What Is a Retainer Fee? A retainer fee is a type of legal fee that a prospective client pays in order to secure the services of an attorney. Retainer fees are most often paid before a prospective client is considered to have legally retained the services of an attorney. In other words, ...
A retainer for a lawyer is an advance payment made to secure the lawyer's services, often covering initial fees and ensuring the lawyer's availability for your legal needs. It generally acts as a deposit, with funds drawn down as the lawyer performs work. Before you hire an attorney for ...
What Is a Retainer Fee? Aretainer feeis an upfront payment toengage a lawyer, consultant, accountant, or other professional. A typical retainer fee does not represent the final cost of the transaction. The specialist may return money from the retainer if the work finishes early, or bill addi...
vocabulary. In some cases, it may be wise to seek the advice of anattorneyand allow him to read through a complicated retainer agreement. If, however, the contract is provided for the purpose of obtaining legal services, the individual can simply ask for more detailed explanations of its ...
A retainer agreement is a legal contract between a client and a professional (perhaps a law firm or other service provider). Let’s take a lawyer, for example. The client pays a retainer fee in advance to secure the professional’s legal services for a set number of hours rather than pay...
A retainer's agreement is a contract entered into by two or more parties for the purpose of securing future services. These future services may be...Become a member and unlock all Study Answers Start today. Try it now Create an account Ask a question Our experts can answer your tough ...
What is an Evergreen Retainer Fee Agreement? In anevergreen retainer, clients pay a fee in advance into a separate trust account. At Minc Law, we bill against this evergreen retainer each month as legal services are rendered on a client’s matter, while also requiring payment in the same...
A classic example of a retainer fee is in legal services. Lawyers often require a general retainer for their availability over a certain period. This gives the client security in knowing they’ll have legal help as matters arise. The initial retainer often covers a maximum number of hours of...
Costs Fee for the arbitrator, attorneys Court costs, attorney fees Use of attorneys At the discretion of parties; limited Extensive use of attorneys; essential Type of Proceeding The arbitration process is private, between the two parties, while litigation is a formal process conducted in a publi...
a legal service plan contract, an individual or small business owner must fully understand the compensation scheme as well as which services the basic membership fee includes. In addition, potential members should be aware of whether there is an annual or monthly cap on the number of legal ...