Trust Administration Fee ("TAF")
Beginning in March 2005, all lawyers who maintain one or more trust accounts are required to remit to the LSBC a $15 trust administration fee for each trust transaction where the lawyer receives money in trust relating to a distinct client matter (Rule 2-109 to 2-113). The TAF does not apply to trust funds that are received solely for the purpose of paying legal fees or held as a fee retainer.
If you are handling several matters for a client, the TAF will apply to each distinct matter. On the other hand, if one matter has several components that each requires payment into trust, TAF may only be attracted once. Remember, TAF is not a trust transaction fee that has to be collected every time a trust account is used.
For example, if a client pays money into trust to pay out a settlement, not for a retainer or legal fees, that will attract one $15 fee. If later that same client conveys the matrimonial home as a result of a divorce, and pays further money into trust, that will attract a further fee. These are two separate client matters.