ALA CLM Practice Questions - Association Of Legal Administrators (ALA) Certified Legal Manager (CLM) Exam

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Under ABA Model Rule 1.15, a law firm receiving a $25,000 settlement check payable to the firm in trust for a client must do which of the following FIRST?

Endorse and immediately deposit the entire check into the firm's operating account, then issue a partial disbursement to the client Deposit the entire check into the IOLTA or client trust account and issue disbursements only after the deposit clears Hold the check uncashed until the client signs a release authorizing disbursement Cash the check and pay the client and firm fees in cash to avoid bank float

Correct Answer:

Deposit the entire check into the IOLTA or client trust account and issue disbursements only after the deposit clears

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