A retainer fee is a type of payment made to a professional, usually a lawyer, for potential work. It is meant to retain the professional’s services, allowing the client to access their expertise as needed. It is different from a standard fee that covers one specific task.

Most clients want to ensure they can have access to a professional’s services as needed and they may not have a set plan of when they’ll need those services or what tasks may need completing. A retainer fee provides assurance that the professional will be available and providing services when needed.

The amount of the retainer fee will depend on the hourly rate, type of services, and projected length of services needed. Generally, the amount is paid ahead of any services rendered but may be adjusted based on how the services actually unfold. For example, if the scope and scale of the services prove to be smaller than anticipated, the client may receive a refund from the original retainer fee.

Retainer fees are advantageous for customers who know they’ll need regular, ongoing services from a professional but may not have an exact plan for what those services will entail. It also can cover additional tasks and services as needed, allowing for flexibility and convenience.

Retainer fees should be clearly discussed ahead of time to ensure that both the client and the professional are on the same page in terms of expectations and outcomes. Clients should be aware that a retainer fee does not guarantee a certain outcome or final product, but rather just provides ongoing access to the professional’s services. It should be made clear what exactly the retainer fee covers and if any refunds are available in the event that services prove to be less involved than originally anticipated.