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-
Committee Opinion September 20, 1982