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Interest on Lawyer Trust
Recommended for Attorneys who need an attorney trust account
- Attorneys are required by law to separate client funds from operating funds
- Attorneys cannot earn interest for themselves on funds held in
trust for clients
- When funds will not be held for a long time or the money held in trust is a small amount, it is impractical to open a separate account for the attorney's clients
- Interest that is earned on these idle funds is sent automatically to the appropriate state bar association to help fund a variety of charitable causes
Key Benefits
- Funds are transferred automatically to the appropriate state bar association
- Low minimum balance
Things to Consider
- Only available to attorneys practicing in California, Connecticut, Massachusetts, Nevada & New York
- No minimum opening balance
- Minimum monthly average balance of $5,000
- Monthly fee of $5 if average not maintained
- Fee is taken out of interest earned, the principal on the account is never debited
Account disclosure (PDF)
