Lawyers Get Interest on Your Money Unless You Say No

If you hire a lawyer, they want a BIG chunk of change upfront, which is held in trust and garners interest which benefits the Law Society Foundation NOT you…unless you say no.

Who knew you could say no?

Gosh, it always seems like you CAN say no….somehow, but no one directly tells you can, it is hidden away in the rules and procedures that no one knows about..not even the lawyers oftentimes…


[SBC 1998] CHAPTER 9

Interest on trust accounts

s. 62  (5) On instruction from his or her client, a lawyer may place money held on behalf of the client in a separate trust account, in which case

(a) this section and the rules made under it do not apply, and

(b) interest paid on money in the account is the property of the client.


Security and investment of trust funds

s. 63   (12) Subject to subsections (7), (8) and (11), all interest earned on money deposited into a society trust account is held in trust by the society for the benefit of the foundation, and the society is not liable to account to any client of any lawyer in respect of that interest.