replaces DR 9-102, which is silent on the handling of property belonging to third

persons. Rule 1.15(a) includes several provisions which are not explicitly provided for in DR 9-102. The rule requires that client and third-person funds are maintained: 1. In an insured, interest-bearing account; 88 2. 3. In a financial institution permitted under Ohio law and in the state where the lawyer’s office is situated; and In an account designated as “client trust account,” “IOLTA account,” or with another identifiable fiduciary title. To ensure the proper handling of funds, Rule 1.15 requires the lawyer to maintain the following financial records for a period of seven years: 1. 2. Any fee agreements. A record for each client’s funds that sets forth: a. b. c. d. the client’s name, the date, amount, and source of the funds received, the date, amount, payee, and purpose of each disbursement, the current balance. 3. A record of each bank account that sets forth: a. b. c. the name of the account, the date, amount, and client affected by each credit and debit, the balance in the account. 4. All bank statements, all deposit slips, and canceled checks, if provided by the bank, for each account. 5. A monthly reconciliation of the items listed in 2, 3, and 4 above. Under DR 9-102 lawyers must keep financial records indefinitely. Rule 1.15(b) is a restatement of DR 9-102(A)(1), which authorizes lawyers to deposit their own funds into the trust account for the sole purpose of paying or obtaining a waiver of bank service charges. Rule 1.15(c) directs lawyers to place advances on expenses into the trust account. This is a change from DR 9-102(A), which precludes a lawyer from placing advances for expenses in the lawyer’s trust account. The vast majority of jurisdictions consider advances for expenses to be client funds that must be deposited in the trust account. There are no Disciplinary Rules comparable to Rules 1.15(d), (e), (f), and (g). Rule 1.15(h) requires lawyers to comply with R.C. 120.52, 3953.231, 4705.09, and 4705.10, all rules adopted by the Ohio Access to Justice Foundation, and Gov. Bar R. VI, (1)(F). This provision is the same as the requirements of DR 9-102(D) and (E). 89 Comparison to ABA Model Rules of Professional Conduct