Escrow often the answer but watch out for….
As officers of the Court Lawdit offers a wide range of commercial services including escrow services. Escrow is popular amongst software clients and works very well indeed, in particular, one question that often pops up with potential clients when we are holding substantial monies is ‘what if you run off with the escrow account?’ Good question and easily answered.
The SRA will step in and you will be able to recover any losses from the SRA. We are not crooks of course and have no intention of doing anything criminal but its a good question and one you need to ask when you are looking for an escrow account.
I recently thought of this as it was reported this week that after three years on the run a US attorney who disappeared amid allegations he looted over $200,000 from a client escrow account was finally captured. The Attorney allegedly helped himself to over $200,000 that he held in his escrow account.
If that happened in the UK, then a) the SRA would step in and ensure the client would be repaid.
Escrow is essential and can be useful. We recommend using Solicitors, it your safest and best bet.
Lawdit Solicitors is a commercial law firm based in Southampton and London.