What are Retainer Agreements
A Retainer Agreement is an alternative fee agreement with an attorney, usually at reduced monthly tariffs.
There is nothing magical about retainer agreements, except that retainer agreements:
- Reduce legal fees;
- Eliminate surprising legal fees; and
- Limit spending on legal fees to a fixed-monthly amount.
What is the Catch?
There is no catch, really.
Attorneys are usually inclined to reduce their hourly tariffs when a client agrees to make use of the attorney’s services on a continuous basis. Guaranteed work in exchange for reduced tariffs.
Legal Services Covered by the Retainer Fees
Any type of legal services can be performed under a Retainer Agreement, but in practice the services are usually limited to those needed on a continuous basis:
- Drafting of contracts;
- Reviewing and updating terms and conditions;
- Resolving labour disputes;
- Provide ongoing legal training in regulated industries;
- Provide legal advice on various matters and topics as and when required; and
- many more.
A Simple Example
LexOnline needs the services of an attorney to deal with their labour issues, draft contracts for new clients, and update their terms and conditions as issues arise and the law changes. They decide to appoint Botha Bezuidenhout Attorneys Inc. on a retainer basis for 7 hours per month.
Instead of paying R2 000 per hour for who knows how many hours per month, they only pay a fixed monthly amount of R9 450.00 per month, which works out to R1 350.00 per hour. This is a saving of at least R4 550.00 per month.
What is more, is that the legal fees remain predictable and manageable. No more surprising legal bills after a rough month.
Benefits of Having an Attorney on Retainer
Having an attorney on retainer has many benefits, including:
- The longer the relationship, the stronger the trust;
- Getting answers to legal questions will no longer involve searching through Google search results and contradicting answers;
- The attorney is familiar with the business and its legal documents, which means that the attorney will be able to resolve issues more effectively and efficiently;
- Legal service are a mere telephone call or email away, no need for new introductions.
The benefits are endless.
Where to Sign Up
Botha Bezuidenhout Attorneys offer flexible options to businesses of any size.
CALL US FOR A TAILOR-MADE QUOTE.