What does retaining a lawyer mean? It means that you are hiring a lawyer. In order to do so, most attorneys will charge a fee or retainer. If you “have a lawyer on retainer,” it means that you are paying a monthly fee to have that lawyer available to you when you need them. You should consider retaining a lawyer if you are a business owner or if you need regular legal help for whatever reason.
Is Expensive to Hire a Lawyer on Retainer?
The fee can vary significantly depending on the lawyer. As it is, lawyers charge based on their skill level, location, and the size of their firm. The fee to hire a lawyer on retainer will depend on how in-demand the lawyer is, as retaining a lawyer grants you a certain amount of time per month set aside for your legal needs.
Retaining a lawyer could cost you anywhere between $1,000 a month or $5,000 a month, depending on your services. If you hire a lawyer on retainer to help with an ongoing lawsuit and need regular help, it could cost more than a business that just wants a lawyer to write a contract or consult on a business decision occasionally.
Is Retaining a Lawyer Worth It?
It will depend on your needs. If you need hands-on help and want to ask your attorney questions as they come up, then it is beneficial to hire a lawyer on retainer. If you don’t need regular legal help, then retaining a lawyer may not be cost-effective.
If You Hire a Lawyer on Retainer But Don’t Use Them, Do You Get Your Money Back?
You will need to check the terms of the agreement, but usually, retaining a lawyer but not using them entitles you to your money back. The attorney will only keep the money if you use their services during the retainer period.