Alaska 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 a fee paid to a lawyer or law firm in advance of services being rendered, and the law firm should hold it in a trust account until the services are provided. It gets booked to the balance sheet as a prepaid expense (which is an asset).
A retainer for a lawyer is a fee paid upfront by the client to secure the services of an attorney. It essentially "reserves" the time and expertise of a lawyer, making them accessible to the client for an agreed-upon time. The amount of the retainer fee can vary and may be a flat fee or an hourly rate.
A retainer fee is an amount of money paid upfront to secure the services of a consultant, freelancer, lawyer, or other professional. A retainer fee is most commonly paid to third parties that the payer has engaged to perform a specific action on their behalf.
Be flexible. Be prepared to negotiate the terms of the retainer agreement. If the client is resistant to agreeing to a retainer, try offering a lower fee in exchange for a longer contract term. Or, propose a trial period to start off the relationship.
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.
Earned retainer fee refers to the amount that is transferred from the special account to the attorney's operating account after completing an agreed task. The amount that the lawyer will receive per hour is usually agreed upon before the commencement of the work and indicated in the retainer fee agreement.
When they actually call on the firm of services, they pay for the necessary legal work (usually on an hourly fee basis). General retainers typically are not refundable and lawyers are required to get your written consent if you pay a lawyer retainer you cannot get back if you don't use legal services.
Retainers Based on Hours Retainers often include limits on the amount of time you work. For example, you and the client may agree that you will be paid an amount equal to 50 hours per month. If you work over that, then you charge more (often an hourly rate) for any time over 50 hours.