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Other names for the document:
Retainer agreement lawyer
Attorney client contract sample
Retainer agreement pdf
Attorney monthly retainer agreement
Professional services retainer agreement
Retainer letter solicitor
Lawyer agreement form
Illinois attorney retainer agreement
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How does a retainer fee work for an attorney?
The retainer is placed in the attorney's trust account and then used to pay for legal fees earned by the attorney and expenses related to the client's matter. The retainer still belongs to the client until it is earned by the attorney or used for legitimate expenses, and must be returned if unused.
What does a retainer for a lawyer mean?
A fee that the client pays upfront to an attorney before the attorney has begun work for the client. As the lawyer performs work, he or she withdraws money from that trust account as payment for the work done. Any amount that is left over after legal representation has concluded must be refunded to the client.
Is an attorney's retainer a fixed cost?
After the retainer fee is depleted, the attorney may bill the client in several ways. The retainer is usually a fixed amount that the client commits to pay the attorney on a monthly basis in exchange for the opportunity to engage him in the future when legal issues come up.
How much should a retainer fee be?
A good rule of thumb is to charge at least $3,000 per month for your retained clients because this way you'll only need 3 clients to sign retainer agreements in order to earn a six-figure income. Your goal should be to develop high-income skills so that each client is paying a $10,000 per month retainer fee.