New York Law (NYLE) Practice Exam

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For what period of time is a lawyer required to maintain records of financial transactions related to their practice?

Five years
Six years
Seven years
Ten years

The correct answer is: Seven years

A lawyer is required to maintain records of financial transactions related to their practice for seven years. This requirement is established to ensure accountability and transparency in the handling of client funds and to comply with ethical obligations. Retaining these records for this period allows for adequate oversight if any disputes or inquiries arise regarding financial activities associated with a client’s case. While other options suggest longer or shorter retention periods, the specific seven-year requirement aligns with best practices in maintaining client trust and ensuring compliance with regulations governing the legal profession.