A retainer fee represents a pre-paid sum for professional services, ensuring availability and priority service from a lawyer, consultant, or other specialist. For example, a business might pay a marketing firm a monthly retainer for ongoing support. This differs from project-based fees, which cover specific tasks with defined scopes.
Establishing predictable costs for ongoing professional advice offers significant advantages. Businesses can budget more effectively, knowing expert assistance is readily available. This proactive approach can prevent larger issues by addressing concerns early and strategically. Historically, retainers have been essential for ensuring consistent access to legal counsel, evolving into a standard practice across various professional fields.
