Lawyer Retainer Fee Links
|
Lawyer Retainer Fees
 Depending on the nature of one's legal problem, hiring a lawyer may be necessary. Just like a doctor,
accountant or anyone who provides professional services, a lawyer must always be selected with great
care. Part of the selection process should include a candid discussion about fees. The nature of your legal
issue, the amount of time needed for research, filing papers and appearing in court, along with, the
reputation and experience of the lawyer will help to determine what the billing procedure will be and the
lawyer's rate of charge. Types of fees can include: by the hour, a percentage fee, a
flat fee, a contingency fee, or a retainer fee. Understanding retainer fees can help you control your finances better
and help you make better financial decisions when working with your lawyer. Here is what you need to
know about paying a retainer fee.
Most lawyers prefer to charge by the hour and the rate could be as much as $125-$200 an hour. So, if you
speak with the lawyer on the phone, you could be billed afor the entire conversation, even if the nature of
the call had nothing to do with your legal matter. It's important to know if your legal fees will cost more than
you can afford and what you can do to help bring down the cost.
It is important to understand the fees when you hire an a lawyer. A retainer fee is usually applied when a
legal bill is high and the work is ongoing. The client normally receives many legal services from the lawyer
or law firm for a fixed monthly payment. It is a good idea to understand the cost of all the services you will
receive and their cost at your initial consultation. The retainer fee is usually non-refundable. You will
also want to know if the unused money is usually refundable. Ask for an itemized estimate, terms in which the
agreement can be revised and the billing cycle. Then, get it in writing.
The agreement should explain the attorney's billing practices and disclose whether the lawyer is going to
add interest or other charges to unpaid amounts. If the lawyer has a pre-written fee agreement for you
to sign, feel free to ask the lawyer to change parts of the agreement or make up a new one
especially for your situation. If you're not sure what to ask your lawyer regarding your fee agreement, bring
some one with you at your initial meeting to help you out.
The most common use of a retainer fee is for a down payment and all legal fees will be deducted from it. It
is the client's responsibility to periodically check the amount in the account. When the funds are gone, the
lawyer may ask you to replace the retainer amount or bill you the ballance due. Always get an itemized
receipt for any additional payments.
Lawyer
Retainer Fees - page 2 >
|
