Re: Interest on Retainer Fee Money

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No matter how much money is
deposited with a lawyer as a
retainer fee, it's the client's
money until the lawyer earns it,
and any interest earned by that
money belongs to the client, not
to the Supreme Court.

MBA

On 4/13/10, atty wrote:
>
> Suppose by large sum you meant 100K and this amount sat in the
> trust account for a year. Some checking and most saving
accounts
> earn 0.02&37; interests. I am no good in math (or anything
else for
> that matter). Can you calculate the interest earned in a year?
>
>
> On 4/13/10, Marvin Straub wrote:
>> Hey, if the supreme court
>> or bar association says it's
>> their money, it's their money.
>> What you going to do, go to
>> war with them. No way you would
>> win that battle. They make
>> the law. Whatever they say the
>> law is, it is. They have the
>> right by eminent domain to take
>> whatever they want and it's tough
>> luck for you, AA. Sorry, but that's
>> why we all want to become lawyers
>> and judges. We can take whatever
>> we please, and it will all be
>> legal. Sorry, friend.
>>
>> On 4/13/10, AA wrote:
>>> I paid my attorney a large
>>>> retainer fee and later dismissed
>>>> him for inaction. He paid me back
>>>> my retainer fee, but refused to pay
>>>> any interest--even though he said
>>>> my money had been drawing interest
>>>> while he held it as a retainer fee.
>>>> When I inquired why I did not get
>>>> the interest, since it was my money
>>>> that earned it, he said that by
>>>> law the interest had to be paid
>>>> to the suprme court. That's wrong.
>>>> Interest earned on money belongs to
>>>> the one whose money it is that earns
>>>> the interest. This is stealing by
>>>> the bar association, as I see it.
>>>> I am going to look for me a lawyer
>>>> to see if he can't get my money back
>>>> from the supreme court. Has anybody
>>>> else had this problem happen to them?