Should Your Business Have an Attorney on Retainer?
Owning a business comes with a lot of responsibility. Not only do you have to ensure that the day-to-day operations run smoothly, but you also have to deal with employees, clients, customers, and more.
Because of all the issues that may arise, it’s smart to hire an attorney and keep them on retainer.
Some business owners choose to hire a lawyer on an ad-hoc basis and use their services only when needed. While this may be more affordable in the early days of your business, having one on retainer offers multiple benefits.
For example, what would happen if an emergency or urgent issue occurred? If you have an attorney on retainer, you have someone to deal with the problem right away. You don’t have to search for the right legal professional or spend time getting them “up to speed” with your business. The attorney you have on retainer will know your business and be able to quickly resolve potential legal issues that pop up.
Also, the attorney you hire will put a priority on your business. This means that you have their full attention on important issues.
If you have questions about hiring an attorney on retainer for your business, our team at Lusk Law, LLC is here to answer them. You can get in touch by calling (443) 535-9715.
Understanding What It Means to Have an Attorney on Retainer
When you decide to hire an attorney on retainer, what it means is that you pay a legal retainer fee upfront. It’s an advance that pre-pays for their legal services. The money is held in a special account.
If you choose this option, you will receive a retainer agreement that outlines the retainer fee and how you will move forward once the funds are used.
When you use the attorney’s services, you receive a bill at the end of the month (or specified date), and the fee that is involved with it will be moved from the special account into your attorney’s account. Usually, if the work that is done by the attorney costs more than your retainer, you will receive a bill for the remaining balance. If the case doesn’t take as long as estimated, then the leftover amount will be returned to you. You can also choose to keep it in the account for future legal needs.
When you hire an attorney on retainer, it means they will be readily available any time you are dealing with legal issues or if you need advice about a situation. Some of the services that an attorney can provide when you hire them on retainer include:
- Compliance with laws related to taxes, permits, zoning, and how to avoid penalties
- Human resources matters
- Business contracts
- Employment law
- Business liability situations
- Making sure your business location is cost-effective and secure
- Reviewing real estate transaction and lease agreement documents.
The attorney may offer more specific and specialized services based on your custom needs, as well.
How Much Do You Have to Spend to Hire an Attorney on Retainer?
Retainer fees vary based on the attorney, what you need, your agreement, and the work involved. However, you can expect the fee to range anywhere from $500 up to $7,500 or more. In fact, the fee is what the attorney requests. It is something that must be paid at the beginning of the professional relationship.
If you plan to retain an attorney for a certain case or purpose, the retainer fee will usually be based on the attorney’s hourly rate and then multiplied by how many hours they expect the legal services to take. The actual amount of time an attorney spends on your case will then be taken from the retainer you have paid. You can look at the retainer as an advance for the lawyer’s work.
It’s also smart to hire an attorney on retainer to make sure they will be available to help you when needed. They will also ensure that your needs are a priority when you call. Some businesses will pay a retainer fee each month or each year to ensure that the attorney is available to help them when a need arises.
Is It a Good Idea to Hire a Lawyer on Retainer?
As a businessperson, it makes sense to hire an attorney on retainer. By retaining the services of a business lawyer from the start, you can save time, money, and energy. You can also avoid cases of litigation. Also, when you retain a lawyer when your business opens, it will help you focus on your business and the core operations rather than potential legal issues.
Retained lawyers will also help you avoid cases of litigation. One way they do this is by looking over your business contracts. If you don’t have these legal services available, you may not recognize when adverse or unfair provisions have been included in the contract that may put your business at risk of liability or losses.
The Top Benefits of Hiring an Attorney on Retainer for Your Business
Now that you understand the basics of why you should have an attorney on retainer for your business, learn more about the benefits this offers.
Keep Your Business Running
A top benefit of hiring a lawyer for your business is that it will keep everything running smoothly. The attorney you hire on retainer is contracted to protect the business from various legal issues.
Protection from Lawsuits
Many businesses face lawsuits, and they can cause many issues. Even when you are careful with employment and operating procedures, you may eventually face a lawsuit. Having a lawyer on retainer helps you to avoid these situations from the start and can easily jump in to represent you if a litigation dispute arises. They will be able to keep things operating smoothly and ensure you know your rights.
When you own a business, contracts are a part of operations. It’s necessary to have a contract with your vendors, customers, employees, and other people you have a business relationship with. The attorney you hire on retainer will help you draft these contracts and ensure you are protected from liability and lawsuits. Your lawyer will also ensure there aren’t any loopholes or mistakes that may result in other serious problems for your business.
Contact Our Legal Services to Learn More About Hiring an Attorney on Retainer for Your Business
There’s no question that there are more than a few legal issues that any business can face. Due to the possibility of legal situations, hiring a lawyer on retainer is highly recommended. At Lusk Law, LLC, we serve businesses in and around the Frederick area and can provide the quality legal services and protections needed. To get started or learn more about our legal solutions, contact us by calling (443) 535-9715. We are ready to help you with all your business law needs.
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