(a) Approved Financial Institution. “Approved financial institution” means a financial institution approved by the Commission in accordance with these Rules.

(b) Attorney. “Attorney” means any individual admitted by the Supreme Court to practice law.

(c) Attorney Trust Account. “Attorney trust account” means an account, including an escrow account, maintained in a financial institution for the deposit of funds received or held by an attorney or law firm on behalf of a client or third person.

(d) Bar Counsel. “Bar Counsel” means the individual appointed by the Commission as the principal executive officer of the disciplinary system affecting attorneys. All duties of Bar Counsel prescribed by these Rules shall be subject to the supervision and procedural guidelines of the Commission.

(e) Client. “Client” includes any individual, firm, or entity for which an attorney performs any legal service, including acting as an escrow agent or as a legal representative of a fiduciary. The term does not include a public or private entity of which an attorney is a full-time employee.

(f) Commission. “Commission” means the Attorney Grievance Commission of Maryland, as authorized and created by Rule 19-702.

(g) Financial Institution. “Financial institution” means a bank, credit union, trust company, savings bank, or savings and loan association authorized by law to do business in this State, in the District of Columbia, or in a state contiguous to this State, the accounts of which are insured by an agency or instrumentality of the United States.

(h) IOLTA. “IOLTA” (Interest on Lawyer Trust Accounts) means interest on attorney trust accounts payable to the Maryland Legal Services Corporation Fund under Code, Business Occupations and Professions Article, § 10-303.

(i) Law Firm. “Law firm” includes a partnership of attorneys, a professional or nonprofit corporation of attorneys, and a combination thereof engaged in the practice of law. In the case of a law firm with offices in this State and in other jurisdictions, the Rules in this Chapter apply only to the offices in this State.

Source: This Rule is derived from former Rule 16-602 (2016).