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Coach’s Corner: Is a retainer really necessary? Maybe not

One of the first "wants" for lawyers opening a new firm is to get as many clients as possible on retainer basis, viewing the retainer's certainty as the Holy Grail for fee collection. Retainers set up a fixed-fee-per-time cycle (often monthly) in which client funds deposited in a trust account are drawn upon during a year or other designated period. Retainers can be a one-time payment to guarantee the future availability of the lawyer/firm, or as a deposit against future services.

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