If you are in need of hiring attorneys, you might be wondering what is a retainer fee and why do you need to pay it. Understanding this will help you know the reasoning behind it and the importance of taking care of this legal matter quickly.
When you hire a lawyer, they will want to have an agreement about them representing you in particular legal matters. The specifics will depend on many factors, including the type of law that you are dealing with. In many cases, the attorney will want you to pay a retainer fee when you first make the agreement.
The reason for this is that it secures the contract and ensures that you have paid for the initial services rendered. Your contract will state more about the terms of the money that you will have to pay in the future. For instance, you might be put on some type of payment plan where you will make monthly installments. However, you should not assume that will be the case.
Your retainer fees secure that particular law firm as your legal representative. This means that the other party involved cannot obtain representation from them. For instance, if you are getting a divorce, once you have paid the retainer fee to the lawyer of your choice, your spouse cannot hire that attorney. However, that person is still up for grabs until you have taken care of the matter.
You should pay the retainer fee for your attorney once you have decided who the best representative is for your case based on your research. This will ensure that you have the appropriate representation for yourself during the legal proceedings that you are facing. This is a necessary part of the process in many legal situations you might encounter.