In a hybrid agreement, with a flat fee retainer and an additional contingency fee if case is successful, would an attorney

Asked over 1 year ago - Bayshore, NY

In a hybrid agreement, with a flat fee retainer and an additional contingency fee if case is successful, would an attorney, put the retainer flat fee I give him, in a client trust account and he would withdraw it as earned or would he put the fee in his own account? Also in New York, is it correct that non refundable retainers are not permitted? Would any unused portion be returned to me at the end of the case? Thank you very much.

Attorney answers (2)

  1. Robert K. Erlanger

    Contributor Level 13

    2

    Lawyers agree

    1

    Answered . Non-refundable retainers are not permitted. The retainer fee should be deposited in the attorney's IOLA trust account. The attorney is then entitled to draw against the retainer when he invoices you for work performed and to transfer those funds out of the IOLA account. Theoretically, IF there is anything left from the retainer at the end of the case, it would count as a credit against the amount the attorney is entitled to from the contingency fee.

  2. Andrew Endicott Schrafel

    Contributor Level 14

    Answered . would an attorney, put the retainer flat fee I give him, in a client trust account. Money should be put in an IOLA account depending on the amount of the retainer.
    he would withdraw it as earned or would he put the fee in his own account? it would be withdrawn as earned and placed in the attorney's non client account.
    Also in New York, is it correct that non refundable retainers are not permitted? non refundable retainers are not allowed in NY
    Would any unused portion be returned to me at the end of the case? Yes, unused portions should be returned, but if there is a contingency agreement, the retainer could be held until the judgment is fully fulfilled.

    The fee agreement needs to be read an interpreted to fully answer your question.

Can't find what you're looking for? Ask a Lawyer

Get free answers from experienced attorneys.

 

Ask now

31,149 answers this week

3,302 attorneys answering

Ask a Lawyer

Get answers from top-rated lawyers.

  • It's FREE
  • It's easy
  • It's anonymous

31,149 answers this week

3,302 attorneys answering