According to this agreement, client agrees to pay a retainer fee for legal services. The client and attorney agree that no attorney/client relationship will exist until the law firm has received the retainer fee from the client.
Illinois Legal Services Agreement - Retainer
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Whether you're on the client side or the contractor side of a retainer, be sure to review that document carefully before agreeing to its terms. A retainer is a legally binding contract, and violating it could have serious consequences.
Finally, a special purpose retainer is ?present payment to the lawyer in exchange for the commitment to provide legal services in the future and may be used only when necessary to accomplish some purpose for the client that cannot be accomplished by using a security retainer.?
RETAINER AGREEMENT vs. RETAINER. While the ?retainer agreement? is a binding document outlining the responsibilities and commitments of the client and the attorney, the ?retainer? is a lump sum that the client agrees to pay to the attorney for the services agreed upon in the retainer agreement.
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.
In it, the Court affirmatively recognized three types of retainers available to attorneys in Illinois: the classic retainer, the security retainer, and the advance payment retainer.
However, they also come with potential disadvantages, including limited client flexibility and the risk of complacency. To make the most of retainer agreements, both consultants and clients should understand the terms, scope of work, and pricing structure clearly.
Retainers are typically long-term agreements, lasting anywhere from six months to several years. They're usually structured as monthly or quarterly payments, with the agency billing the client in advance for its services.
6 Types of retainer agreements Pay-for-work retainer. A pay-for-work retainer agreement stipulates a monthly rate the client pays for the agency's work. ... Pay-for-access retainer. ... Project-based retainer. ... Time-based retainer. ... Lump sum retainer. ... Recurring retainer.
