ENGAGEMENT RETAINERS

Engagement retainers are very specialized arrangements between the client and the Firm.  These are primarily limited to our commercial clients.  These retainers are paid, apart from any other compensation, to ensure that a lawyer will be available for the client if required.  They are a flat fee that is earned upon receipt.  An engagement retainer fee will be earned upon receipt because the lawyer provides an immediate benefit to the client.  This is the arrangement that is really being referred to when someone says, “I have a lawyer on retainer”.  It means that there is an arrangement between the attorney and the client where, at the very least, the attorney has agreed to give priority to certain needs of the client and to avoid taking on matters that may conflict with the interests of the client for a specific period of time.