Saturday, April 5, 2014

Board of Governors of Florida Bar proposes changes to the rules; recognizes non refundable flat fees

On March 28, the Board of Governors of the Florida Bar approved a number of revisions to the state's rules on trust accounts. Among other things, the new rules would recognize that flat fees can be non refundable. The proposed revisions would amend Rule 4-1.5 to explicitly state that nonrefundable fees are considered earned on receipt and must not be placed in lawyers’ trust account and also providing a definition for retainers, flat fees, and advance fees. Long time readers of this blog will remember that I have posted a number of stories on the confusing state of the law in this area.  See for example, here, here and here.  For more information on the newly proposed changes go here.

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