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.
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.
How Does a Retainer Fee Work?
Once our firm receives a retainer fee, we put it in a trust account. We don’t earn anything until our firm’s billings, are deducted from the amount in the trust account. 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.
How Much is Our Retainer Fee?
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 increase the cost of case include:
- Whether there are children involved in the suit;
- Complex asset, business valuations and tracing separate assets;
- High level of conflict;
- An uncooperative opposing party or attorney;
Some examples of the typical attorney fees charged by lawyers in our firm:
- Brian D. Walters – 22 years as a lawyer; first Board Certified in Family Law in 2003; retainer fees starting at $15,000 for divorces with children & $10,000 for other types of cases; handles cases all over Texas.
- James “Jake” Gilbreath – 10 years as a lawyer; Board Certified in Family Law in 2014; retainer fees starting at $10,000 for divorces with children & $7,500 for other types of cases; handles cases all over Texas;
- Senior Associates – Retainer fees starting at $7,500 for divorces with children & at $5,000 for other types of cases; handle cases in Austin, Houston & Dallas-Fort Worth.
- Associate Attorneys – Retainer fees ranging from $2,500 to $7,500 in most cases.
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).