Virginia Amends Ethics Rule on Safeguarding Property

The Supreme Court of Virginia approved amendments to the state professional conduct rule on safeguarding property.

The changes that go into effect on March 15 were “based on feedback from investigators that lawyers are frequently confused about the arcane terminology in the current rule, some of which is out of step with the way certain terms are used in the accounting field,” the Virginia State Bar Standing Committee on Legal Ethics said in its petition to the court to adopt the amended rule.

The rule holds lawyers to the standard of care of a “professional fiduciary” when holding the property ...