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.
Clients and professionals negotiate these terms to align expectations and ensure mutual satisfaction. The retainer may be refundable or non-refundable, contingent on the agreement specifics. The benefits of using retainer fees in professional relationships include security and predictability.