Can client retainers be deposited directly into the law firm general bank account? If yes, what would be the circumstances where this would be permitted?
Retainers can be deposited directly into the law firm’s general bank account provided certain conditions are met. General retainers are very rare as it is an acknowledgement by the client that NO legal services have to be performed by the law firm but rather the firm is on stand-by for the client.
Related Questions
- How does a lawyer or law firm determine which client funds should be deposited in a pooled COLTAF account and which should be invested on behalf of individual clients?
- How does a lawyer or law firm determine which client funds should be deposited in an IOLTA account and which should be invested on behalf of individual clients?
- May a legal assistant be permitted to directly solicit clients for the law firm?
