22 Jul The Benefits of Having a Retainer Agreement with a Law Firm
The Philippines is a very dynamic country; things change fast, and sometimes it can be challenging to keep up. When an unexpected issue arises, having reliable legal counsel can be invaluable. While the option of seeking lawyers when needed might work, entering into a retainer agreement with a trusted law firm is a better choice—saving you time and energy in looking for legal advice for each dilemma that could be redirected somewhere else.
What is a retainer agreement?
A retainer agreement is a formal contract between a client and a law firm. It includes the list of services to be provided, the fees to be charged, and the payment schedule for transparency and easier financial planning on the client’s part. The retainer agreement offers benefits for both individuals and businesses who wish for additional security in anticipation of actions requiring legal services on a regular basis.
The Benefits of Having a Retainer:
Predictable Costs and Easy Budgeting
A retainer agreement will help with predictable costs. Each legal service and its fee are listed in the contract; there is no surprise when the billing time comes. You already know precisely how much you will be paying for each service. It makes budgeting a lot easier than engaging separately for each case.
Priority Service and Prompt Actions
When you engage the services of the Firm with a retainer agreement, you receive faster responses from our team of legal experts. They will accommodate your preferred time in order to address your concerns quickly and efficiently. It is an advantage as legal matters can be time-sensitive at times.
Preferential Rates
The Firm knows when to reward their clients. By signing a retainer contract, you are eligible for preferential rates, lower fees for additional work outside the scope of the retainers, and exclusive access to resources or, sometimes, even waived charges.
Uninterrupted Guidance
You can consult with the Firm for any legal query, even newly discovered problems that have not been discussed prior to establishing the retainer agreement and, therefore, are not included in the list of services. A retainer contract ensures that all your legal worries, present and future, will be addressed.
Energy Saver and Stress Reliever
The energy spent worrying, studying, and researching about a legal concern that is out of your scope of expertise can add to your stress and mental burdens. All of this can be avoided by simply opting for a retainer agreement. Having a retainer agreement lets you know that a team of experts is dedicating its time and energy to save yours, which can be used for your business and personal life.
Developing a Strong Lawyer-Client Relationship
The retainership goes hand-in-hand with developing a strong and trusting lawyer-client relationship. Since the Firm would know your history and prior legal issues, we would have a deeper understanding of what you want and need. As such, we can offer solutions that consider the whole picture instead of just focusing on a specific scope.
Proactive Risk Management
Because of your strong relationship with the Firm, we know you and your business very well. This will help us proactively identify potential risks and address your concerns before you even notice them. A retainer agreement would help mitigate legal problems from blowing out of proportion before it is too late.
Simplified Expectations
The expectations of both the client and the Firm are set with the retainer agreement; both parties know what the services needed are, including communication, deadlines, and billing procedures. It makes it very easy to meet and leaves less room for misunderstandings.
Efficient Budget Management
Legal services become accessible and easy to budget thanks to the already agreed upon, transparent rates, fixed payment schedule, and documented agreement.
Cross-referencing of Experts
The retainer agreement grants you the chance to receive advice from a team of specialists with different expertise since all the members of the Firm are encouraged to help you. This allows cross-referencing, which leads to a very complete solution that has been analyzed from various perspectives.
In conclusion, there are many benefits to employing a retainer agreement with The Firm. If you expect to seek legal services on a regular basis, a retainer agreement is the best tool for legal representation. It is an investment for smooth legal actions and reduction of unnecessary stress. In addition to the benefits listed above, retainer agreements are valuable for:
- Businesses that are subject to much regulation,
- Individuals who are involved in complex legal matters,
- Businesses and individuals expecting frequent legal needs,
- Anyone who wants to avoid the stress of finding a lawyer in the midst of a legal crisis.
If you think that the retainer agreement can be an asset to you and your business, you should consult with our team of legal experts to discuss your specific needs and explore the possibilities.
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