Is a retainer the same thing as an advance fee deposit?

CosmoLex Team

Upon entering into an agreement to represent a client, attorneys and law firms frequently ask for the client to pay money in advance for fees and costs.[1][2] In many states, attorneys refer to this advance payment as a “retainer”.[1][2][3] In other states, however, the term “retainer” is defined in the Rules of Professional Conduct as  “a fee that a client … Read More

Maintaining Trust Compliance While Switching Banks

CosmoLex Team

Trust accounts are known for having a large number of rules and regulations that lawyers must follow when managing them. With such a high bar for maintaining compliance, migrating a trust account from one bank to another is a lot more complicated than moving all the funds to a new account and closing the old one. Following the proper steps … Read More