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For the 8th consecutive year, our Board of Directors has declared a dividend.
Strong, committed and dedicated since 1988!
These messages are a service to our policyholders prepared by Joseph R. Marconi. He is a shareholder of Johnson & Bell, Ltd., the head of the Business Litigation/Transactions group and co-chair of the Employment group. Joe Marconi gratefully acknowledges the assistance of Johnson & Bell, Ltd. paralegal, Michael Castellaneta, J.D., for the research and drafting of this article.
The Rules of Professional Conduct now requires attorneys to provide consent for the banks holding client funds to automatically report overdraws to the ARDC. This is an early detection system for possible financial malfeasance and a call for more discipline in managing and accounting for client funds.
Effective September 1, 2011, the Illinois Supreme Court has amended Rule 1.15 of the Illinois Rules of Professional Conduct respecting the safekeeping of client funds deposited in trust accounts. As professional fiduciaries, attorneys have long been required to keep their clients’ funds separate from their own. Now, the Supreme Court has limited the options for accounts to hold client funds, imposed new record keeping requirements on attorneys, and now requires banks to notify the ARDC when client accounts are overdrawn.
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