Laywers Clients A/c.-Interest

Legal questions answered by Cyprus property lawyer Louise Zambartas

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caldersley
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Joined: 20 Jan 2014 15:59

Laywers Clients A/c.-Interest

Post by caldersley » 10 Apr 2014 19:12

Hello Louise, I wondered if you would advise me on the normal policy where money, or funds are sitting in a lawyers Clients A/c waiting to be
used for the costs of acquiring Title Deeds for over 5 months,..........I feel i am i entitled to the monthly interest earned on this money,as a result of
any delays in completion.?

Best regards,Caldersley



Nigel Howarth
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Re: Laywers Clients A/c.-Interest

Post by Nigel Howarth » 10 Apr 2014 20:18

Hi Caldersley

Unfortunately Louise rarely gets the time to visit the forum these days, but you can contact her via her law firm's website at http://www.zambartaslawoffices.com/

Following the bailout/bailin layers keep separate accounts for each of their clients - the interest rates are pitiful. Check out details of the Bank of Cyprus 'Premium Client Account' at http://www.bankofcyprus.co.uk/business/ ... t-account/

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JaneDoe
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Joined: 31 Aug 2011 19:08

Re: Laywers Clients A/c.-Interest

Post by JaneDoe » 11 Apr 2014 07:05

You are entitled to the interest even it is indeed pitiful. Actually, I do not think that the reason for the delay is the enrichment of the lawyer from the interest that the deposited money is bearing. The lawyer who keeps the money in trust, also does not have a duty to find the highest possible interest rate.



Pantheman
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Re: Laywers Clients A/c.-Interest

Post by Pantheman » 11 Apr 2014 12:21

JaneDoe wrote:You are entitled to the interest even it is indeed pitiful. Actually, I do not think that the reason for the delay is the enrichment of the lawyer from the interest that the deposited money is bearing. The lawyer who keeps the money in trust, also does not have a duty to find the highest possible interest rate.
It was my understanding that Client accounts don't earn interest, or that lawyers cannot gain from interest from their clients money.

Although I could be wrong!


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JaneDoe
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Re: Laywers Clients A/c.-Interest

Post by JaneDoe » 11 Apr 2014 14:35

Pantheman wrote:
JaneDoe wrote:You are entitled to the interest even it is indeed pitiful. Actually, I do not think that the reason for the delay is the enrichment of the lawyer from the interest that the deposited money is bearing. The lawyer who keeps the money in trust, also does not have a duty to find the highest possible interest rate.
It was my understanding that Client accounts don't earn interest, or that lawyers cannot gain from interest from their clients money.

Although I could be wrong!
Some lawyers indeed may use pooled non-interest bearing accounts as clients' accounts for short-term jobs. It depends on the instructions given by the client (i.e. you could instruct him/her keep the money in an interest-bearing account) and the kind of the account which is operating as a clients' account... I suppose that you are allowed to know whether the money kept by your lawyer in trust is deposited in a interest-bearing account or not. If so, you are normally entitled to the (pitiful) interest, because lawyers cannot gain from their clients' money.



george012
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Joined: 05 Jun 2017 13:50

Re: Laywers Clients A/c.-Interest

Post by george012 » 05 Jun 2017 13:52

Yes you are entitled to the interest. I have a question that can a lawyer hire another lawyer for the case?



Nigel Howarth
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Re: Laywers Clients A/c.-Interest

Post by Nigel Howarth » 06 Jun 2017 08:19

Hello george012 and welcome to the forum.

Yes - a lawyer can hire another lawyer for a case.

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Nigel Howarth
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