Amendment to clients’ funds rules effective Oct 1

As of October 1 the black and white  “more than $10,000 / 60 day rule” will be replaced by a requirement to take into account the cost of incurring the income produced if the funds were deposited in a separate account.  If the cost of producing the income is greater the income produced, the funds are not be remain in the general clients’ funds account (which will benefit legal aid).  See Public Act No. 09-152 AN ACT CONCERNING THE INTEREST EARNED ON LAWYERS’ CLIENTS’ FUNDS ACCOUNT PROGRAM AND THE TRANSFER OF CERTAIN COURT FEES TO FUND SUCH PROGRAM.