A lawyer retainer is a contract between you and a lawyer that allows them to reserve some or all of their time for your legal matter. Whether this is for a specific issue or in the case of a business, it can provide you with bespoke legal advice that is tailored to your needs and ensures that you have access to an attorney when you need them.
How a Lawyer Retainer Works
A retainer agreement is a crucial part of a client-lawyer relationship and should be carefully read and understood before signing it. This will ensure that both parties know what to expect in terms of the services they will receive from the lawyer and that they are clear on how fees will be paid.
Typically, lawyers work on an hourly rate basis and charge for the number of hours worked on your case. The fee can vary depending on the type of case and the experience of the lawyer. For example, a criminal defence lawyer will charge a higher hourly rate than a divorce lawyer.
Some lawyers also work on a flat fee basis, which means that they will not charge you for more than the number of hours they spend on your case. This can be a great option for cases that are particularly complex or that require extensive expert witness work, and it is likely to save you money in the long run.
Retainers are becoming more and more popular with small to medium-sized businesses who are looking to secure cash flow and expenditure stability, as well as mitigate their risk profile by having access to a trusted and experienced legal advisor at all times.
It can be difficult for a business owner to find time to deal with the many legal issues that can arise within their business, so a retainer can make it much easier to ensure that an attorney is available at all times. This can save your business a considerable amount of money and ensure that any problems are resolved in a timely manner. Recommended this site car accident settlement attorney .
You may also have the option of signing a contingency fee agreement, which guarantees that your lawyer will be paid a percentage of whatever monies are recovered in your case. However, this can be a bit problematic because it is unlikely that you will be able to get your money back if the lawyer does not recover any monies for you.
In a contingency fee arrangement, the money you pay for your retainer will go into a trust account. This account is separate from the lawyerâ€™s operating account, and the money will be withdrawn as the lawyer progresses with your case. The attorney will then send you a bill detailing how much of your retainer is left in the trust account, and you can ask them to return any money that remains.
The lawyer will then use the money in the retainer to cover all costs and fees incurred for your matter. This can include court fees, expert witness fees and travel expenses.