Attorney Retainer Fee Links
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Attorney Retainer Fees
A retainer fee is a form of pre-payment
which is usually based on the attorney's hourly rate. This advanced fee
ensures that the attorney will provide certain legal services on behalf
of the client. Think of it as a down payment on the services the
attorney provides. The funds, which are usually non-refundable, are
place in the attorney's or law firm's business or trust account where
they have access to it to pay any upcoming expenses associated with the
services that are rendered on behalf of the client. If the fees go above
the retainer amount, the client must pay that amount. The retainer fee
is just an initial estimate and it prohibits the lawyer or his firm from
representing a competitor of the client. Additional fees beyond the
retainer are often required when a matter must go to court.
A retainer fees is also used to pay for services when you want to have
an attorney on call to take care of your legal problems upon request or
if you need legal counsel on a regular basis. In many cases, this fee is
paid on a monthly schedule. In other words, by paying the monthly fee
you have access to an attorney whenever you need legal guidance or
assistance.
Before accepting to pay a retainer fee, get the fee, terms and
conditions in writing. In some instances, it could be too high and a
court can have it reduced. In addition, some probate, bankruptcy and
other court proceedings the (statutory) fee may be determined by a court
or the law.
There most widely used forms of advance payment are "the general
(or traditional) retainer", "the special (or specific)
retainer", "the nonrefundable retainer", "the
security retainer", and "the hybrid retainer".
There is a service plan called "Pre-Paid Legal" that offers a
retainer type service at a very affordable fee. In fact, prices may
range from about $16 per month to about $70. In any event, this is far
below the typical hourly rate of a good attorney and members of this legal
service plan can receive unlimited phone consultation with an attorney. You can
have contracts reviewed, letters written, and more.
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