The typical lawyer retainer is good for the entirety of the legal matter for which it is paid. Let’s take a look at retainer fees and what you can expect before acquiring the services of an experienced lawyer.
What Is A Lawyer Retainer Fee?
A lawyer retainer fee is a sum of money that a client pays in advance for the services of said lawyer. The retainer fee is generally held in a trust account and utilized to cover the lawyer’s fees throughout the legal process.
Clients need to understand the terms of the retainer agreement before signing on with a lawyer. This will help ensure all parties know exactly how the fee will be used and how long it will last. It’s always a good idea for clients to discuss legal matters with the lawyer in order to get an estimate on how long the process is expected to take. This helps the client budget and plan for all of the lawyer’s expenses.
How Long Is A Retainer Good For?
A lawyer’s retainer fee is typically good for the duration of the client’s legal matter. For example, if the client pays a retainer fee for a personal injury case, the fee will cover the lawyer’s services until the case has been resolved. Of course, this may take several months or years, depending on the complexity of the case.
The retainer fee’s duration can vary depending on the specific agreed-upon terms by the lawyer and client. Some agreements can specify the period during which the retainer must be used, while others can be open-ended, which allows the retainer to be used indefinitely.
If the retainer runs out before the legal matter is settled, the client must pay additional funds for the lawyer to continue with the case. This is oftentimes referred to as “topping up” your retainer.
Conclusion
The length of the retainer may change depending on the terms of the agreement and the legal matter that it is being used for. It’s very important for clients to understand the terms of the agreement ahead of time and to discuss the legal matter and determine how long the retainer will last.
It is possible that the client will have to pay additional funds to continue their case in the event the retainer runs out before a resolution.
Source: “How Long Is A Lawyer Retainer Good For” The Manuel Firm https://theemanuelfirm.com/how-long-is-a-lawyer-retainer-good-for/
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