Opinion Was Issued On December 7, 2016.
ABA Formal Opinion 475 addresses how to deal with received fees from a client when different attorneys provided services to the client. Actually, a two part process is involved: (1) the fees must be held by the receiving attorney separate from the lawyer’s own separate property (such as a trust account); and (2) the receiving lawyer in which another lawyer has an interest must promptly notify the other lawyer and render a full accounting if requested to do so. The segregated funds must be kept separate until any dispute between lawyers is resolved.
More commentary on this Opinion can be gained by reading David L. Hudson Jr.’s article, “The Great Divide,” published in the March 2017 ABA Journal.