Is a legal retainer a deposit?
In a definitive sense, a retainer is a fee that is paid in advance in order to hold services (ie. a wedding or event date). While a deposit may also reserve a date, it is returned when the services have been completed. This is not a deposit.
Do lawyers take deposits?
Most lawyers require advance fee deposits for most kinds of cases. It is important to know that the advance fee deposit may not cover the entire cost of the case. If you are asked to pay an advanced fee deposit, ask your lawyer what that money will pay for and what will happen once that money is used up.
How does an attorney deposit your retainer fee?
Attorneys are legally and ethically obligated to deposit your retainer fee in special trust accounts, not in their business accounts. An attorney will then transfer funds from that account into her business account periodically as the case progresses—usually on a monthly basis.
Can a deposit be called a non refundable retainer?
~ If you intend for the initial down payment to be non-refundable, you must include verbiage stating that the retainer is “non-refundable” and you cannot call it a deposit as deposits are refundable. If not, and should the client breech the contract, you will have to refund it or the client can sue you to get…
What happens if I don’t pay my retainer fee?
In other words, you won’t get your stuff back until you pay the attorney’s bill in full. The agreement with your attorney should spell out the attorney’s right to charge you for non-payment. Attorneys are legally and ethically obligated to deposit your retainer fee in special trust accounts, not in their business accounts.
What are the benefits of having an attorney on retainer?
The Benefits of a Retainer Arrangement. A retainer arrangement benefits both the client and the attorney. The attorney has the assurance of being paid monthly or at least on a regular basis. This is particularly helpful if a client is slow in paying.
Attorneys are legally and ethically obligated to deposit your retainer fee in special trust accounts, not in their business accounts. An attorney will then transfer funds from that account into her business account periodically as the case progresses—usually on a monthly basis.
What’s the difference between a deposit and a retainer?
But, here’s the thing: “retainer” and “deposit” are not interchangeable. A Retainer is a fee paid in advance to a service provider, which secures the right for you to have that individual’s services when they are required.
In other words, you won’t get your stuff back until you pay the attorney’s bill in full. The agreement with your attorney should spell out the attorney’s right to charge you for non-payment. Attorneys are legally and ethically obligated to deposit your retainer fee in special trust accounts, not in their business accounts.
When to talk to an attorney about a retainer?
A retainer is paid in advance, for legal services that will be rendered. When you talk to an attorney about a retainer you may discuss one of three different types: General retainers are fees for a specific period of time, not a specific project.