Chicago Divorce Lawyer Russell Knight Explains The Meaning of a Retainer in an Illinois Divorce
Chicago divorce lawyer Russell Knight releases a new article (https://rdklegal.com/what-is-a-retainer-in-an-illinois-divorce/) that explains the meaning of a retainer in an Illinois divorce. The lawyer mentions that attorneys usually ask for a retainer before they start working on a case. Some professions send the client a bill at the end of the job while others require an initial deposit.
According to the Chicago divorce lawyer, “A retainer for an Illinois divorce lawyer is a sum of money which the lawyer will hold until that lawyer has earned that money. The money is not an advanced payment, the divorce lawyer holds the money in trust until that money is earned.”
The lawyer explains that holding the money in a retainer may be a peculiar way of doing business, however, it helps build the trust between the lawyer and their client. A retainer may be able to help the client and the lawyer has an elaborate system where the lawyer’s first duty is to hold the client’s money and spend it wisely.
Attorney Russell Knight adds that client retainers get held in each divorce firm’s client trust account. The money in the retainer will be deposited into interest-bearing trust accounts. The interest from the retainer goes into Lawyers Trust Fund of Illinois which is a non-profit fund that helps indigent and low-income people receive legal services.
The divorce lawyer explains that once the lawyer earns the money or pays for an expense to a third party, they may be able to withdraw the funds from the retainer account. Lawyers have the duty to keep records of the money they hold in trust for their clients. This may seem like a lot of detail and responsibility but lawyers use software to keep track of their trust accounts.
Furthermore, attorney Knight also says that lawyers don’t have to use the standard retainer system. The lawyers may also ask for an advanced retainer which is presumed to be earned upon receipt. The lawyers may also offer their services a la carte via a flat fee or limited-scope appearance.
Lastly, the divorce attorney emphasizes that a lawyer should always tell their client the best and worst-case scenarios. It is important to speak with the lawyer first before hiring them to ensure that they are telling you all the important information surrounding the divorce case.
About The Law Office of Russell Knight
The Law Office of Russell D. Knight was established in 2009 by the divorce attorney Russell D. Knight. The lawyer’s love for family law is demonstrated by the numerous articles personally written by the lawyer. Russell is a licensed lawyer throughout Florida and Illinois. The attorney has a legal practice in both states and employs an entire staff of paralegals and attorneys in the two states of Chicago, Illinois, and Naples, Florida. Contact them today at (773) 334-6311.
For more information about Law Office of Russell D. Knight, contact the company here:
Law Office of Russell D. Knight
Russell D. Knight
773 334 6311
1165 N Clark St # 700, Chicago, IL 60610, United States