Invoice vs trust — why are they not the same thing?
The distinction is important, both ethically and from an accounting standpoint.
- Payment of an invoice settles an amount already owed for services rendered. The funds belong to the firm immediately.
- A retainer deposited in trust remains your money until it is applied to a service actually delivered. It is held in a separate account, in accordance with the Regulation respecting Accounting and Standards of Professional Practice of Lawyers of the Quebec Bar.
"A trust deposit is not a payment to the firm — it is a deposit in your name, which the firm administers with care."