Some years ago the American Bar Association started a study of clients' security funds and appointed a committee known as the Committee on Clients and Security Funds. This committee of the State of Washington had frequently been asked just what is such a fund. Now a clients' security fund is a fund voluntarily established by the bar association for the purpose of reimbursing clients in those few instances in which a lawyer, while the attorney-client relationship existed, has misappropriated his clients' funds. The American Bar Association committee recommended the establishment of such funds by both state and local bar associations.
State Bar Journal,
Report on Clients' Indemnity Fund,
34 Wash. L. Rev. & St. B.J.
Available at: https://digitalcommons.law.uw.edu/wlr/vol34/iss4/3