What is a security payment retainer?
The security retainer is intended to secure payment of fees of future services that the lawyer is expected to perform, rather than be present payment for the lawyers commitment to perform. As such, the payment remains the property of the client until the lawyer applies it to charges for services that are actually rendered and, therefore, it must be deposited in a trust account. The Court stated that these types of retainers should be in writing and should clearly define the kind of retainer being paid and state that the funds remain the property of the client and will be deposited in the trust account. Dowling at *12.
