An upfront cost incurred by an individual in order to ensure the services of a consultant, freelancer, etc. A retainer fee is paid most commonly to individual third-parties who have been engaged by the payer to perform a service for them or on their behalf.
Retainer Fee. A retainer fee is typically, but not always, an advance payment on the hourly rate for a specific case. The lawyer puts the retainer in a special trust account and deducts from that account the cost of services as they accrue.  (3) A special retainer, which is a flat fee that the client pays for a specific case or project. Many states prohibit this form of retainer because it may prevent the client from discharging the attorney at any time during the representation. Definition. A fee that the client pays upfront to an attorney before the attorney has begun work for the client. There are three types of retainers, each with a different purpose: (1) A general retainer, which is a fee for a specific period of time rather than for a specific project. A retainer agreement is a work for hire contract. It falls between a one-time contract and full-time employment. Its distinguishing feature is that the employer pays in advance for work to be specified later. Additional contracts regarding the performance of this work may also apply.  DEFINITION of 'Retainer Fee'. An upfront cost incurred by an individual in order to ensure the services of a consultant, freelancer, etc. A retainer fee is paid most commonly to individual third-parties who have been engaged by the payer to perform a service for them or on their behalf. These fees are almost always paid upfront and only ensure the commitment of the receiver, but does not guarantee an outcome or final product. Community Property. The most common form of retainer fees apply to lawyers, who in most cases require those seeking services to provide an upfront retainer fee, for example $500. A retainer fee is an advance payment that a client makes to his or her lawyer before the lawyer begins working on the case. It is similar to a down payment and allows the lawyer to draw funds for various fees as the case proceeds. A client may choose to pay using a retainer fee in order to demonstrate that they are serious about their case and wish to retain the lawyer’s services. Retainer fees help to establish a harmonious attorney-client relationship. Once the retainer fee is used up, the attorney may bill the client in one of several ways. The attorney may charge her usual hourly fee, or she may enter into a contingency fee agreement with the client. Retainer fees are also used when a client needs to hire an attorney for a long-term relationship. For instance, many businesses have an attorney “on retainer” in case legal issues come up in the course of the business’s everyday work. Definition: A retainer is a fee paid to an attorney or other professional in advance, for services. Often, retainers are paid monthly, based on an estimate of the amount of work to be done for the client each month. A retainer might work like this: You would pay your attorney $500 a month for legal services during that month. Read more. A lawyer retainer fee is usually based on a written agreement, signed by both the client and the attorney. The written agreement establishes the amount of the retainer fee, what the attorney must do with the retainer when she receives it, and what sorts of things the lawyer may use the retainer to purchase. Retainer fees are also used when a client needs to hire an attorney for a long-term relationship. For instance, many businesses have an attorney “on retainer” in case legal issues come up in the course of the business’s everyday work.
http://research.lawyers.com/how-and-how-much-do-lawyers-charge.html https://www.law.cornell.edu/wex/retainer https://en.wikipedia.org/wiki/Retainer_agreement http://www.investopedia.com/terms/r/retainer-fee.asp http://www.legalmatch.com/law-library/article/what-is-a-retainer-fee.html http://www.rotlaw.com/legal-library/what-is-a-lawyer-retainer-fee/ http://biztaxlaw.about.com/od/glossaryr/g/retainer_retain.htm http://www.rotlaw.com/legal-library/what-is-a-lawyer-retainer-fee/
what is a retainer fee