A retainer service is a legal arrangement in which a client retains the services of a law firm or an attorney on an ongoing basis to handle a variety of legal cases or to offer continuing legal support. This type of agreement is typical in corporate and business law contexts, where companies and organizations require consistent legal advice and services to navigate various transactions, contracts, and compliance matters. Here are some key points to understand about retainer services in transactional law:
Range of Services: Retainer services can include contract design and review, regulatory compliance, corporate governance, employment law difficulties, intellectual property issues, and more. The specific services included in the retainer agreement are determined by the demands of the client and the attorney’s expertise.
Priority Treatment: Clients with retainer agreements are frequently given priority treatment by their attorneys. This means that their legal issues take precedence over those of non-retainer clients.
Ongoing Relationship: Retainer services entail a long-term, ongoing engagement between the client and the attorney or law firm. The client effectively “retains” the attorney’s services on a monthly or annual basis.
Accessibility: Clients with retainer agreements often have quicker access to their lawyers. This can be critical when dealing with time-sensitive legal concerns like contract negotiations or compliance issues.
Predictable Costs: Clients pay a set charge for retainer services on a regular basis (for example, monthly or annually). This approach allows the customer to more effectively budget for legal expenses because the cost of legal services is predictable.
I have always had an attorney on retainer, and now I believe I will have to put him to work.
A retainer agreement is a long-term contract established between a company and a client. It's a work-for-hire document that allows clients or customers to pay in advance for professional, ongoing services administered by the company. This means that the client pays to reserve a service they may need in the future.
The purpose of signing a retainer is to outline the responsibilities of all parties within the agreement. It ensures that our lawyers are aware of what services they are expected to provide, when and at what cost. For clients, the agreement informs them of the expenses necessary to retain these services and the scope of services they expect to receive when needed.
Yes, some law firms may provide several tiers of retainer agreements, each with a distinct scope of service and related fees. Clients can select the level that best meets their requirements.