Intro
All payments will be deposited into a bank account. The bank account into which payments are deposited varies and depends on what the payment is for.
Services
Standard services
Any payment of the fee for standard services will be deposited into a SRL operating account.
The payment will not be deposited into an IOLTA (i.e., Interest on Lawyers’ Trust Accounts) or other trust account for client funds, to be billed against.
There is an exception to the rule when the effective date of the Terms is set in the future, and the payment is before that effective date. In that case, the payment will initially be deposited into a SRL IOLTA or other trust account.
For example
The Client hires SRL for representation through plea day. Before plea day, the Client informs SRL that s/he wants to go to trial and pays a flat fee for the trial. The effective date of the Terms for the trial will not be until after plea day. The payment will deposited initially into a trust account and moved into an operating account after plea day.
Non-standard services
Any prepayment of the retainer for any non-standard services will be deposited into a SRL IOLTA or other trust account, to be billed against, and moved to a SRL operating account as the fee is earned.
Any payment after the fee has been earned will be deposited into a SRL operating account.
Expenses
Any prepayment of the retainer for any expenses will be deposited into a SRL IOLTA or other trust account, to be billed against and used to pay the cost as expenses are incurred.
Any payment after the cost has been incurred will be deposited into a SRL operating account.