Equity Agreement Sample With Retainer In North Carolina
Description
Form popularity
FAQ
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.
Generally speaking, many jurisdictions require, or at least highly suggest, retainer agreements in writing. However, no laws require retainer agreements for clients and attorneys undertaking a general retainer relationship.
A retainer agreement is a work-for-hire contract. It falls between a one-off contract and permanent employment, which may be full-time or part-time. Its distinguishing feature is that the client or customer pays in advance for professional work to be specified later.
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.
The goal of a retainer is to provide your clients with ongoing access to your agency's services. Furthermore, with a retainer agreement, agencies can offer their services at discounted prices to improve client retention. Exactly how much depends on the type of retainer you offer—which we will discuss further.
The details of the agreement should be communicated to the client, in writing, when the lawyer has not regularly represented the client. These details include the scope of the representation and the expenses for which the client is responsible. Otherwise, having communication in written form is merely “preferable.”
The retainer agreement does not bind you to your lawyer. You can terminate the client-attorney relationship at any time.
