What does held on retainer mean?

What does held on retainer mean?

When someone threatens to call “their” lawyer, it likely means that they have a lawyer “on retainer.” To have a lawyer on retainer means that you – the client – pay a lawyer a small amount on a regular basis. In return, the lawyer performs specific legal services whenever you need them.

What does it mean when a lawyer is on retainer?

A fee that the client pays upfront to an attorney before the attorney has begun work for the client. As the lawyer performs work, he or she withdraws money from that trust account as payment for the work done. Any amount that is left over after legal representation has concluded must be refunded to the client.

What is a retainer in a contract?

A retainer agreement is a long-term work-for-hire contract between a company and a client that retains ongoing services from you (as a consulting business) and provides you with a stable amount of payments. In exchange for a regular monthly retainer fee, the attorney agrees to provide a set number of hours of service.

Is a retainer legally binding?

A retainer is a legally binding contract, and violating it could have serious consequences. If you’re not sure you should agree to a retainer, don’t do it without consulting a lawyer — because once you sign that document, it’s hard to go back.

How do I get my retainer back from a lawyer?

If it is clearly a retainer fee, all unused portions of the retainer fee, at the end of the engagement, should be returned to the client. Talk to the attorney and ask them why the delay (if any) for the case.

Are retainers refundable?

Key Takeaways: A retainer fee is a payment made to a professional, often a lawyer, by a client for future services. Retainer fees do not guarantee an outcome or final product. Portions of retainer fees can be refunded if services end up costing less than originally planned.

How can I get out of my retainer agreement?

Draft and deliver a letter of termination of the retainer agreement, which should be dated and addressed to your attorney, reference the date and parties, the retainer agreement and state your basis for termination — even though the reason for terminating is not necessary.

Is a retainer fee refundable?

How much should a retainer cost?

Overview. A retainer fee can be any denomination that the attorney requests. It may be as low as $500 or as high as $5,000 or more. Some attorneys base retainer fees on their hourly rate multiplied by the number of hours that they anticipate your case will take.

Can a retainer fee be refunded?

What does it mean to have a legal retainer?

A retainer is a simple agreement that legally obligates a lawyer to attend to his/her client’s needs for an agreed-upon period of time. Typically, the client “pre-pays” the lawyer for a number of hours, which the lawyer estimates he/she would require to finish the work assigned to them.

What is a retainer fee in construction?

Retaining fee: A retaining fee refers to the common form of a retainer fee in which an amount of money is paid to the servicer by the client ahead of a project or service’s start. This fee is placed in a retainer account and is only withdrawn gradually as payment for the service or project is being worked on.

What is an example of a retainer agreement?

Example of a Retainer Agreement Once a client signs a representation agreement with an attorney stipulating the retainer fee, the client is required to deposit the fee in a special account. Any time the attorney works on the case, he keeps track of the hours spent and invoices the client at the end of the month.

How long can a client hold a lawyer on retainer?

This largely depends on the client’s wishes and ability to pay the lawyer. A client may hold a lawyer on retainer for any period of time, provided they both agree to it, and the client can afford to pay the lawyer for the approximated number of hours. How much does a lawyer retainer cost?