Follow these Do’s and Don’ts to make sure you are in compliance with Texas Disciplinary Rule of Professional Conduct 1.15 and the rules regarding IOLTA accounts in Texas. A violation here is very difficult to overcome. 

Do have one. If a lawyer handles funds that belong to a client or third person, those funds must be held in a separate “trust” or “escrow” account, regardless of whether the funds belong in whole or in part to the client or third person. TDRPC 1.15(a).  Even if your practice does not currently involve your handling of client or third-party funds, you should go ahead and establish a trust account so it is available when you need it.  Do comply with IOLTA. Lawyers who handle money for their clients must participate in the Interest on Lawyers’ Trust Accounts (IOLTA) Program, by depositing these funds into an IOLTA bank account…