Older lawyers are telling younger lawyers to use the word “nonrefundable” because a nonrefundable fee immediately becomes the lawyer’s fee and can be placed in the operating account as opposed to still being the client’s money and held in the Interest on Lawyer Trust Account (IOLTA) or escrow account.
But there is a lot more to nonrefundable fees and it’s a treacherous area to get into. Just because the fee is labeled nonrefundable does not always make it so and there can be times it has to be returned.
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