LEO: Attorney's Fees Paid From Escrow Fund  LE Op. 466

 

Attorney's Fees Paid From Escrow Fund Investments.

 

September 20, 1982

 

It is not ethically improper for an attorney who serves as escrow agent

to receive the income from the investments he makes as payment for his

services as escrow agent. This conclusion is based on a factual situation

in which the attorney agreed to serve as escrow agent for a client

pursuant to an escrow agreement which was drawn without the attorney's

participation and which provided in part that any income derived from the

investment of escrow funds would inure to the benefit of the escrow agent.

The only prohibition imposed upon the attorney in this situation is that

his fee is reasonable and adequately explained to the client. [See DR:5-

105(A).]

 

Committee Opinion September 20, 1982