Safeguarding Money & Property

Question 1

Duty to Protect Clients Property includes–

Answer 1

(1) keep client’s property separate; [funds to maintain the account are the only lawyer funds that can be put in the client trust account]
(2) notify client when property received;
(3) maintain records;
(4) deliver property on client’s request;
(5) Client Trust Account maintained in NY banks w/ dishonored check reports [reports mailed to lawyer when check bounces & after 10 days it is sent to the disciplinary commission]

Question 2

Advanced Payment Retainers

Answer 2

belongs to the client & goes into the trust account

Question 3

General Retainer

Answer 3

• earned on receipt

- belongs to attorney and goes into lawyers account

Question 4

When can you move fees earned from the client trust to the operating account?

Answer 4

• within a reasonable time after sending the invoice

- if fees are disputed only move undisputed portion and keep amount in dispute in client trust account