Ethics Forum: Questions and Answers on Professional Responsibility
I asked another lawyer to assist me on a class action suit. He and I now have a dispute as to the fee he should be paid for his services. Do I have to maintain the monies in my escrow account?
April 15, 2021 at 01:21 PM
9 minute read
Disputed funds must be maintained in the separate escrow account and not held by the lawyer in a personal account.
I asked another lawyer to assist me on a class action suit. He and I now have a dispute as to the fee he should be paid for his services. Do I have to maintain the monies in my escrow account?
Samuel C. Stretton.
The answer is yes. Any time a lawyer is holding funds for someone else i.e., a third party, estate, etc., if there is a dispute as to who is to receive the funds then the lawyer must maintain the funds in their IOLTA account. If the funds are going to be held for a long time because of the dispute then they should be moved from an IOLTA account to an interest-bearing escrow account as required by Rule of Professional Conduct 1.15.
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