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What is a retainer agreement for lawyers?

Retainer agreements (also referred to as representation agreements) are a type of compensation agreement with lawyers either for reserving their employment or as compensation for future services. Also inside the agreement are details on the scope and procedure for the representation.

What are the disadvantages of a retainer agreement?

One of the main drawbacks of retainer agreements is upfront costs and the possibility of additional payments when the retainer funds are used. Discuss the fees, expectations, and your case with your lawyer to understand if the retainer is needed.

Are retainer agreements legally binding?

At its core, an attorney-client retainer agreement is a contractual bond between you, the client, and your chosen attorney. Also known as an attorney fee agreement or legal services agreement, this legally binding document outlines the terms of your legal partnership.

What is a typical retainer fee for a lawyer?

Retainer fees for attorneys work as an advance fee. Lawyers hold the fee in a dedicated account and deduct it after they complete the work. Clients can either make an online payment for the fee or they can opt for a traditional payment method. The average lawyer retainer fee can be around $2,000.