A retainer fee is an advance payment that’s made by a client to a professional, and it is considered a down payment on the future services rendered by that professional. Regardless of occupation, the retainer fee funds the initial expenses of the working relationship.

2.1 The purpose of a Retainer Agreement is to set out the exact duties of the Member and the Client so that all parties to the Agreement have clear expectations regarding what will be provided, how the service will be provided, and at what cost.

While it may not seem like it, fee agreements with attorneys are negotiable. If you do not have a lot of money to pay upfront for the retainer fee, the attorney may be able to offer you a different arrangement. For example, some attorneys charge a flat rate for certain services, such as drafting a will or a contract.

A good rule of thumb is to charge at least $3,000 per month for your retained clients because this way you’ll only need 3 clients to sign retainer agreements in order to earn a six-figure income. Your goal should be to develop high-income skills so that each client is paying a $10,000 per month retainer fee.

Once a client has engaged an attorney to represent him or her in a case, the client is sometimes required to deposit an upfront retainer fee. Clients maintain the right to end legal representation whenever they want during the contract if they are unhappy with the attorney.

A monthly retainer fee is paid in advance by your clients to ensure that your services will be available to them for the period covered. Clients on a monthly retainer usually pay a recurring fee, and they usually work on long-term projects with different agencies, who are available at their beck and call.

Some people need to wear a retainer all day, every day for 4 months, while others will be instructed to wear theirs for 12 months. Almost all orthodontists instruct that you use some form of retainer each night, indefinitely, after your braces have been removed.