One of the main subjects to discuss with attorneys before hiring a law firm for legal services is legal fees. You must calculate how much you will pay, like an initial fee, an hourly payment, a lump sum, etc..
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A retainer fee is an advance payment given by a customer to a lawyer that serves as a down payment on future services provided by the expert.
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The reason for these payments is merely to assure the receiver’s commitment. Retainer payments are typically not the complete ultimate cost of the services performed.
A legal retainer agreement is a document that specifies that you will have an attorney-client relationship after paying the retainer fee for a specific period during which the contract lawyers may do legal work or be available to answer legal questions.
Lawyer retainer services are based on the client and lawyer’s fiduciary relationship. If a client uses a lump sum, the attorney will work on a case or project and then sets it off from the lump sum as the case proceeds.
If you hire them on a monthly retainer service, which means you pay them regardless of whether you use their services or not, the work that they perform varies depending on the terms of your agreement.
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For example, if you hire a law firm and pay them as a monthly retainer, you may deposit that money into a trustful account, and the lawyer withdraws funds whenever needed.
If you have a lawyer on retainer for your company every month and you have paid them $1,000 per month for five years, when a case arises, you have $60,000 in that account that you can use to cover the case costs.
However, this is only an example and entirely depends on the type of agreement you have. Similarly, in some cases, the client deposits a threshold amount in the lawyer’s account so that lawyer does consider the case.
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How Much Does a Retainer Lawyer Cost?
Work is retained based on your lawyer. General retainers are also known as monthly retainers. They charge for a specific length rather than a specific job or project.
Basically, with these general retainers, you can set a meeting and have a brief discussion on your case any time in a month. This is a good practice for business industries, newly made companies, and other small businesses.
Special retainers are those that cost you according to your case. This type of retainer is best for solo clients.