Refers to the upfront payment a client gives a lawyer to accept a case. The client is paying to “retain” the lawyer’s services.
A retainer fee is an advance payment paid by a client to a specialist, and it is regarded as a down payment on the future services rendered by that professional. The retainer fee is used to cover the costs associated with establishing a working partnership, regardless of profession. In order to avoid confusion, these fees are usually kept separate from the hourly salaries of the consultant, freelancer, or lawyer. There are safeguards in place to prevent funds from being utilized for personal expenses before the services are completed.« Back to Glossary Index