TBA Law Blog


Posted by: Stacey Shrader Joslin on May 3, 2023

The American Bar Association Standing Committee on Ethics and Professional Responsibility released a formal opinion today examining a lawyer’s ethical obligations for fees paid in advance for legal work to be performed in the future. Formal Opinion 505 explains the differences between advance fees and retainers and warns against characterizing an advance fee as nonrefundable and/or earned upon receipt. Read more about the opinion.