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FW: State Bar Rule 1.15 Safekeeping Funds and Property of Clients and
Dear List Mates;
I've started redrafting my retainer letters to exclude the new rules effective Nov. 1 2018 as to flat fees being kept in the trust.
However, I don't see a rule 1.15 now (as set forth below here) on the bar's website, and only see a rule 1.5 relating to flat fees. I'm not seeing the new language below in 1.5.
Was this rule only proposed and didn't make it through? Have I been worrying about nothing since getting advised of this supposed rule 1.15???
Steve Lever
Rule 1.15 Safekeeping Funds and Property of Clients and Other Persons
(Rule Approved by the Supreme Court, Effective November 1, 2018)
(a) All funds received or held by a lawyer or law firm* for the benefit of a client, or other person* to whom the lawyer owes a contractual, statutory, or other legal duty, including advances for fees, costs and expenses, shall be deposited in one or more identifiable bank accounts labeled "Trust Account" or words of similar import, maintained in the State of California, or, with written* consent of the client, in any other jurisdiction where there is a substantial* relationship between the client or the client's business and the other jurisdiction.
(b) Notwithstanding paragraph (a), a flat fee paid in advance for legal services may be deposited in a lawyer's or law firm's operating account, provided:
(1) the lawyer or law firm* discloses to the client in writing* (i) that the client has a right under paragraph (a) to require that the flat fee be deposited in an identified trust account until the fee is earned, and (ii) that the client is entitled to a refund of any amount of the fee that has not been earned in the event the representation is terminated or the services for which the fee has been paid are not completed; and
(2) if the flat fee exceeds $1,000.00, the client's agreement to deposit the flat fee in the lawyer's operating account and the disclosures required by paragraph (b)(1) are set forth in a writing* signed by the client.
Law Offices of Steven B. Lever
Steven B. Lever
* Tel. (562) 436-5456 ext. 1
* Fax (562) 485-6886
* sblever@leverlaw.com
www.leverlaw.com
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Dear List Mates;
I’ve started redrafting my retainer letters to exclude the new rules effective Nov. 1 2018 as to flat fees being kept in the trust.
However, I don’t see a rule 1.15 now (as set forth below here) on the bar’s website, and only see a rule 1.5 relating to flat fees. I’m not seeing the new language below
in 1.5.
Was this rule only proposed and didn’t make it through? Have I been worrying about nothing since getting advised of this supposed rule 1.15???
Steve Lever
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