Virgin Islands 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 is like insurance. Even though it is not intended to cover the entire cost of the services rendered, it does ensure that the lawyer is compensated for some of their time spent working on a case.
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.
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.
You may have signed a retainer agreement or a contract with an attorney, believing that he or she was the best choice, only to have communication break down or decide that you are simply not happy with your representation. Fortunately, California law permits you to terminate your contract for legal representation.
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.
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.
Lawyer Retainer In this setup, a client pays upfront to "reserve" access to an attorney's services. This fee is deposited into a trust account and remains there until the lawyer has earned it. If there are still available retainer funds after the work has been completed, the remaining balance is returned to the client.