Crucial Exams

Multistate Professional Responsibility Exam Practice Question

An attorney maintains a pooled client trust account (IOLTA) at a local bank for funds belonging to several clients. The bank imposes a $12 monthly service fee that is automatically deducted from the account. The attorney wants to ensure the fee is paid without using client money. Under the ABA Model Rules of Professional Conduct, which action complies with the lawyer's duty to safeguard client funds?

  • Do nothing; the bank may deduct the fee directly from the pooled client funds because it is a routine charge.

  • Each month, transfer $12 from whichever client's balance is largest to the firm's operating account to reimburse the fee.

  • Deposit a small amount of the lawyer's own money into the trust account solely to cover the anticipated service charges.

  • Close the trust account and deposit all future client funds into the firm's operating account, recording each client's share separately.

Multistate Professional Responsibility Exam
Safekeeping funds and other property
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