Nevada Contract to Employ Law Firm - Hourly Fee with Retainer
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How to fill out Contract To Employ Law Firm - Hourly Fee With Retainer?
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FAQ
A retainer agreement is a legal contract between a client and a professional (perhaps a law firm or other service provider). Let's take a lawyer, for example. The client pays a retainer fee in advance to secure the professional's legal services for a set number of hours rather than paying an hourly rate.
A retainer is a pricing agreement between an agency and a client for a set rate and period of time. Agencies work with their client to scope out what work will likely need to be completed, agree upon a monthly allotment of hours and then work collaboratively to meet their marketing needs and goals.
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.
What is a Retainer Agreement? In general, a retainer letter or agreement confirms the terms of engagement of your professional services. It sets out the scope of services to be performed, billing matters, and your authority to act. It is the contract between you and your client.
A retainer fee is the upfront cost of a service before the service has been performed. In other words, it's a form of advance payment often required by a consultant, lawyer or freelance professional. For example, a lawyer charges their client a retainer fee prior to the client using their services.
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. A retainer is by default non-refundable and is not returned.
Retainers are a type of compensation agreement with lawyers either for reserving their employment or as compensation for future services. General retainers are the traditional type of retainers where a lawyer agrees to handle a case or future issues that arise for a client.
A lawyer may charge a $500 retainer fee. If the lawyer charges $100 an hour, the retainer covers all services up to the five-hour limit. The lawyer then bills the client for the cost of any additional hours they invest on behalf of the client.
