Retainer Agreement
Overview of this form
A retainer agreement is a legal contract that establishes the terms of engagement between a client and an attorney. This form outlines the specific services the attorney will provide, client obligations, payment terms, and conditions for discharge or withdrawal. Unlike a general service agreement, a retainer agreement uniquely details the attorney-client relationship and includes provisions specific to legal representation.
Key components of this form
- Conditions under which the agreement takes effect.
- Scope of services provided by the attorney.
- Client's duties and responsibilities.
- Payment terms, including shares of stock as compensation.
- Provisions for discharge and withdrawal of the attorney.
- Handling of fee disputes, including arbitration procedures.
- Disclaimer regarding guarantees of outcomes.
Common use cases
This retainer agreement should be used when a client hires an attorney to represent them in specific legal matters. It is particularly useful when the client requires ongoing legal guidance or when compensation is structured in non-monetary terms, such as shares in a company. Situations include drafting contracts, negotiating agreements, or providing legal advice on business matters.
Who needs this form
- Clients in need of legal representation for business-related matters.
- Individuals or entities seeking to formalize the attorney-client relationship.
- Clients who wish to establish clear obligations and expectations with their attorney.
- Business owners requiring legal assistance with contracts and employment agreements.
How to prepare this document
- Identify and fully list the parties involved in the agreement.
- Specify the scope of services the attorney will provide.
- Detail the payment structure, including any stocks or other compensations.
- Review and clarify the client's duties and obligations under the agreement.
- Include signatures and dates from both parties to finalize the agreement.
Does this document require notarization?
This form does not typically require notarization to be legally valid. However, some jurisdictions or document types may still require it. US Legal Forms provides secure online notarization powered by Notarize, available 24/7 for added convenience.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Mistakes to watch out for
- Failing to specify the scope of services clearly.
- Neglecting to outline payment terms and conditions properly.
- Not obtaining signatures from both the attorney and the client.
- Ignoring state-specific regulations that may affect the agreement.
Benefits of using this form online
- Convenient access to legal templates that can be downloaded instantly.
- Editability allows for easy customization to meet specific needs.
- Reliable and trusted documents drafted by licensed attorneys.
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FAQ
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.
The amount you're to receive each month. The date you're to be paid by. Any invoicing procedures you're expected to follow. Exactly how much work and what type of work you expect to do. When your client needs to let you know about the month's work by.
By asking you to sign a retainer agreement at the initial meeting, the law firm wants to lock you up, exclusively, such that you are no longer able to speak with any other lawyer or law firm about your case.You are not required to stay with your lawyer simply because you signed a retainer agreement.
Generally, if the attorney is on a cash basis of accounting, the retainer is taxable when received. The client is normally given a periodic accounting of the time and costs spent on the case. If the prepaid funds are exhausted, the client is billed for any balance due.
Accounting for a Retainer Fee If the firm is using the accrual basis of accounting, retainers are recognized as a liability upon receipt of the cash, and are recognized as revenue only after the associated work has been performed.
Accounting for a Retainer Fee If the firm is using the accrual basis of accounting, retainers are recognized as a liability upon receipt of the cash, and are recognized as revenue only after the associated work has been performed.
A retainer fee is an amount of money paid in advance by a client to assure your services will be available to them for an extended amount of time. The client pays a lump sum upfront, or makes a recurring monthly payment, and you work with them on a long-term project, or provide them with access to services each month.
A retainer fee is an advance payment that's made by a client to a professional, and it is considered a down payment on the future services rendered by that professional. Regardless of occupation, the retainer fee funds the initial expenses of the working relationship.
As such, a retainer agreement is a formal document outlining the relationship between an attorney and client. It details the different obligations and expectations involved, which can include ethical work principles, retainer fees, modes of communication, and professional ground rules.
1The amount you're to receive each month.2The date you're to be paid by.3Any invoicing procedures you're expected to follow.4Exactly how much work and what type of work you expect to do.5When your client needs to let you know about the month's work by.How to Set Up a Retainer Agreement: Earn More From Your Best\nwww.bidsketch.com > blog > sales > freelance-retainer-agreement