Opinion ID: 1427974
Heading Depth: 1
Heading Rank: 5

Heading: standard conditionsfinancial monitoring

Text: 1. Respondent will maintain the following minimum records as to all bank accounts instituted or utilized by Respondent in any fashion whatsoever in the practice of law: A. A separate bank account or accounts and, if utilized, a separate savings and loan association account or accounts, located in Colorado, in the name of the attorney or law firm and clearly labeled and designated as trust account. B. Original or duplicate deposit slips and, in the case of currency or coin, an additional cash receipts book, clearly identifying: (1) The date and source of all trust funds received; (2) The client or matter for which the funds were received. C. Original cancelled checks, all of which must be numbered consecutively. D. Other documentary support for all disbursements and transfers from the trust account. E. A separate cash receipts and disbursements journal, including columns for receipts, disbursements, transfers, and the account balance, and containing at least: (1) The identification of the client or matter for which the funds were received, disbursed, or transferred; (2) The date on which all trust funds were received, disbursed, or transferred; (3) The check number for all disbursements; (4) The reason for which all trust funds were received, disbursed, or transferred. F. A separate file or ledger with an individual card or page for each client or matter showing all individual receipts, disbursements, or transfers and any unexpended balance and containing: (1) The identification of the client or the matter for which trust funds were received, disbursed, or transferred; (2) The date on which all trust funds were received, disbursed, or transferred; (3) The check number for all disbursements; (4) The reason for which all trust funds were received, disbursed, or transferred. G. All bank or savings and loan association statements for all trust accounts. 2. Respondent will perform the following trust-accounting procedures: A. The attorney shall cause to be made monthly: (1) Reconciliation of all trust bank or savings and loan association accounts, disclosing the balance per bank, deposits in transit, outstanding checks identified by date and check number, and other items necessary to reconcile the balance per bank with the balance per the checkbook and the case receipts and disbursements journal; (2) A comparison between the total of the reconciled balances of all trust accounts and the total of the trust ledger cards or pages, together with specific descriptions of any differences between the two totals and reasons therefor. B. At least annually, a detailed listing identifying the balance of the unexpended trust money held for each client or matter. C. The above reconciliations, comparisons, and listing shall be retained for at least six years. 3. Respondent shall direct any bank or savings and loan association where Respondent is a signatory on any bank account utilized in the practice of law to notify the Office of Regulation Counsel, 600 17th Street, Suite 200-South, Denver, Colorado 80202, in the event any law firm or trust account check is returned due to insufficient funds or uncollected funds, absent bank error. Further, if any such check is returned, Respondent shall, likewise, notify the Office of Regulation Counsel. 4. Respondent shall file a written report with the Office of Regulation Counsel each year for a period of five years beginning one year from the date of the reinstatement order regarding the satisfactory maintenance of the financial aspect of Respondent's law practice and demonstrating Respondent's compliance with the conditions set forth above. The said report shall contain the certificate of a certified public accountant verifying that the procedures set forth above were followed and that an audit demonstrated no irregularities in the handling of the trust accounts. Said audit and report shall be conducted and complied with at Respondent's sole expense. 5. Respondent shall obtain malpractice insurance coverage of no less than $100,000.00 for each claim and, within thirty days of the order of reinstatement, shall deliver to the Office of Regulation Counsel documentary proof of the existence of such coverage; further, the annual written report filed with the Office of Regulation Counsel referred to herein above shall specifically include documentary proof of the continued existence of malpractice insurance coverage during the entire period of monitoring by the Regulation Counsel described herein. 6. Respondent shall specifically maintain separate accounts for any funds coming into Respondent's possession as a real estate broker and shall not utilize Respondent's law firm business account nor trust accounts for any broker functions whatsoever.