There is a wide range of retainer fees, from as low as $500 or as high as $5,000 or more, depending on the type of agreement you have and the work involved. Actually, the fee can be any amount that the attorney requests, and it is typically requested at the beginning of legal representation.
How much should I charge for a retainer fee?
A good rule of thumb is to charge at least $3,000 per month for your retained clients because this way you’ll only need 3 clients to sign retainer agreements in order to earn a six-figure income. Your goal should be to develop high-income skills so that each client is paying a $10,000 per month retainer fee.
What does a retainer for a lawyer cover?
A retainer is the client’s way of guaranteeing to the lawyer that the client is financially able to employ the lawyer’s services and is committed to funding the matter. The retainer still belongs to the client until it is earned by the attorney or used for legitimate expenses, and must be returned if unused.
How do I calculate a retainer fee?
Multiply the number of hours by your hourly rate to calculate your monthly retainer. For example, multiplying 25 hours by an hourly rate of $107 equals a $2,675 monthly retainer.
How do you negotiate a retainer?
How to Win and Secure a Great Retainer Agreement
- Target your Most Important Clients. …
- Position Yourself as Invaluable. …
- Consider Dropping your Rate. …
- Don’t Skip the Proposal Part. …
- Shoot for a Retainer that’s Time-Bound. …
- Be Clear About the Work you Do Under the Retainer. …
- Add the Details. …
- Track Time.
Are retainer fees refundable?
A true retainer is earned whether or not any work was done and is essentially an option contract. … Here’s the kicker—only the true retainer is non-refundable. Unearned funds from either a security or advanced payment retainer must be refunded at the end of the work.
Can you get a retainer back from a lawyer?
An unearned retainer fee refers to the amount of money deposited in a retainer account before the commencement of work. … The attorney cannot claim the retainer fee until he has completed the work and invoiced the client. Any remaining retainer fee after paying the hourly attorney fees should be returned to the client.
What’s a monthly retainer?
A monthly retainer is an ongoing contractual agreement where one business dedicates a set number of hours per month to one specific client at a set rate. A growing number of companies are working with outside marketing agencies on a monthly retainer rather than a project-by-project basis.
Is a retainer fee paid upfront?
A retainer fee is an amount of money paid upfront to secure the services of a consultant, freelancer, lawyer, or other professional. A retainer fee is most commonly paid to individual third parties that have been engaged by the payer to perform a specific action on their behalf.
Is a retainer fee a deposit?
In a definitive sense, a retainer is a fee that is paid in advance in order to hold services (ie. a wedding or event date). While a deposit may also reserve a date, it is returned when the services have been completed. … This is not a deposit.
What does a $5000 retainer mean?
An Example
You might pay your lawyer a $5,000 retainer to handle a contract issue for you. As the attorney works on your case, they will keep track of every letter written, every document researched, and every 10 minutes spent on your case.
When should I ask for a retainer?
If a client will have an ongoing need for your services, then they’re a great candidate for a retainer agreement. A client will be open to a retainer agreement if they want to achieve certain business goals. They are looking to grow their business, and are willing to set aside a certain fixed budget per month.
What is a royal retainer?
A retainer is attendant upon a Queen, King, Prince, Princess or other Royal personage. Sometimes Landed Barons or baronesses may have a retainer as well. … Making sure the royal person has food and water at regular intervals. Carrying gifts or tokens. Fetching items or delivering messages.