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reduces the lawyer's hourly rate. On the other hand, the lawyer who finishes the work within the amount of time the retainer covers is billing at her full hourly rate and is coming out ahead. |
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Does that mean you don't have to pay your bill? No. All it means is that if the ethics don't stop a lawyer from dragging out a case, the practical realities of collection will. |
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In matrimonial law, it is very hard to predict how much time your lawyer will have to spend on your case. If you and your spouse have agreed on everything up front, the lawyer won't have to do much more than draft the legal documents, make sure you understand them, get them to the other lawyer, and then, eventually, submit them to the court. If you or your spouse are at war, a lot of time will be spent on your case, and you can end up spending an astronomical sum of money. |
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The Most Important Points to Consider Before Paying a Retainer. |
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One of the most important things you will need to understand as you enter into a financial relationship with your matrimonial attorney may be the retainer. If you do pay one, the first thing you will do is sign a retainer agreement. Remember, any agreement regarding your retainer must be in writing and should always provide for a refund if the fees are not used up. |
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The agreement should also stipulate what happens when the retainer is used up. Will you have to pay another lump sum, or will you be billed on a monthly or weekly basis? When it comes to your retainer, make sure that ALL the ground rules are spelled out first. |
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A reputable attorney will not only have no problem putting the retainer agreement in writing, but will ask you to take the agreement home and study it before signing it. You should be invited to call and ask any questions you may have. As eager as you might be to sign the retainer and write out a check immediately, hold back until you have had time to read the agreement and thoroughly understand what it says. |
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The Retainer Agreement: The Fine Print |
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At a minimum, this document should establish the amount of money you are paying up front and should stipulate hourly rates for the lawyer as well as others who might be assisting, including paralegals and junior attorneys. At a minimum, the retainer agreement should state that there may be ancillary staff involved and establish the range of their rates. |
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