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The Client's Guide to Trust Accounts: How Funding and Payment for Legal Services Works
When you find yourself in the midst of an employment dispute, you need to have a basic understanding of how you’re going to be expected to pay your attorney. What happens to your money when you pay your attorney upfront for legal services, and then your circumstances change, and you don’t need them to do the work? Do you get your money back?
Tom breaks down how trust accounts work and why law firms require an upfront payment. But what happens if you decide to close the case? Tom addresses this concern, explaining how different retainer agreements determine if and how much money you will get back should you decide not to pursue your case. This is why it is crucial that you understand the payment terms of your agreement for legal services.
Throughout this episode, Tom provides practical tips and scenarios, demystifying the billing process and guiding you toward a better understanding of trust accounts and how legal billing works. He also sheds light on the reasons why law firms bill based on time increments and how automatic payments can streamline the process.
By the end of this episode, you will feel empowered, armed with the knowledge you need to confidently navigate the world of trust accounts when hiring and paying for legal services for your employment law case.
You Will Learn
- What are the advantages and disadvantages of automatic payment systems for trust accounts
- Why you need to read and understand how your retainer agreement works
- How can a client determine if they are being billed accurately for legal services rendered
- What steps can a client take if they have concerns or disputes regarding the fees charged from their trust account
- Why is it important for clients to understand the ownership and usage of funds in a trust account during a legal case
Sign up for the Career Rocket newsletter
www.TheCareerRocket.io
Connect with Tom Spiggle
https://spigglelaw.com/
https://www.linkedin.com/in/spigglelaw/
https://www.youtube.com/@Spigglelaw/videos
https://www.facebook.com/spigglelaw
https://twitter.com/tspiggle
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By Tom SpiggleWhen you find yourself in the midst of an employment dispute, you need to have a basic understanding of how you’re going to be expected to pay your attorney. What happens to your money when you pay your attorney upfront for legal services, and then your circumstances change, and you don’t need them to do the work? Do you get your money back?
Tom breaks down how trust accounts work and why law firms require an upfront payment. But what happens if you decide to close the case? Tom addresses this concern, explaining how different retainer agreements determine if and how much money you will get back should you decide not to pursue your case. This is why it is crucial that you understand the payment terms of your agreement for legal services.
Throughout this episode, Tom provides practical tips and scenarios, demystifying the billing process and guiding you toward a better understanding of trust accounts and how legal billing works. He also sheds light on the reasons why law firms bill based on time increments and how automatic payments can streamline the process.
By the end of this episode, you will feel empowered, armed with the knowledge you need to confidently navigate the world of trust accounts when hiring and paying for legal services for your employment law case.
You Will Learn
- What are the advantages and disadvantages of automatic payment systems for trust accounts
- Why you need to read and understand how your retainer agreement works
- How can a client determine if they are being billed accurately for legal services rendered
- What steps can a client take if they have concerns or disputes regarding the fees charged from their trust account
- Why is it important for clients to understand the ownership and usage of funds in a trust account during a legal case
Sign up for the Career Rocket newsletter
www.TheCareerRocket.io
Connect with Tom Spiggle
https://spigglelaw.com/
https://www.linkedin.com/in/spigglelaw/
https://www.youtube.com/@Spigglelaw/videos
https://www.facebook.com/spigglelaw
https://twitter.com/tspiggle