An evergreen retainer is a type of fee agreement in which a client pays a fee into a separate trust account, which is known as an Interest on Lawyers’ Trust Account (IOLTA). When legal services are provided, lawyers can invoice against the trust account to get paid. As the trust accoun...
It is stated that lawyers should not characterize retainer fees as either fee advances or as a prepayment for future legal services. The evergreen retainer fees will enable clients to pay regularly and that the lawyer will not tap the retainer for payment until the final bill is due. A ...
Since the New York Court of Appeals banned nonrefundable retainers, numerous other courts have joined in prohibiting this widespread practice of lawyers charging a fee for services in advance and keeping the fee even if the services are not performed. This may reflect increased judicial recognition ...