What is a legal retainer?
Having a Law Firm Bangor ME Trusts on Retainer
Have you ever been threatened by another person who tells you that they are going to “call their lawyer” or that they have a lawyer on retainer? If so, you might wonder what exactly this means (assuming they are telling the truth). To have a lawyer on retainer simply means that the person, or client, has paid a law firm a small amount of money every so often for a period of time. It could also mean that the person has given the law firm a large lump sum. In return should the need for legal services arise, the law firm will be ready to handle the clients’ needs without worrying about payment.
In general, small businesses take advantage of retainers. This is because these entities generally have a regular flow of legal work, but lack the finances needed to hire a full-time lawyer. Individuals such as those who might be knowingly engaging in illegal activity, working in the entertainment industry, or have large amounts of wealth might also have a lawyer on retainer.
Understanding the Difference Between Retainer Agreement and Retainer
Having a lawyer from David Bate Law Firm on retainer is not the same as retaining a lawyer. A lawyer on retainer means money has already been paid to the lawyer. Retaining a lawyer means that a lawyer has been hired. A retainer agreement is a legal document that has been signed after a person hires a lawyer.
Prior to Choosing a Lawyer to Hire on Retainer
If you’re thinking about having a lawyer on retainer, consider the following factors:
Review your insurance policies first: Some insurance policies, including auto insurance, may pay all or some of the costs of a lawyer if you are in an accident.
Uses for the lawyer: Most people don’t need a lawyer too often. If you’ve been injured in an accident, you may be able to hire a lawyer based on contingency. In other legal matters, having a lawyer on retainer based upon the thinking of “just in case” might not be a sound decision.
Review your employee benefits: Large companies, corporations, or unions may include the ability to retain a lawyer as part of your benefits. These lawyers are generally meant for routine issues such as drafting a will or trust, selling a home, etc.
If you’re still unsure about whether or not you should have a lawyer on retainer, you can always call our Bangor ME law firm today.
Benefits of Having a Lawyer on Retainer
- You have the comfort of being able to access legal advice instantly
- A retainer keeps a close line between you and the lawyer
- If something goes wrong, and you’re facing criminal charges, you already have a lawyer
- It can be cost-effective and time-saving
- A long-term relationship may be established
Would You Like to Know More About Having a Lawyer on Retainer?
If you would like to speak with a lawyer about retainer options, fees, and other relevant details, call David Bate Law Office – the law firm Bangor ME clients trust.