If someone tells you that they are going to call ‘their’ lawyer, what they probably mean in reality is that they have a lawyer on retainer.
This means that they will typically pay a small fee on a regular basis so that the moment they require legal services the lawyer in question will be there to perform them.
Retainers can be most effective in a business scenario for companies who require legal services on a semi-regular basis but do not have the resources to hire their own lawyer on a full-time basis.
Some of the services such a lawyer will perform could include representing the company in the case of a contractual dispute, reviewing contracts and agreements with other companies, and ensuring compliance with the latest regulations in their industry.
In terms of individual legal representation, those most likely to keep a lawyer on retainer are those with a significant net worth and are likely to need legal services reasonably often.
Questions to ask before hiring a lawyer on retainer
Although keeping a lawyer on retainer is much cheaper than hiring one full time it is still a significant investment to make.
In order to decide whether or not having a lawyer on call at all times is worthwhile, there are a few questions you should ask yourself regarding your legal situation.
These include:
Why do I need an attorney?
Unless you are involved in complex legal disputes on a regular basis, most people only use a lawyer every few years or so. If this is the case for you, you might just be better off hiring a lawyer as and when required rather than keeping one on retainer at all times.
What does my insurance cover?
Many insurance policies include cover for the legal costs of being involved in a claim. If you are concerned that you might need a lawyer due to a car accident or similar, this may well be included meaning that retaining your own lawyer would be an unnecessary waste of money.
Do I already have legal representation?
If you work for a major firm, or are part of a union, you might find that there is already a lawyer on call as part of your benefits.
Unless you are involved in disputes with the company itself, your employer’s lawyer will likely be able to help you with routine matters such as wills and moving house so employing another lawyer yourself makes little sense.
What is the difference between ‘retainer’ and ‘retainer agreement’?
Confusingly, retaining a lawyer is not the same as having a lawyer on retainer.
If you were to hire a lawyer for one off legal representation you would pay them a retainer in order to retain (hire) them to deliver a legal service.
If you wish to have a lawyer ‘on retainer’, on call at all times in case you require legal aid you will need to sign a retainer agreement instead.
What should be in the retainer agreement?
The retainer agreement that you sign with your lawyer should specify exactly what services they can provide, how much you will pay to have them on call and detail the payment schedule.
It may also set out fees for certain common services that you may require on a regular basis.
Some retainer agreements will also go a step further and set out boundaries on certain services that the lawyer will NOT perform.
Just as with any other contract you shouldn’t ever sign without knowing exactly what you are agreeing to and having a copy of a written agreement will help settle any misunderstandings.
Benefits of having a lawyer on retainer
Although it may not be suitable for all, there are many benefits to having a lawyer on retainer.
These include:
Peace of Mind
The certainty of knowing that expert legal aid is on hand should you need it is one of the main reasons people choose to keep a lawyer on retainer.
Should a situation arise unexpectedly you won’t need to worry about the cost of talking to a lawyer on the phone or in person and can instead focus on finding a suitable resolution.
This certainty is particularly important for business owners who are required to meet constantly changing legal requirements regarding matters such as immigration, data protection and tax.
Compatibility
Should you require emergency legal aid there are no shortage of law firms who will be willing to offer their services.
However, finding Lawyers In Glasgow at short notice who you will be able to work well alongside and will understand your circumstances is much harder.
Keeping a lawyer on retainer who you have worked with in the past and understands exactly what legal challenges you are likely to face can save you a huge amount of time and money over time.
Affordability
Having a lawyer on retainer is much cheaper than hiring one in-house as you will only have to pay for the services you require in addition to a retainer fee that will be far far lower than a full-time lawyer salary.
