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 retainer fee is money paid in advance, usually to an attorney, for services that will be rendered. A retainer might be paid monthly based on an estimate of the amount of work to be done for the client in that month, but it often covers anticipated work on the entire case from start to finish.
When you retain a lawyer the lawyer is supposed to provide you with a retainer agreement. Among the things that are to be listed in the agreement is the fee structure. Most fee structures are either flat fees or hourly charges. If the case is a personal injury case, the lawyers take a fee on a contingency.
A retainer is like a deposit that you put with a lawyer to cover the initial cost of your case. The lawyer will put the retainer fee into their trust account. Then, as work is done on your case, the lawyer will take draws against the retainer for the hours and costs involved.
The retainer fee covers legal fees and the cost of legal action taken on the client’s behalf. You will generally be asked to pay the retainer cost at the time you hire a lawyer. You can think of it as an advance payment for the lawyer’s hourly rate.
The attorney should provide a retainer agreement detailing the retainer fee and how to proceed if the fee is depleted. If a lawyer charges $200 per hour and the parties estimate that the case will take a minimum of 30 hours, the client may be required to deposit a $6,000 retainer fee.
The retainer will differ from attorney to attorney, and generally they will have a contract (which they will go over with you) that stipulates what the retainer covers and when (if at all) that trial fees will "kick in" and whatever else is not included in the retainer.
A retainer fee is a sum paid up front before the attorney will begin working on a case. The money is placed in an account separate from his operating account, and he bills his time against it as the case progresses. If he charges you $750 to appear in court on your behalf, he'll send you an invoice for this time, typically at the end of the month.
The typical retainer fee for attorneys could be anywhere from $2,000 to $100,000 which depends on what kind of case you have and who you select as your lawyer. An attorney retainer fee can be the initial down payment toward your total bill, or it can also be a type of reservation fee to reserve an attorney exclusively for your services within a ...
Retainer Fee: A retainer fee is an upfront cost incurred by an individual in order to pay for the services of a consultant, freelancer , lawyer or something similar. A retainer fee is most ...