Rule 1.15A - General Duties of LLPs Practicing in Firms Without Lawyers Regarding Property of Clients and Third Parties(a) An LLP practicing in a firm without a lawyer shall hold property of clients or third persons that is in the LLP's possession in connection with a representation separate from the LLP's own property. Funds shall be kept in trust accounts maintained in compliance with Rule 1.15B. Other property shall be appropriately safeguarded. Complete records of such funds and other property of clients or third parties shall be kept by the LLP in compliance with Rule 1.15D.(b) Upon receiving funds or other property of a client or third person, an LLP shall, promptly or otherwise as permitted by law or by agreement with the client or third person, deliver to the client or third person any funds or other property that the client or third person is entitled to receive and, promptly upon request by the client or third person, render a full accounting regarding such property.(c) When in connection with a representation an LLP is in possession of property in which two or more persons (one of whom may be the LLP) claim interests, the property shall be kept separate by the LLP until there is a resolution of the claims and, when necessary, a severance of their interests. If a dispute arises concerning their respective interests, the portion in dispute shall be kept separate by the LLP until the dispute is resolved. The LLP shall promptly distribute all portions of the property as to which the interests are not in dispute.(d) The provisions of Rule 1.15B, Rule 1.15C, Rule 1.15D, and Rule 1.15E apply to funds and other property, and to accounts, held or maintained by the LLP, or caused by the LLP to be held or maintained by an LLP firm through which the LLP renders legal services, in connection with a representation.Colo. Lic. Paraprofe. R. Profe. Cond. 1.15A
Amended and Adopted by the Court, En Banc, April 13, 2023, effective 7/1/2023.