The trust account rule currently in effect for members of the Wyoming State Bar is Rule 1.15?of the Wyoming Rules of Professional Conduct (WRPC).
WRPC 1.15 imposes a strict fiduciary standard that all funds received by a lawyer which belong wholly or in part to a client or third person must be maintained in an interest-bearing trust account while in the lawyer’s possession. The trust account must be segregated from any lawyer funds. It must be with a regulated financial institution that is located or has a branch located in Wyoming, the deposits of which are insured by an agency of the federal government and which has been approved by the Wyoming State Bar to serve as a depository for lawyer trust accounts. A list of all financial institutions meeting these requirements is provided at the link below.? Finally, the trust account must generate interest for the benefit of either the client or the Equal Justice Wyoming Foundation (EJWF). The client trust account that generates interest for the benefit of EJWF is frequently referred to as an IOLTA (Interest on Lawyers’ Trust Accounts) account. WRPC 1.15(g) imposes a clear standard as to what records are required when maintaining a trust account.