The Florida Bar
www.floridabar.org
PROFESSIONAL ETHICS OF THE FLORIDA BAR

OPINION 63-14
July 11, 1963

No attorney is permitted to make a secret commission on placement of his client's funds or to obtain commissions from an outside source without the full knowledge, approval and consent of his client.

Note: See Opinion 70-13, which indicates that an attorney may receive a fee for referring a client to a financial institution provided that the client consents after full disclosure and the client receives the benefit of the referral fee.

Canon: 38

Chairman Holcomb stated the opinion of the committee:

A member of The Florida Bar submits a question concerning a letter sent him by A., Inc. of New York City, suggesting that he take advantage of referral fees offered by them for the placement of funds in insured savings and loan associations, promising referral fees on any accounts placed by him as well as his personal deposits. His question is whether lawyers can accept secret commissions for such references.

No attorney is permitted to make a secret commission on placement of his client's funds or to obtain commissions from an outside source without the full knowledge, approval and consent of his client.

[Revised: 08-24-2011]