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Attorney Retainer Fee Agreement: What is It & How Does It Work? - YouTube
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are you the target of internet
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defamation online harassment or digital
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privacy issues if you're considering
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hiring an internet attorney to help
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resolve your issue then keep watching to
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learn what an attorney retainer fee
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agreement is and how they work at mnclaw
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and we're starting right now
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[Music]
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hi i'm melanie hughes a paralegal here
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at mink law the nation's leading law
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firm for help with online defamation and
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harassment
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if you're watching this video you're
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probably thinking about hiring an
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attorney and have questions about how
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attorney fee agreements work we totally
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get it things like engagement agreements
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and retainer fees are not normal terms
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that most people are accustomed to
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seeing when they purchase things but
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don't worry in this video i'm going to
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lay out in simple straightforward terms
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what you need to know and understand
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including how a retainer fee agreement
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works what a retainer fee agreement is
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why you benefit from having one and
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which type of legal services use this
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type of agreement you're also going to
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learn how much a starting retainer fee
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is for mink law and if and when you can
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get a refund of your retainer fee let's
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get started how does a retainer fee work
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a retainer fee is an advance payment
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made by a client to secure the services
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of a professional like an attorney a
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retainer fee is almost always paid up
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front to ensure the commitment and
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services of the professional with
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attorneys retainers are put into a trust
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account for safe keeping retainer fees
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are essentially like a down payment on
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future services to be performed by a
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professional the way a retainer fee
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works is the attorney will keep track of
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their fees and costs while working on
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your case
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that amount will then be deducted from
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your retainer fee so let's say you pay
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an attorney a three thousand dollar
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retainer to handle a contract issue
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the attorney then works seven hours on
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that issue
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their rate is three hundred dollars an
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hour three hundred times seven is two
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thousand one hundred two thousand one
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hundred dollars would then be deducted
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from the three thousand dollar retainer
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leaving nine hundred dollars left in
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your retainer fee
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what is included in a retainer fee
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agreement
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if you agree to pay an attorney with a
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retainer fee you will most likely be
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required to sign a retainer fee
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agreement this type of agreement can be
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broken down into three essential parts
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first is the scope and nature of the
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work
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this section explains what an attorney
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is expected to do for the client
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second is the actual retainer fee or in
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other words the amount required as the
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retainer to hire the attorney third
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would be any expenses that you as the
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client would pay such as any filing
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related costs or travel expenses in
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addition to those three parts the
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agreement can also include other aspects
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of the legal relationship such as
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clauses to help prevent disputes later
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on
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what are the benefits of having a
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retainer fee agreement
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there are several benefits of signing a
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retainer fee agreement some of these
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benefits include
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setting up expectations on the work to
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be performed this provides
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accountability on both sides for what
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work is going to be performed at what
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cost next it protects both parties
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financially and legally the retainer fee
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agreement is a legally binding contract
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so it safeguards both sides in case of a
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dispute another benefit is that it
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guarantees access and availability to
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your representation
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and lastly it sets the budget
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appropriately by allowing you to
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estimate your short-term and long-term
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costs and expenses based on the terms of
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your agreement
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what are the most common services that
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use retainer agreements
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retainer fee agreements are used in a
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wide variety of services such as
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accounting business development interior
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design and legal services in the legal
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field these types of agreements are used
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for criminal and civil cases divorce and
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family law personal injury medical
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malpractice and probate just to name a
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few
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at mync law we require a retainer fee
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agreement for our litigation and hourly
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non-litigation matters these agreements
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are sent to our clients to retain our
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firm for lawsuits and other content
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removal services such as removal of news
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articles sextortion and social media
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issues how much is myncloth starting
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retainer fee
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attorney retainer fees can range
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anywhere from a thousand dollars to
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fifty thousand dollars or more it all
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depends on what kind of case you have
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and the law firm or attorney you have
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selected to hire
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at mynclaw the average starting retainer
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ranges from 3500
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up to 7500 depending on your case's
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circumstances including whether or not
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litigation is required to help resolve
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your issue the hourly rate the attorney
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will bill at depends on which one of our
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experienced lawyers are working on your
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matter
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is the retainer fee refundable
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at this point you may be wondering if
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you get any money back if services end
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up costing less than originally planned
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the answer to this question is yes in
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most cases if the full retainer has not
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been spent the remaining funds will be
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refunded to you if you are unsure what
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the attorney's refund policy is check
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your retainer fee agreement for specific
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language regarding this or ask the
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attorney that you've been speaking with
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hiring and paying for an attorney can be
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an overwhelming experience but i hope i
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put your mind at ease about what an
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attorney retainer fee agreement is and
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when it's best used if you're looking to
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hire an attorney for help with an issue
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of online defamation or harassment and
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are interested in retaining mynclaw and
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have additional questions about your
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retainer fees and your engagement
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agreement then give me a call i'm happy
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to answer them for you
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this is melanie hughes at minklaw thanks
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again for watching and have a great day
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bye
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[Music]
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[Music]
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you
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