protecting client's interests and property Flashcards
attorney client privilege
see duties set
how must lawyer handle client funds
SEPARATE FUNDS
rules:
(1) all money received form client or third party etc. must be held in client trust account, separate from lawyer’s personal and business account – must be kept in a financial institution approved by VSB
(2) no commingling funds – no placing your funds into client trust account except to pay bank service charges or maintain min account balance to prevent bank service charges
(3) Advance payments belong to the client until earned by lawyer. = advance payment from client must be put into client rust account to be withdrawn by lawyer only as fees are earned or expenses incurred
(4) refund client advance payments that are not earned at the end of representation
**retainer is different – true retainer is an availability fee and is considered earned by the lawyer upon receipt
how to handle disputed funds
when lawyer possesses property in which two or more people clim interests (which may include lawyer) , disputed portion must be kept separate by lawyer until resolution of the dispute
lawyer must promptly dispute all portions of property not in dispute
