lawyers in the firm who use the IOLTA Account for the maintenance of all Qualified Funds received by the lawyer.(ii) Each lawyer using the IOLTA Account for the deposit of all Qualified Funds received by him or her will be in compliance with IOLTA.(d) Newly admitted lawyer: A lawyer newly admitted to the bar of the Supreme Court of Pennsylvania must comply with these regulations within sixty (60) days of admission to the bar.(e) Change of employment: A lawyer who changes employment status must comply with these regulations within sixty (60) days of the change, unless the lawyer no longer meets the requirements of subsections (a)(i)-(ii) of this Section 81.103 or is no longer required to maintain a Trust Account.(f) Subsequent eligibility: Any lawyer not having met the requirements of subsections (a)(i)-(ii) of this Section 81.103, who subsequently meets the requirements of subsections (a)(i)-(ii) and who must maintain a Trust Account, must comply with these regulations within sixty (60) days of subsequent eligibility.The provisions of this §81.103 amended November 21, 2005, effective immediately, 35 Pa.B. 6640; amended June 22, 2009, effective immediately, 39 Pa.B. 3431.