Escrow Accounts and Ethics: Key Issues in Handling Escrow Funds and Attorneys Serving as Escrow Agents

This CLE webinar will provide lawyers guidance on legal ethics in handling escrow accounts and challenges and risks for lawyers serving as escrow agents. The panel will provide an overview of the legal implementation and methods in structuring transactions, preventing fraud, applicable rules for counsel, fees, escrow accounts, and other key ethical issues when attorneys serve as escrow agents.

Attorney ethics rules require strict compliance regarding client trust accounts or IOLTA, with significant consequences for lawyer's mishandling these escrow accounts. Attorneys must have a firm understanding of ABA Model Rules and state law to avoid potential liability, suspension, or disbarment.

Attorneys are required to hold client funds separately from their own, maintain records of transactions, and have a fiduciary duty to protect the funds. Typically, mistakes are made when structuring certain transactions, improper withdrawals, or poor record-keeping. But there are many other scenarios that trigger ethics violations that attorneys must avoid.

Listen as our panel discusses the legal implementation and methods in structuring transactions, fraud prevention, applicable rules for counsel, fees, escrow accounts, and other key ethical issues when attorneys serve as escrow agents.