PROPER DISTRIBUTION OF SETTLEMENT FUNDS

[...]if you did advance funds from your trust account, you would be advancing someone else's money to the client. [...]when the funds do arrive, I need to divide them up, correct?" "Yes, some states require, and in others it's considered a best practice, to prepare a settlement s...

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Bibliographic Details
Published inLitigation Vol. 49; no. 1; p. 64
Main Author Downey, Michael
Format Trade Publication Article
LanguageEnglish
Published Chicago American Bar Association 01.10.2022
Subjects
Attorneys
Litigation
State court decisions
Third party
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Summary:[...]if you did advance funds from your trust account, you would be advancing someone else's money to the client. [...]when the funds do arrive, I need to divide them up, correct?" "Yes, some states require, and in others it's considered a best practice, to prepare a settlement statement that tells the client how much the client will receive, how much you will receive in attorney fees and expense reimbursements, and how much will be held or disbursed to third parties," Ethox explained. [...]you need to check your state Rules of Professional Conduct carefully.
ISSN:0097-9813
2162-9765