Did you know that when you start a business, it is vital that you have a business law lawyer to help you navigate any legal issues you may face? This is where an attorney on retainer comes into play.
Would you like to know how a lawyer on retainer works and the process of keeping a lawyer on retainer? Here is a guide to everything that you need to know.
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What is an Attorney on Retainer?
If you have little to no legal knowledge, hearing about an attorney on retainer may seem intimidating. It simply means that you pay a law firm a set fee ahead of time for legal services that you may need in the future.
Once you hand over the money, it then goes into an account that will be deducted when your attorney does billable work for your business. You will get a bill if the costs go over the retainer, and you will also get refunded if your issue is resolved before you hit your budget.
You may be thinking that this seems like just estimating the amount you will pay for legal services. However, it is a good idea to budget for your business lawyer so that you do not end up spending too much.
Reasons for a Legal Retainer
Perhaps the biggest benefit of having a lawyer on retainer is that you are able to access their expertise and resources at the drop of a hat. For any legal question or concern that arises, you can contact your attorney and simply deduct the cost from your retainer fee.
You may need the services of a business lawyer to untangle complex legal language. For instance, if you have questions about new employment laws or a corporate trustee, you can contact your attorney on retainer for assistance.
Cost of Keeping a Lawyer on Retainer
The cost of retaining a business lawyer varies greatly based on many different factors. Depending on the prestige of the law firm you use, the hourly rates may be much higher.
You should look into expertise when it comes to a business attorney. For example, if you just started a small business, you should consider a small business attorney.
Your attorney will give you a fee estimate once you describe the services you need and how often you think you will use them. Make sure to shop around and get different quotes and reviews before deciding on a business lawyer.
Do You Need a Lawyer on Retainer?
Ultimately, it is up to you to decide if having a lawyer on retainer suits the needs of your business. With this guide, you can determine what works best for you and your company when it comes to legal matters.
Would you like more legal advice and tips and tricks for dealing with any business problems? Check out our site for all of the solutions you will need when you hire a business lawyer.
