BREAKING NEWS! CA STATE BAR PUBLISHES GUIDANCE FOR LAW FIRMS ON SB 94

The State Bar's WRITTEN GUIDANCE DOES NOT PROHIBIT LAWYERS FROM BREAKING UP SERVICES RELATED TO A LOAN MODIFICATION INTO CONTRACTUAL SEGMENTS, PAID FOR AS THOSE SERVICES ARE COMPLETED.

HOWEVER, the Bar's interpretation of the new law DOES NOT allow attorneys to accept funds in advance into a trust account and be paid from that trust account. The Bar focused on the word "receive" in the language contained in the statute as the basis for their interpretation, stating...