What is a Lawyer’s Retainer?
When you are considering your options for hiring an attorney, one of the important deciding factors will be the costs of hiring a specific person. Part of that decision-making process will include taking a look at the kind of payment required. This article will provide a brief summary of a specific payment process: retainer agreements. They are most often used in legal settings and can have specific provisions. If you have any questions about the retainer of your lawyer, do not hesitate to ask.
How Does a Retainer Work?
As opposed to an hourly rate or a contingency fee, a retainer is a payment you give to the lawyer in advance of legal work. The payment goes into an account and as the lawyer works on your case, they will withdraw the associated fees from the account. For example, if the lawyer is drafting a document for your case, the lawyer will make a note of the document as well as the time spent on it. The lawyer can then take money from the retainer to pay for the service. You will receive an update about the retainer, with details regarding how much money has been withdrawn and how much is left.
More on Retainer Agreements
There are different kinds of retainers and they depend on the work the client needs. A client may have a general retainer such that the lawyer can use the fees when doing any legal work. On the other hand, a special retainer can be used for certain legal cases or actions. The retainer agreement you will have with a lawyer should specify any important details such as terms, billing schedules, and costs. What happens if the lawyer uses the full amount of the retainer? Depending on the client’s legal needs and the context of the case, the client can close their account with the lawyer or provide additional payments.