Case study Solicitor holds clients 100k euro for 7 years - entitled to interest?

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Clonback

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A neighbour who got 100k from a compensation claim 7 years ago has left the money with his solicitor.He now needs the money and wants to know if he is entitled to any interest.
 
Very strange that in the middle of a deep recession someone with a 100k would leave that much money with a solicitor without investing it. Where was his/her personality responsibility? Best option go and ask the solicitor (if he is still around) for the return of the funds plus interest.
 
Clonback said:
A neighbour who got 100k from a compensation claim 7 years ago has left the money with his solicitor.He now needs the money and wants to know if he is entitled to any interest.
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Seriously?

I doubt this very much. Apart from anything, solicitors account regulations and annual reporting to the Law Society renders this a non starter.

Is it conceivable that the money has been invested by the neighbour ? And he has just managed not to remember ?

I'd say best bet here is to check with the solicitor if they have the money, or what became of it and do that before getting excited about the interest!

mf
 
Yes I am very serious,however I don't think there is any issue with getting the original amount back.
The client asked the solicitor what to do with the money and he told him he would hold it for him until he needed it.
I am often amazed at the behaviour of solicitors with people who are not financially clued in.
Is the client entitled to interest on his funds?
Many thanks.
 
My solicitor held a large sum of money for few months, more then 6 but less then a year back in the 90s
iirc when I got the money there was a statement from him which included interest
 
Agree there would be interest payable. But over recent years this would have been nominal and bear in mind it would have been an 'on demand' type account. For such a large sum, there should be enough interest to at least discharge the solicitor fees and outlays!
 
Hold on here. did client ask solicitor to INVEST for him, or did he simply ask solicitor to HOLD for him?
 
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