Lawyers and paralegals are
only permitted to
share a trust account with another lawyer or paralegal if they are a partner of the same firm, or they are in an employer-employee relationship.
For greater clarity, lawyers and paralegals are
not permitted to share a trust account
- with a non-licensee, or
- with other lawyers or paralegals with whom they share office space or practice law or provide legal services in association.
When sharing a trust account, lawyers and paralegals must ensure they comply with the trust account requirements set out in
By-Law 9. This includes ensuring that client
trust monies are deposited immediately into a designated trust account in the name of the lawyer or paralegal, or in the name of the law or legal services firm of which the lawyer or paralegal is a partner or by which the lawyer or paralegal is employed.
Note, however, that lawyers and paralegals are
not permitted to hold a trust account in the name of a firm or entity that is not a true partnership. In addition, if the firm is a limited liability partnership (LLP) or a professional corporation, lawyers and paralegals should ensure this information is included in their firm's name on the trust bank statement along with an indication that it is a trust account.