What is a lawyer's obligation regarding client property under Rule 1.15?

A lawyer is required to hold property of clients or third persons separate from their own property, as mandated by Rule 1.15. This rule establishes the importance of keeping clients' funds and property distinct from the lawyer's personal or business assets to avoid any potential conflict of interest or mishandling of client resources.

This obligation is foundational to building trust and accountability in the attorney-client relationship. Maintaining separate accounts for client funds prevents any misuse and ensures that the client’s property is safeguarded, reflecting the ethical duties lawyers have in their professional conduct. Violating this principle could lead to serious consequences, including disciplinary action, loss of client trust, and potential legal ramifications.

The other options do not align with the obligations outlined in Rule 1.15. For instance, using client property for personal use, even with consent, compromises the lawyer's fiduciary duty and can lead to ethical violations. Reporting client property solely in annual statements does not satisfy the requirement to safeguard it effectively on an ongoing basis. Co-mingling client property with personal assets, even temporarily, poses risks of misappropriation and undermines the protection that must be afforded to client interests.