What is a “retainer” and why do lawyers need one?
A retainer is needed as some kind of a guarantee for a lawyer from a client. As I know, many lawyers wait until the case is won before getting paid, so they work on a contingency fee basis, and that’s actually pretty good for clients. For instance, I paid my Car Accident Lawyer Brooklyn only after the case was won, and to be honest, I had a feeling from the start that everything would be great.
I was in a car accident a couple of weeks ago. It wasn’t intentional, but all the responsibility was passed on to me. Then I needed to find a good lawyer urgently, because the accident could have caused me financial problems. I started looking on the Internet for good accident attorneys with good reviews and a fast turnaround time and came across https://www.royceinjurylawyers.com/ It was the best option I could find. My case was responded to very quickly. And they helped me in a short period of time, which helped me a lot. I was very satisfied with the service.
A “retainer” is an amount of money paid by the client to a lawyer at the time when the client hires the lawyer. The retainer is placed into a client funds account, which is separate from the lawyer’s own bank account. As the lawyer does work on the client’s case, he or she will bill the client for this work at an hourly rate. When a bill is sent, the money to pay it comes not from the client, but is taken out of the client funds account. Thus, a retainer is in essence pre-paid legal fees. A lawyer needs a retainer because once the lawyer tells a Court that he or she is representing a client, a judge’s permission is necessary before a lawyer can stop representing the client in that case. Sometimes, judges will not let a lawyer leave a case even if the client has stopped paying the lawyer. A retainer minimizes the risk that a lawyer will be put into this situation. The size of retainers requested by our firm varies with the level of complexity of each case and the likelihood of litigated
