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It is common for a person seeking the services of a lawyer (attorney) to pay a retainer ("retainer fee") to the lawyer, to see a case through to its conclusion. [2] A retainer can be a single advance payment or a recurring (e.g. monthly) payment. Absent an agreement to the contrary, a retainer fee is refundable if the work is not performed. [3]
Money within the retainer is often used to "buy" a certain amount of work. Some contracts provide that when the money from the retainer is gone, the fee is renegotiated. This is to be differentiated between a retainer in Commonwealth states, where a retainer is the contract that is initially signed by a client to engage a lawyer.
Unbundled legal services, also known as limited scope representation and discrete task representation, is a method of legal representation in which an attorney and client agree to limit the scope of the attorney’s involvement in a lawsuit or other legal action, leaving responsibility for those other aspects of the case to the client in order to save the client money and give them more control.
Firms marked with "(verein)" are structured as a Swiss association. These are estimates and equity partners can make vastly different salaries inside the same firm. [2] For more up-to-date information on the US firms in this list, please refer to Largest US Law Firms Ranked by Profits Per Equity Partner.
Retainer agreement, a contract in which an employer pays in advance for work, to be secured or specified later, when required; Domestic worker or servant, especially one who has been with one family for a long time (chiefly British English) Affinity (medieval), also Retinue, a person or group gathered around in the service of a lord
The duty is sourced from a combination of contract law and equity arising from the distinctive relationship between lawyer and client. The solicitor or attorney is an agent of the client under the law of agency. In contract, the duty arises from terms contained in the retainer agreement. Complementarily, equity prohibits unauthorised use or ...
Firm name Largest U.S. Office [2] Total number of lawyers (2022) [2] Number of associates (2022) [2] Number of partners (2018) [2] Total revenue (millions, in 2018) [3] Notes 1 Baker McKenzie: Chicago: 4795 2865 1518 $2,900 2 DLA Piper: New York City: 4028 2492 1317 $2,634 3 Norton Rose Fulbright: New York City: 3084 1928 1087 $1,958 4 Latham ...
Law firms are typically organized around partners, who are joint owners and business directors of the legal operation; associates, who are employees of the firm with the prospect of becoming partners; and a variety of staff employees, providing paralegal, clerical, and other support services. An associate may have to wait as long as 11 years ...