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Oklahoma Contract to Employ Law Firm - Hourly Fee - with Retainer

Category:
Employment - Agreements - Law Firms
State:
Multi-State
Control #:
US-01959BG
Format:
Word
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Description

Attorney's fees are assessed in a number of ways, usually set by contract in advance of the representation, including by billable hours, flat fees, or contingent fees. Attorneys who voluntarily accept work on behalf of indigent clients often work pro bono. An upfront fee paid to a lawyer is called a retainer. A contingent fee is a percentage of the monetary judgment or settlement.


The range of fees charged by lawyers varies widely from one city to the next. Most large law firms in the United States bill between $200 and $500 per hour for their lawyers' time, though fees charged by smaller firms are much lower. The rate varies tremendously by location as well as the specific area of law practiced.

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FAQ

What is a retainer agreement? A retainer is defined as a fee that a client pays upfront to an attorney before working for the client. A retainer fee helps secure the services of the attorney and shows a willingness on the part of the client to hire and cooperate with the lawyer.

The retainer fee ensures that the hired service provider reserves time for the client in the future when there is a need for their services. Unlike a one-time contract, a retainer agreement is a long-term work-for-hire contract and thus can retain ongoing services.

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.

A retainer agreement is a long-term work-for-hire contract between a company and a client that retains ongoing services from you (as a consulting business) and provides you with a stable amount of payments.

Attorneys typically charge an average of $100 to $300 an hour, while a consultant may charge $50 to $150. No matter your profession, though, it's good to find a reasonable rate that works with your experience level and your success rate in the industry.

Usually, though, any unused funds are returned to the client once all expenses have been billed and collected out of the retainer.

Being on retainer means that you're on-call for a specified number of hours each week or month. The client agrees to pay you for these hours, whether he gives you work or not. Usually, service providers offer clients a reduced hourly rate for the security offered by being on retainer.

The retainer fee ensures that the hired service provider reserves time for the client in the future when there is a need for their services. Unlike a one-time contract, a retainer agreement is a long-term work-for-hire contract and thus can retain ongoing services.

A retainer agreement is a long-term work-for-hire contract between a company and a client that retains ongoing services from you (as a consulting business) and provides you with a stable amount of payments.

Regardless of occupation, the retainer fee funds the initial expenses of the working relationship. For this reason, these types of fees usually remain in a separate account from the hourly wages of the consultant, freelancer, or lawyer.

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