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How does an attorney handle bank fees for his trust account?

April 26, 2017account attorney Bank fees Trust

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How does an attorney handle bank fees for his trust account?

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Under Rule 1.15, an attorney must place all client funds in a trust account, operated according to the specific requirements of that rule. The attorney s own funds are not to be in that account; thus, the normal arrangement is for each attorney or each law firm to have a trust account and an operating account. Client funds should only be moved from the trust account to the operating account when those funds have been earned. See, LEO 1606. While Rule 1.15 does require this separation of client funds from attorney funds, paragraph (a)(1) of that rule permits an attorney to deposit into his trust account, “funds reasonably sufficient to pay service or other charges or fees imposed by the financial institution.” This provision permits the trust account to contain attorney funds to cover both traditional service fees as well as the fees charged by credit card companies.