Oct 07, 2020 ¡ A retainer is the clientâs way of guaranteeing to the lawyer that the client is financially able to employ the lawyerâs services and is committed to funding the matter. The retainer still belongs to the client until it is earned by the attorney or used for legitimate expenses, and must be returned if unused.
Retainer. A contract between attorney and client specifying the nature of the services to be rendered and the cost of the services. Retainer also denotes the fee that the client pays when employing an attorney to act on her behalf. When a client retains an attorney to act for her, the client thereby prevents the attorney from acting for an adversary.
Definition. A fee that the client pays upfront to an attorney before the attorney has begun work for the client. There are three types of retainers, each with a different purpose: (1) A general retainer, which is a fee for a specific period of time rather than for a specific project. While no specific representation is contemplated, the client pays for the attorneyâs availability during the âŚ
Jan 17, 2022 ¡ A legal retainer is an amount of money that is given to the attorney in advance of their work for you. It is called a retainer because the money remains your property until the attorney has earned the payment, and allows you to âretainâ their services.
Definition. A fee that the client pays upfront to an attorney before the attorney has begun work for the client.
Being on retainer means that you're âon-callâ for a specified number of hours each week or month. The client agrees to pay you for these hours, whether he gives you work or not. Usually, service providers offer clients a reduced hourly rate for the security offered by being on retainer.Apr 15, 2002
Most frequently, the client agrees to a security or an advanced payment retainer where payment for services is drawn from the monies held in trust. Here's the kickerâonly the true retainer is non-refundable. Unearned funds from either a security or advanced payment retainer must be refunded at the end of the work.Feb 22, 2018
A retainer fee commonly refers to the upfront cost of a contract for professional services, such as with a consultant, freelancer or a lawyer. You put down a deposit, which the service provider will use to cover any costs involved in their legal services.May 23, 2019
A retainer fee is an advance payment that a client makes to his or her lawyer before the lawyer performs any legal work for the client. It is similar to an allowance in that the lawyer is able to draw funds for various fees as the case proceeds.
A client may choose to pay using a retainer fee in order to demonstrate that they are serious about their case and wish to retain the lawyerâs services. Retainer fees help to establish a harmonious attorney-client relationship. It indicates that the client can trust the lawyer with their funds and that the two are willing to work together.
While retainer fees are the more traditional way of paying for legal services, another common type of payment is called a contingency fee.
The most common dispute is with âleftoverâ funds. This occurs when attorneys fail to return the leftover funds in a timely manner, or the relationship ends on negative terms and the client and attorney disagree on what should be paid on the final bill.
If you believe you have a retainer fee dispute, an experienced malpractice attorney could help direct you to the resources available to you and inform you of your rights. The retainer agreement usually has a fee arbitration clause in them and that refers to programs that are run by state bar associations and are usually free or low cost.
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What is a Retainer Agreement? When hiring a lawyer, a retainer agreement can sometimes be used. This involves payment of a "retainer fee," which is basically like a down payment paid from the client to the lawyer. The payment helps secure the lawyerâs service, and shows that the client is willing to hire the lawyer.
Once the contract is signed, it becomes enforceable under law.
Jose (Jay) is a Senior Staff writer and team Editor for LegalMatch. He has been with LegalMatch since March of 2010. He contributes to the law library section of the company website by writing on a wide range of legal topics.