A monthly legal retainer service can be a lifesaver for small businesses. It is an affordable, yet highly effective way to manage the legal aspects of the business. At one point or another all small businesses will need legal services, but the reality is that working with a legal professional can be very costly depending how you work with them. Here is some information about retainers, how they work, and their potential benefits.
Types of Retainers
A retainer fee is essentially a deposit that a client gives their attorney to officially retain their services and start working for them. This means that the client will give them a certain percentage upfront and the attorney will use that amount to start working with on the case. This type of retainer fee is usually standard with all legal professionals because it shows that client is serious and committed to pursuing the case and that they also have the ability to afford the services.
A monthly retainer fee is slightly different from the aforementioned retainer fee. This is basically a payment that you given to the legal service provider to provide blanket services for a flat fee. This could be for one particular attorney or it may consist of a small group of legal professionals. The monthly retainer fee will usually cover basic services like answering legal questions, providing advice, or sending letters.
The Benefits of a Monthly Legal Retainer Service
It is an Affordable Option
A monthly legal retainer services is often cheaper than hiring an attorney on an independent basis. Their hourly rates alone may end up being higher than the cost of an entire month of legal retainer services. If the client may have an ongoing need for legal services in the future, then a retainer service is definitely the most affordable option.
It Covers Your Basic Legal Needs
Sometimes a client many need to formally hire an attorney, but they may just need to get some questions answered or get some expert legal advice. Going to an attorney independently for these types of issues can easily end up costing thousands of dollars as they will charge their regular hourly rate for these brief consultations.
It Keeps Them From Your Competitors
The client that has officially retained the attorney will have them on their side if there is an actual legal dispute, which means that their adversaries will be unable to hire them. It is comforting for clients tho know that they have secured a strong legal to work with in the event of potential litigation.
Enrolling in a monthly retainer service with a legal professional can be beneficial and cost effective for small businesses. If there is a need for ongoing need for legal services, then a monthly retainer fee is most likely the best option compared to paying for regular hourly rates. The prices for these services can vary greatly depending on the location, specialty, and hourly rates of the attorney. Clients interested in these types of services should consult with local legal professionals that offer legal retainer services and work with them to create the right package.
Pro Player Insurance Group is a LegalShield independent associate. This give us the opportunity to offer you, your family and your business comprehensive legal services with dedicated law firms at a fraction of the typical cost. Give us a call at 855-367-7744 and let us tell you how LegalShield can benefit you.