Re: Interest on Retainer Fee Money

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Just go to Wikipedia and look up IOLTA.

On 4/22/10, MBA wrote:
> 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?