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If a client deposits $3,000 into your trust account, they need to have a $3,000 credit in your trust account. If you have credit card processing set up to subtract processing fees before making the deposit, the client will have less than $3,000 in the trust account after the deposit is made. This is not right.
State Bar Rules dictate how lawfirms should manage client funds, and when lawyers inadvertently or purposely mix client funds with personal or business ones, it is known as commingling. Lawfirms also depend on referrals and repeat business from clients, so failure to protect clients can cost you future business.
Ultimately, it is usually a lawyer’s decision on when to retire—dependent if the lawfirm has a mandatory retirement policy. Some lawfirms have policies that require attorneys to retire by a certain age—usually between 65 and 70. lawfirms have a mandatory retirement policy in place. In some cases, yes.
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