Recently a number of our clients have entered into retainer agreements and we have been discussing this option for engaging us with a number of other clients as well.
A bespoke legal retainer arrangement is an efficient and cost-effective strategy that provides access to a team of qualified and highly skilled lawyers, each with professional specialisations that are critical for successful businesses.
The options are varied and flexible and may include capped rates and hours, be all-inclusive or any number of in between hybrids.
Retainer agreements are not locked in. If the arrangement is not working for either party we simply revert to other, more traditional models, such as a fixed fee or time costed services.
A number of our clients and their financial controllers have seen significant benefits when entering into a retainer including:
There are further benefits in our bespoke retainer agreements document for your consideration.
We have been implementing these arrangements with a number of existing clients on varying levels of cost, size, offering and business complexity for over three years.
Each of these clients has chosen to keep their retainer model in place rather than reverting to the usual traditional billing models over time. Our clients genuinely feel they receive added value and now prefer knowing their spend in advance and enjoy doing business with this more proactive and engaged approach. We are finding increasing numbers of clients interested in discussing this option with us as it becomes a more in demand approach.
We will be producing a second article on this topic shortly, exploring legal project management and engaging legal experts to manage various groups of in-house and external consultants.
The information in this blog is intended only to provide a general overview and has not been prepared with a view to any particular situation or set of circumstances. It is not intended to be comprehensive nor does it constitute legal advice. While we attempt to ensure the information is current and accurate we do not guarantee its currency and accuracy. You should seek legal or other professional advice before acting or relying on any of the information in this blog as it may not be appropriate for your individual circumstances.