The State Bar of Michigan’s Standing Committee on Professional Ethics issued a new ethics opinion on January 6 that outlines how legal professionals may utilize person-to-person payment applications to receive funds from clients.
The opinion, RI-393, states that lawyers may accept fees via person-to-person (P2P) apps, such as Venmo and PayPal, but “must take additional precautions in utilizing such P2P payment applications when accepting funds, other than earned fees, to ensure that said funds are promptly transferred directly into an IOLTA or other lawyer trust account for safekeeping consistent with the Michigan Rules of Professional Conduct.”
It further details how lawyers must take steps to ensure client privacy when using P2P apps and maintain appropriate records.
To read the full opinion, visit www.michbar.org/opinions/ethics/numbered_opinions/RI-393.
The opinion, RI-393, states that lawyers may accept fees via person-to-person (P2P) apps, such as Venmo and PayPal, but “must take additional precautions in utilizing such P2P payment applications when accepting funds, other than earned fees, to ensure that said funds are promptly transferred directly into an IOLTA or other lawyer trust account for safekeeping consistent with the Michigan Rules of Professional Conduct.”
It further details how lawyers must take steps to ensure client privacy when using P2P apps and maintain appropriate records.
To read the full opinion, visit www.michbar.org/opinions/ethics/numbered_opinions/RI-393.
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