Adopted | Paragraph 20. Maintenance of
Trust Accounts; Notice of Election Requirements. Amended by the Supreme Court
of Virginia March 16, 2022. Effective July 1, 2022.
March 16, 2022
On Wednesday, March 16, 2022, the Supreme Court of Virginia amended Paragraph
20 of the Rules for Integration of the Virginia State Bar, Part Six of the
Rules of Court, effective July 1, 2022. Attorneys in private practice will be
required to maintain client funds in identifiable interest-bearing trust
(IOLTA) accounts. The interest on these accounts will be paid to Legal
Services Corporation of Virginia to "...be used for funding 1) civil legal
services to the poor in Virginia, 2) LSCV’s administrative expenses, and 3)
the creation and augmentation of a reserve fund for the same purposes."
The change in the Rule from optional to required participation for those
attorneys who maintain client trust accounts is effective July 1, 2022.
Virginia attorneys will have until July 1, 2023 to comply with the changes.
View the Court's order
(PDF)
Posted: March 16, 2022