What are Mixed Trust Accounts?
The LFO receives interest on lawyers’ mixed trust accounts to fund worthwhile programs for law-related activities. Lawyers frequently hold money for clients in trust. In 2008, this also became true for paralegals, under the amended Law Society Act. Trust monies may come from a wide variety of sources including the purchase and sale of properties and businesses, the administration of estates, the settlement of litigation cases, retainer fees and many other legal transactions. If these funds are small in amount, or will be held in trust for a short time, and are unlikely to generate any net interest for the individual client, the funds may be placed in a "mixed trust account".
