What is a Retainer Fee?
by
Kassandra Elise Green on Mar. 03, 2015
Summary: When an attorney says-retainer fee-what does that mean?
When I quote prices to my clients, I always explain a
retainer fee. Most people do not understand it because they have never hired an
attorney before.
Most attorneys require a retainer fee up front. The client pays the retainer fee, determined
by the attorney based on the facts of the client’s case. That money then goes to an attorney trust
account. Attorneys are charged with protecting that money and it can only be
used to pay for expenses, legal fees or reimburse the client. If we don’t protect our client’s money-we
could lose our law license!
In our office, the process works like this: I send a bill to
you, my client, letting you know how much time and money has been spent on your
case. You do not send money, instead, I pull that money from your trust account
to pay for your fees. When that retainer fee is depleted, it is your
responsibility to pay another retainer fee.
If your entire retainer fee is not spent by the time your
case ends, you are entitled to that money back.
Attorneys do not get to keep a retainer fee for legal services that were
not performed.
As I said, the retainer fee depends on the complexity of your
case. Retainer fees are usually higher if your case is in Court or expected to
go to Court because preparing for trial can be expensive.
If you hire any attorney, be sure that you have a fee
agreement or contract with that attorney outlining both of your
responsibilities for payments of the retainer fee and the bills!