Wyoming’s highest court has publicly censured a lawyer working out of the state’s capitol for charging a client $30,000 in interest fees on a bill that was originally just $41,000. So if you’re considering charging your clients almost 50 percent in interest, we recommend against it. Top tip? Just don’t.
Wyoming’s Board of Professional Responsibility was first turned on to Asay when a client for whom Asay completed employment-related work finked on him for a bill that had steadily crawled higher and higher. The client had retained Asay to represent him in a denial of benefits suit, and later again in an age-discrimination suit.
It’s All Good
Asay’s public censure will probably fade away, as could the damage to his reputation. The Board made note of Asay’s good character and lack of any prior ethical breaches during his career. In the meantime, the censure a relatively bloodless way to highlight the need for attorneys to be very clear to their clients about fees and the rate of accruing interest.
By the way, $41,000 accruing at the rate of 1½ percent per month with a future value of $70-71k is about three years. That’s sounds reasonable to at least a few attorneys…
Related Resources:
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- Florida Prosecutor’s Meth Arrest: Beware The Company You Keep (FindLaw’s Greedy Associates)
- Attorney Accused of Forging Judges’ Signatures – 114 Times (FindLaw’s Greedy Associates)
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