A Retainer Fee is a deposit paid by a new client at the time they hire our firm. A client is required to keep refreshing that deposit so that there is always a positive balance. Once the case is completed, the balance is refunded to the client. We are lawyers, not bankers, and so don't get into collecting bills from clients.
As a lawyer, we don't control the cost of cases. Our clients determine the cost, based on the level of conflict. That means that the more complicated and high-conflict your case is, the higher your retainer will be.
Once we receive a retainer fee, we put it in a trust account. We don't earn it until our firm's billings, are deducted from the amount in trust. Any unused funds in trust will be refunded to you at the conclusion of the case.
Example 1: You pay us a $10,000 retainer fee. We bill $7,000 during your case. You get $3,000 back at the end of the case.
Example 2: You pay us a $10,000 retainer fee. We bill $14,000 during your case. You will need to pay us an additional $4,000 during the case.
Retainer fees range from $2,500 to $50,000, depending on the lawyer selected and the complexity of the case. The majority of retainers required range from $5,00 to $15,000. In many cases you will need to replenish your retainer, especially in high conflict and/or complex cases.
Factors that can increaes the cost of case include:
Some examples of the typical attorney fees charged by lawyers in our firm:
How will you pay for fees that go over the retainer fee? In a divorce, you may be able to require your spouse to pay your attorney fees. Otherwise, clients often have to borrow from friends, family, credit cards and/or banks.
How do you know what you owe? You will receive invoices that provide detail of how time was spent working on the case, the cost for that invoice period and the amount of funds remaining in that client's trust account (retainer balance).