Construction firms should consider having a Nashville construction dispute lawyer on retainer. In this brief article, the construction lawyers at Cotney Construction Law will discuss what exactly a retainer is and how it can benefit your firm. Remember, if you are involved in a dispute with an owner, subcontractor, or vendor, consult an attorney today.
What is a Retainer?
A retainer is an agreement between a client and their lawyer that periodically pays the attorney for performing work. A retainer is a broad term, and this type of agreement can vary greatly depending on the needs of the client. By design, a retainer can alleviate much of the stress of a legal issue while providing the client with a quick solution to their problem.
Examples of implementing a Retainer Agreement
Although there are a variety of ways that a retainer can be utilized, here are three examples of retainers fees and their purpose:
1) A retainer can be an effective tool for reserving funds for future services. For example, a construction firm can have a construction attorney on retainer without an immediate need for the attorney for several months; however, once a dispute arises, the attorney can instantly step in and assist their client without having to wait for any form of payment. In other words, the client has a down payment for the services of the Nashville construction dispute attorney.
2) Retainers can also be great for construction firms that consistently need the advice of a legal professional, but would prefer not to pay the expenses to have this person on their staff permanently. For example, if a construction firm requires a lawyer for contract drafting, review, and other consistent services, they can pay this attorney a monthly retainer fee and the attorney can provide regular services for the construction firm.
3) If an attorney will be working considerable hours in the near future for a client, the attorney may require their client to pay a portion of the total legal fee in advance of performing the work. In this case, the funds are placed in an account and deducted over time when the attorney provides services for the client. After the retainer fee is completely utilized, a new retainer can be arranged.
Take Advantage of the Benefits of a Retainer Agreement
There are several benefits to having an attorney on retainer including:
- Stress is reduced when you have a lawyer available for immediate legal advice
- The lawyer can mitigate legal issues before they get out of hand
- Construction firms receive access to a legal professional that is intimately familiar with their business operations and potential legal needs
- The lawyer can also perform consistent legal work on behalf of your business ensuring your compliance with a variety of complex laws
Establishing a retainer agreement can strengthen your business and mitigate any potential legal risks.
Disclaimer: The information contained in this article is for general educational information only. This information does not constitute legal advice, is not intended to constitute legal advice, nor should it be relied upon as legal advice for your specific factual pattern or situation.