Navigating Client Trust Accounts and CTAPP Compliance: What California Attorneys Need to Know
California attorneys, it's time for license renewal and CTAPP certification! Are you up-to-date on your Client Trust Account Protection Program (CTAPP) obligations and trust account management?
A recent article penned for the Daily Journal by Joel A. Osman, partner and general counsel, and attorney Catherine Macan, both of Parker Shaffie LLP, provides a crucial overview:
Understanding IOLTA and CTA Accounts: Knowing the difference between Interest on Lawyers' Trust Accounts (IOLTA) and individual Client Trust Accounts (CTA) is essential.
Strict Accounting Standards: Licensees must adhere to rigorous accounting requirements under Rule of Professional Conduct (RPC) 1.15, including maintaining client ledgers, bank statements, accounting journals, and monthly reconciliations. Non-compliance can lead to serious consequences, such as misappropriation or commingling of funds, and disciplinary action.
CTAPP Requirements: CTAPP, implemented to strengthen public protection and support attorneys, mandates annual registration of CTAs (including IOLTAs), self-assessment of CTA management practices, and certification of compliance with RPC 1.15.
Consequences of Non-Compliance: Failure to comply with CTAPP can result in fees and involuntary inactive enrollment.
Firm Support: Law firms using Agency Billing can register trust accounts on behalf of their attorneys, but individual attorneys must still complete the self-assessment and certification.
Ensure you are meeting all requirements. Read the full Daily Journal article for a comprehensive review.
Promotional image of an article published in the Daily Journal, written by Parker Shaffie LLP general counsel Joel Osman and attorney Catherine Macan discussing CTAPP. The image includes the Daily Journal nameplate, reproduction of the article and headshots of the attorneys.
Joel Osman can be reached at osman@parkershaffiellp.com or (213) 622-4441 ext. 333
Catherine Macan can be reached at macan@parkershaffiellp.com or (213) 622-4441 ext. 332
#ParkerShaffieLLP #LegalEthics #TheFirmOtherFirmsCall #JoelAOsman #CatherineMacan #CTAPP #ClientTrustAccounts #Compliance #Lawyers #CaliforniaBar #DailyJournal