This is a legal contract between the law firm and the client setting forth the terms of the legal services to be provided and how the client will be charged for the services.
As a best practice, licensees should consider using a retainer agreement or engagement letter for every matter. Confirming the essential terms of the engagement with the client in writing manages client expectations and reduces the risk of misunderstanding between the licensee and their client.
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.
Retention Letter means a document held to maintain net economic interest significantly, updated by various parties from time to time.
Traditional (Hawley) retainers have a piece of wire attached to plastic (or acrylic). Clear retainers (Essix) are also plastic but don't have any wires. Both are custom-made to fit your teeth.
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.