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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]
Attorney's fee is a chiefly United States term for compensation for legal services performed by an attorney (lawyer or law firm) for a client, in or out of court. Fees may be an hourly, flat-rate or contingent fee.
[3] [27] The case dealt with the concept of an advance payment retainer, a fee given to an attorney for later services to a client. [3] [28] An advance payment retainer became part of an attorney's assets as soon as it was paid, regardless of subsequent events.
For example, a retainer agreement might provide that a lawyer will receive a 33 and 1/3% contingency fee if a case settles before a lawsuit is filed, a 40% contingency fee if the case settles after the lawsuit is filed, or up to 45% if the lawsuit goes to trial.
In the English legal system, a contingent fee is generally referred to as a conditional fee agreement (CFA) or, informally by the public and press, as "no win no fee". The usual form of this agreement is that the solicitor will take a law case on the understanding that if lost, no payment is made.
Understand their fee structure: ... financial advisor should be able to give you vetted referrals to other business professionals you’ll likely need on retainer, such as a: ... Business lawyer ...
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