A MONTHLY LEGAL RETAINER ARRANGEMENT RIGHT FOR YOUR BUSINESS?
job as corporate attorneys is to make sure clients do everything
they can to minimize the risks that are within their control
and to avoid conflicts that can land them into litigation, or worse.
Our clients view us not only as their lawyers, but also as an
integral part of their team, essential to their strategy for
Ounce of Prevention…”
What we often
tell clients is that what we do for them is practice “preventative
law.” And the success of what we do is based on the proven principal
that the cost to fix basic legal problems can be up to 20
times more expensive than doing things right from the beginning.
hiring a litigator, a good relationship with a corporate attorney should
be ongoing. When you work with one of our litigator colleagues, once
the lawsuit is over and the work is done, they’re gone –
until you end up in court again! The corporate lawyer’s relationship
with a client is an ongoing one where frequent contact is required
to truly get the benefits of working together. This contact
can take the form of telephone calls or emails, and is, in most cases,
subject to an “on the clock” basis at the lawyer’s
billable hourly rate. It can be costly.
From experience, we know that some clients dislike the notion
that when they pick up a phone that they will be billed on an hourly
basis. Psychologically, if something that they have a question
about comes up, they may think twice about picking up the phone –
which ultimately defeats the benefits of the relationship in the first
these clients, a retainer arrangement may work best. With this
kind of arrangement, the client pays a monthly fee that is reflective
of the amount of service the client requires on a monthly basis. One
option is for the retainer fee to cover routine calls and emails only,
with any additional work performed on an hourly or flat fee basis. Alternatively,
the retainer can cover ALL the client’s legal work required throughout
a month. At the end of a specified period we compare the amount of time
we spent on your account relative to the retainer fee, and adjust future
payments upwards or downwards to more accurately reflect usage.
clients pay monthly in advance of services, so we are able to offer
clients a generous discount (10% – 20%) from what they
would pay for regular hourly services. Additionally, retainer arrangements
are cancelable at any time by our clients.
an example of pricing, a client who requires approximately two hours
of telephone and email time per month (approximately one call and one
detailed email each week) would incur approximately $730/month in billable
time. However, on a retainer basis, the client would pay $595 for the
same services. On average, our monthly retainers can range from $595/month
for the most basic service, to $11,500/month for the most complex.
101: Cut Costs and Guard Your Assets
What we have found is that clients who prefer to engage us on a retainer
Use our services more frequently when an issue comes up in their business;
Develop stronger relationships with our attorneys, so they always
have our ear;
Reduce risk and therefore, exposure to loss and unnecessary legal
Can more accurately budget for legal expenses; and
Save money on the amount of fees they would have spent if they had
worked on an hourly basis.
out more information about retainer fee arrangements, schedule
an appointment with us today!
Business Law | Broker-Dealers | Investment Advisers | Attorneys | Disclaimer
Resources | Pledge | Speaker Services | Client Comments | Contact
11 Broadway | Suite
615 | New York, NY 10004 | +1 212 480 8800
2006 Furnari Scher LLP. All Rights Reserved. Use of this website is
subject to disclaimer.