Handling And Collecting Legal Fees
Not only must lawyers do the hard work that is necessary to earn their fees, but they must also handle and collect them, which are processes that are both time-consuming and detail-laden. Lawyers must not only be attorneys, but they must also be accountants and bill collectors. Lawyers are subject to special ethical rules when handling client funds, which are funds in which the client still has an ownership interest. The rules require all client funds to be maintained in an interest-bearing trust account while they are in the lawyer’s possession. Safekeeping client funds in a trust account improves client-relations since clients...
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