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Episode 3 - Escrow Part 1: The 5 DOs and 5 DON'Ts of Escrow Accounts
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Welcome to the third episode of Legal Ethics in a New York minute with host Kaylin Whittingham. Your Legal Ethics briefing where you’ll hear tips to stay on track and traps to avoid. In this episode, Kaylin gives us her Top 5 DOs and Top 5 DON'Ts when it comes to escrow accounts. Kaylin explains why you should always keep your escrow accounts separate from your personal accounts as well as why it's vital to promptly deliver client and third party funds. Kaylin also covers something you should never do which attorneys are disciplined for every single year. Join in on the discussion with Kaylin and suggest some topics you'd like to hear discussed.
This is a Seasonal Podcast with each Season having eight episodes that are released in two parts–four episodes each and offer tons of tips and nuggets from Kaylin's years of experience working in Legal Ethics and Professional Responsibility. Kaylin was named Super Lawyer for Professional Liability in the New York Metro Area 2022 and Lawyer of Distinction 2022. In 2020, she was named in the Top 100 National Black Lawyers. She is the recipient of the 2018 National Bar Association Presidential Award; 2017 Association of Black Women Attorneys Achievement Award; and 2016 Black Women of Influence (BWOI) Trailblazer Award. Kaylin is featured in the Book and World Exhibit—"200 Women: Who Will Change the Way You See The World.” Guided by her mantra: "Inspire. Empower. Engage."—Kaylin advocates for women's rights, immigrants, victims of domestic violence, and the mentally ill.
0:00 - Intro
DOs
0:55 - Keep your escrow accounts separate from your personal accounts
1:21 - Properly label your escrow account
2:05 - Promptly deliver client and third party funds
2:41 - Maintain records for seven years
3:10 - Read Rule 1.15
DON'Ts
4:10 - Do not issue a check to cash
4:37 - Do not allow non-attorney to be signatory
5:37 - Do not leave legal fees in escrow
6:56 - Do not misappropriate client or third party funds
7:44 - Do not rely on bankers for answers, take responsibility
8:28 - Outro
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