Hi all! Today I would like to spend some time explaining what a retainer fee is and how exactly it works when you are hiring an attorney. It helps to know what exactly this fee is so that you do not feel blindsided when having to make this payment when hiring an attorney.
So, what exactly is a retainer fee? According to the Legal Information Institute, a retainer fee is, “A fee that the client pays upfront to an attorney before the attorney has begun work for the client.”
Your attorney will explain to you what their fee is, what type of retainer they require, and how that money will be used. It is important that you ask if you are confused so that later on down the road you do not wonder what is being done with your money.
The Florida Bar explains the different types of fees that attorneys can ask for:
-Advanced Fees/Retainers/Costs: these are fees and /or cost monies that you will pay your attorney in advance for services to be performed later. Costs may be anything from filing fees to travel expenses. These fees will be deposited in a special trust account that is separate from the account that the attorney maintains for the firm. Advanced fees are kept for the attorney to bill against for future work. At the conclusion of your case, your attorney will refund you any remaining money left in the trust that was not used for your lawsuit.
-Non-refundable Retainers: these are similar fees to retainers, except that they are not held in a trust account and you will not get any remainder at the conclusion of your case. You must give written consent before agreeing to any type of non-refundable fee. Additionally, your attorney should explain how they handle your fees and you should always ask questions.
Retainer fees and costs can vary depending on the type of case being presented to an attorney and can also be dependent on how complex the case may be. For example, if you are dealing with a Florida divorce case, the average retainer fees and costs can vary between $2,500-$10,000 or more depending on the complexity of the case.
Again, your attorney will explain their fee requirements to you at your initial consultation and, if they do not, feel free to ask before hiring them to take on your claim.
I hope you have found this blog to be helpful. If you have any further questions about retainer fees or need legal advice regarding a claim that you have, please do not hesitate to reach out to our office to schedule a free consultation with Marcie Baker.
Sources: https://www.law.cornell.edu/wex/retainer
https://www.floridabar.org/public/consumer/pamphlet003/#:~:text=A%20retainer%20is%20a%20special,held%20in%20a%20trust%20account
https://www.familylawprotection.com/what-is-a-retainer-and-how-does-it-work/
***The information included in this blog post in no way constitutes legal advice and is meant to be informational only. If you need legal assistance, please contact our office.
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