If a lawyer holds $800 in escrow for nine years, until a case is settled, am I entitled to interest when I get the $800 back?
3 Answers from Attorneys
More than likely the answer is "Yes". Speak with your legal assistant to determine how best to proceed.
I disagree. I do not believe that you are most likely entitled to interest, depending of course upon why the case took nine years to settle.
Briefly, attorneys hold client funds in a special bank account, the interest on which is used to fund legal services organizations.
Now, if the escrow account was established separately from the IOLTA account, then you may be entitled to interest.
You are not entitled to interest, but you may be entitled to an explanation from your lawyer. This is unbelievable.
Contact me with any questions at 978-749-3606.
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