Peter E. Bronstein and Eric A. Buckley of Bronstein Van Veen write: A recent pair of decisions suggests that a retainer agreement providing for a law firm to assess any more than 6 percent annually on its unpaid balances risks being deemed usurious. This misapplication of the usury laws will undermine lawyers, who, by charging meaningful interest, seek only to ensure their bills are paid promptly.
Charging Interest on Unpaid Legal Bills
New York Law Journal
September 20, 2013