The rules should be amended to require all lawyers’ fiduciary accounts to be registered with the Statewide Grievance Committee. Probate judges should start demanding bonds from fiduciaries and routinely auditing accounts under their supervision.
Another day, another lawyer theft. That used to be my motto when I began as Connecticut’s chief disciplinary counsel. At the time, the economy was strong and lawyers’ IOLTA accounts were flush. Some lawyers were routinely dipping into clients’ funds; millions of dollars went missing. Though the shrinkage was small compared with the amount at risk, it was large in absolute numbers.
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