New Trust Account Rules: Lawyer Fees and Fee Agreements

Timothy J. Pierce in Wisconsin Lawyer

A new trust account rule takes effect on July 1, 2007, along with the new Rules of Professional Conduct for Attorneys. The trust account rule contains many changes that most lawyers will need to implement in their practices. This article focuses on some of the most important changes, including new definitions of and handling instructions for advanced fees, flat fees, and retainers; the required use of written fee agreements when the cost of any representation is likely to exceed $1,000; and the ability to accept advanced payments by credit card.