Having a lawyer on retainer can be advantageous for your business, especially when issues unexpectedly arise.
It is highly recommended that you have an experienced business lawyer on retainer for your business. Often, business owners hire attorneys on an ad-hoc basis, retaining them as different matters need to be handled. However, having a business lawyer on retainer can provide multiple advantages.
For example, when an urgent issue arises, there is no need to search for an attorney that you can trust. Even then, it may take the attorney some time to properly examine and get to know the intricacies of your business. A true retainer is also for exclusivity. Having an attorney on retainer means that the retained attorney will give your business’ needs a priority over their regular business. The retained attorney will be able to prioritize the review of your contracts when the need arises.
Call The Weisblatt Law Firm LLC in Houston, to find out more about how having a lawyer on retainer can be advantageous for your individual situation at 713-666-1981.
What Does it Mean to Have a Lawyer on Retainer?
When you hire an attorney on retainer, it means you deposit an upfront legal retainer fee in advance which goes into a special account. You should have a retainer agreement with the attorney that sets out what the retainer fee is and how to proceed if the fee is depleted.
If you use the lawyer’s service, you will be billed at the end of the month, and the fee involved will be transferred from the special account into the lawyer’s account. In general, if the work done is more than the retainer, you will be billed for the additional cost. If the case takes less time than the initial estimate, you generally can have the excess amount returned.
When you have a lawyer on retainer, your attorney will be instantly available when you are faced with legal issues, or if you just need advice. A retained attorney can provide assistance in areas such as:
- employment law and human resources
- intellectual property law
- business contracts
- business liability issues
- compliance with Texas laws regarding zoning, permits, and taxes, to avoid penalties
- ensuring that the location of your business is secure and cost-effective
- reviewing any lease agreements or other documents involving real estate transactions.
How Much Does It Cost to Have a Lawyer on Retainer?
There is a wide range of retainer fees, from as low as $500 or as high as $5,000 or more, depending on the type of agreement you have and the work involved. Actually, the fee can be any amount that the attorney requests, and it is typically requested at the beginning of legal representation.
If you are retaining a lawyer for a specific purpose or case, retainer fees are often based on the lawyer’s hourly rate multiplied by the number of hours it is expected that your case will take. The amount for the time spent on the case will then be subtracted from your retainer. In this case, the retainer is basically an upfront payment and often will not cover the entire cost of the case.
You may also hire attorneys on retainer to ensure they will be available to you when you need them, and that they will put representing you before other opportunities that may arise. Many businesses pay retainer fees on a monthly or annual basis to keep the lawyer available whenever services are needed.
Should I Have a Lawyer on Retainer?
If you are a business person, it makes sense to have a lawyer on retainer. Retaining a business attorney from the very start can save valuable time, energy and money in order to help avoid litigation. Retaining an attorney from the beginning can help you focus on your business and not on legal questions. A retained attorney can help avoid litigation by reviewing all your business contracts. Without the help of a skilled attorney, a business owner may not recognize any unfair or adverse provisions that may leave the business vulnerable to losses or liability, or even whether a location will help or hinder a business.
Discuss Your Legal Needs with a Skilled Houston Business Lawyer Today
Whether you should have a lawyer on retainer is just one of the questions The Weisblatt Law Firm LLC in Houston can answer for you. For all your business needs, do not hesitate to contact us regarding our business law services. Please call 713-666-1981 for more information.