Here Today, Gone Tomorrow: Your Client Trust Account!

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Protecting a client’s money is one of the paramount responsibilities of an attorney. The loss, misappropriation or comingling of clients’ funds is an attorney’s fast track ticket straight to disbarment. Therefore, it is up to the attorney to protect their clients’ funds as much as possible.

With the banking meltdown that started on September 15, 2008, with the Lehman Brothers bankruptcy I know, as attorneys, why would you possibly keep up with banking issues if you weren’t paid to. Yes, foolish of me to ask, and I sincerely apologize. (I hope the sarcasm came through)

This nation’s banking system was on the verge of collapse after the September 15, 2008, Lehman Brothers bankruptcy filing. That the very fabric that holds our capitalist economy together started to unravel and almost came completely unwound. As of the date of this writing, 374 banks closed in the United States since October 13, 2000. More notably, out of those 374 banks, 336 of those banks failed since September 15, 2008! (“FDIC Failed Bank List”)*

*http://www.fdic.gov/bank/individual/failed/banklist.html

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Michael Powers | Attorney Advertising

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